Info On World Lending Group ????
I have been approached by reps from " World Lending Group" who state that for a $225. fee they will make me a "Loan originator".. where I will be able to keep a % of every loan I send in that goes thru.... Does anyone have any info on this group.... So far it sounds interesting but I have a skeptical nature.....please contact me thru a post or thru my e-mail....
Thanks.
Does anyone have any info on this company?
I would like to know more about them as well.
southernbg
You can be an loan orginator with almost any loan broker , with no fees.
I spoke with LA Cashman regarding them several months ago. According to him, their underwriting process was too bureaucratice and/or tight and so didn't allow for any but the "cleanest" risks to get issued. That said, perhaps in the meantime they've loosened up a bit. An issue to ask about. Good luck. TJ
Does anyone else have any information about World Lending Group...good or bad.....I have also talked to Lacashman....but he can not be the only one that has dealt with them.
Southernbg
[addsig]
This company is MLM or multi level marketing. The proposed commission that they advertise is maybe 30% when you first start. Guess who keeps the other 70% profits? your recruiter, the person that recruited your recruiter, and on and on. You will need to recruit like crazy to get a higher split. That is crazy. It is my personal opinion that their loan officers are not the best out there ... sort of Primerica insurance people ... and their reputation is not the greatest. I was approached by a good friend who heard that a lady in CT made 75K in one month so he wanted in and wanted to recruit everybody. Their focus is not so much on doing loans but in recruiting. That is where I believe their problem lie. Depending on what state you are in, you may be able to apply and obtain your own broker's license and go solo. In the meantime, you should look into working for someone else as a loan officer so you can learn the ropes. This is what I am doing and having closed a few loans, I feel more comfortable about going solo in the near future. WLG thubms WAY down. Good luck!
Most correct classic MLM aka Pyramid. I would stay away from anything that concentrates on creating levels rather then function of self.
You might enquire of Loan Works, they are an off shoot of Countrywide. But once again they are in bed with the 1003 form and deviate slightly. They do give you an inhouse mentor.
They give you the one point fee. They make it on process fees and of course the biggy, the back end when they sell the loan out to the ultimate lender. I am unsure if they will take unlicensed persons. But ask on line.
May I suggest that you use such activity just as an adjunct to your learning and experience accumulation leading to that great day when the instructor jumps out of the aircraft, makes the sign of the cross and you are solo.
From what I have seen and read, most of the people who visit this site are motivated to pursue a life of their own. Belonging to no one but themselves. Its a nice place to be. Unless you are married and then you are a serf for life, but a happy one.
Baca San Lucius
Hello Everyone...
Thanks for the input.......input is still welcome! I am here to learn.
Southernbg
[ Edited by southernbg on Date 11/06/2003 ][ Edited by southernbg on Date 11/06/2003 ]
Thanks for everyones replys to my query... I have basically had the same vibes about WLG.... I am shopping for my first loan so I am tempted to try them out from a consumer point of view and see how that goes.... If I do... I will forward a post as to the results...
Thanks
Touch
GA
I have looked into World Lending Group while searching for a way to make residual income, from what I have been told from "other" WLG's that their loans take longer to close and accepts mostly "A" paper.
Since then, I have joined National Lending Corporation and have been doing well. The setup is almost the same as WLG, but better. I have one on one contact with the CEO and anyone else that gets involved with the company will have the same access.
If you are in the Dallas area, the CEO will be here on Nov 11th. Contact me by post or email if you have any questions you would like to ask him personally.
Kat Gessick