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Eloan & Ditech?

Where are their LOs? Never seen anyone on Zillow from Eloan or Ditech....I heard they're busy and LOs there can close 60 Loans a Month.

I've also seen an Outlet Eloan store somewhere...

  • May 09 2008 - US
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Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (38)

There are Eloan outlets in malls in some areas as they have finally realized that consumers will do business online, but to have any real traction or market share... you need both.. If the LOS are closing 60/month that is great...  Regardless of the number, that's not an LO  it is a phone officer...  just moving data like a stenographer...  I had friend with bldr mortgage company... 90k/year.... closed 750 -900 loans.... They are compensated like the workers sewing Kathy Lee Gifford's next clothing line.  Ditech is a GM company with a cross-dressing actor losing loans to Ditech for years... pimped ARMS for years and now... CLARITY...  FIXED.....  They must think that America can't remember anything...  and maybe they don't.  It's funny how the morals and ehtics of these companies change like chameleons.  The best thing for DiTech is that somebody at least advised them that mortgages and RE are not funny, cute or fresh and will not be for years.  We haven't seen the cresting of the RE delinquencies and so we'll see how long these 2 really last or prosper.  If you got $40mil like Eloan, you 'd be rockin' and rollin'... without it,, they were DOA.

  • May 10 2008
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I can't stomach the Ditech "Clarity/Fixed" mantra.  These are the companies that Barney's Frank should be going after, and I still love "phone officer". 

 

  • May 10 2008
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90k/year.... closed 750 -900 loans??? Are they hiring? LOL

  • May 10 2008
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With some of the quotes I have seen a few "Loan Officers" Would ned to close that many loans to make 90K...$100/loan..I think GVD closed his 1st Zillow loan at a loss...I also believe that it was the same loan that he priced agressively because she was really nice and he wanted her referral business..also the same loan I tald him it was crazy to price a loan at like 100.228 or somthing close to that.  I am betting he wishes he originally quoted that at 100.5 or more. 

  • May 10 2008
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That's how it basically works... High volume ...lower margins... big money spent on advertising tp procure clients as I would imagine very few are "referred"..  Who "refers" anyone to Amazon.com or Geico.com?  Nobody that I know.. It is a marketing machine with mosntrous horsepower, so paying anyone a large percentage woudl defeat the entire business model... why would you or me pay anyone to rivet the windshield wipers on a car when we built the company and manufacturing plant.. They resemble Lucy and Ethel at the chocolate factory... the chocolates keep coming down the belt regardless of who puts them in the boxes... I know I usse a few metaphors for funnies, but in my world... I sure as heck do not pay a processor more than the salesman... Simply not worth it... As far as teh "phone officers at these high-volume-no-following houses... They are all very similar... They profess to know much and offer"advice' which is not advice, but a push for a sale only...They have minimal morals and just want the deal done.  They move from sales volume jobs (REFI BOOM/LO) to  (Hurricane/Roofer) (Hot RE Market/Condo specialist)  (COLD RE Market/Foreclosure specialist).. I have visited ChopShops when I was an A/E and they reminded me of sweatshops.. Very different work, but they busted $100mil/month during 2003... Today,,, basically gone.. From $100mil/month to gone.. How is that even done?  No answer for that here.  Are you looking to model Amerisave after Eloan or Ditech?

  • May 10 2008
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We're an Internet Lender without brick and mortar offices and our market are Online borrowers with Excellent Credit.

  • May 10 2008
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Andy,

 

Does that $9.80 an hour job come with any benefits?

  • May 10 2008
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and free meal!

  • May 10 2008
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You guys want stories about Ditech?  My aunt was a Vice President there, during the boom years.  LO's would sleep at their desks, and Ditech would bring in breakfast, lunch ad dinner.

 

To get hired there you have to take a personality test, and they assign you a color on your name card, that way you know how to deal with different peoples personalities.

 

Ditech is a call center, the LO's just type's the application, and their computer spits out their rate and fee structures.

 

The real money was made there by the processors, some were making upwards of 30k a month consistently.

  • May 10 2008
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Oh and they have quotas, you would get fired if you dropped below a 40 loan average per month.  I have heard they have dropped that down a little bit in this market

  • May 10 2008
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You seem to be fixated on me Andrew. Was I in this thread for you to be calling my name? Keep it up Andrew! And FYI, Yes I did price that at 100.228 (or around there) and yes I have no pproblem with the over $1600 in profit from it. That's $1600 more than what your hot air has produced in the last month on here worrying about what everyone else is doing. Your family must be very proud of you!

 

Do the math again AA, $9200 generated in 30 days.

  • May 10 2008
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The volume Megashops are assembly lines and there is nothing wrong with the end loan product. But with any job that offers good monthly income comes pressure to produce at expense of one's morals and sleep, etc.  It is not for me, but if I became the "pied piper of Zillow" and had clientele out the Wazoo as a result.  I would expand out operations in the service part and not sales and pay "perdiem" or salary  as there is no expoenetial money in a shop that delivers leads to the inside staff..  It's my opinion, but it look like RC "And The Sunshine Band" jsut confirmed it that Ditech, besides making you cross-dress at work when you "lost a loan to Ditech"  opens each day with all Lo's and processors singing:  "Look for the Union label...."... Keep rockin'

  • May 10 2008
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GVD,

I have no issues with you. Did I not read on a thread you complaining about the 1st loan you took on zillow and when all is said and done you would be lucky to make anything?

$9,200 have they closed or do you expect they will close?
  • May 10 2008
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I was not complaining about any loan, and you are confusing my loans. If I say I will barely make anything that is not a complaint. 

 

 You using my name in this thread (above) where you are talking about "loan officers" is highly inapropriate. I wsa not even involved in this and you drug my name in here. Look at what you wrote and you will see exactly why I have issues with you.

 

You have serious issues and you should see someone!

  • May 10 2008
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You know what I love most about Ditech? They pushed ARM's like CRAZY for a long time. You'd BETTER switch to an ARM, 'look at all the money you are missing out on spending at the GAP!'. Once rates started their northward journey, they spent MILLIONS UPON MILLIONS of dollars to get all those people who just got an adjustable rate from them, to call them back and get a fixed rate.... Actually, George and AA, you may remember a local (to us) company- EastWest? They had ad's on ALL THE TIME, same thing- switch to an adjustable, don't be a moron, save money... then BAM! Better lock your rate while they are still at HISTORIC LOWS!!! Haven't heard their commercials in a long time... have you guys???

  • May 10 2008
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"I finally closed one of my Zillow clients, but she is probably less than thrilled. This is the one I will probably end up working for free on. (If I'm lucky) I disclosed everything. Wells Fargo even has the fee disclosure document. After the GFE, the estimated net sheet I sent, all the conversations we have had ... when it comes to sign, she wonders why she is getting less than what I quoted on Zillow. My GFE ended being about $200 off on the amount she is getting back, (around $15,700) and she is not looking at the 2 months she is not making a mortgage payment. Just a bit worn out I guess ... I need a vacation!"

Sorry if I confused this loan with another....My point was I have my doubts about this format as a viable lead source!

Don't take it personally.....it wasn't on my end but your the only one that I know off that has actually closed a loan.
  • May 10 2008
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So is that why you decided to use my name on this thread as a "loan officer"?

Andrew, you are an ass! Plain and simple!

 

  • May 10 2008
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I hope the public in general knows that when a company has an advertising budget the size of our GDP, somewhere, somehow BOTH of these companies have to make a boatload of money. And I wonder how they do that???? Yes, I'm sure they make it up in volume- but to sacrifice quality of information PLUS any semblance of customer service all in the name of saving 500 bucks is assinine. I hope people start to realize that the 'great deal' they just saw on TV is only a great deal ON TV.

 

GV- in AA's defense (and you know that he wasn't very nice to ME, so it's not like we're buddies) I think what he was TRYING to say was that if we all beat each other up and do loans for practically NO money, is it really worth it? He used you as an example because you actually closed a deal.

  • May 10 2008
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That is my exact point Jenn!

 

GVD for a Cali guy you are high strung!  You really need that vacation.....

 

  • May 10 2008
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Well I am not Ditech or Eloans and I do not appreciate the air quotes referring to me as a loan officer. It's insulting and typical of his pompous arrogance. If he cannot compete, too bad. He still has not even figured out how to price a loan properly, yet her refers to me as a "loan officer"? It's interesting that I always hear that everyone has the same lenders and there is no magic rate. What a joke! What sets the best apart from the rest are being able to find that rate and apply it in a timely manner to a product and matching client. All I see is Blah, Blah Blah.

 

And Jennifer, he does not care to know the facts, he makes them up to argue his idiotic points. I suppose when you have no production you have to sit around all day waiting for that one big one, but when you are closing double digits a month it makes no difference to add a few more to the mix. You can continue with this conversation if you like but in the future Andrew, I strongly advise you to leave my name out of your comparisons.

 

Have fun!

  • May 10 2008
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Sorry for calling you a loan officer....I never new that to be an insult.....I'll make sure to call you a Mortgage Agent in the future!

 

You can call yourself whatever you want we all do the same thing and we have access to the same pricing.

 

What did I make up...is that not a quote from you?

 

 

 

  • May 10 2008
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Yes we do Andrew, but real "LOAN OFFICERS" go out and find the best rates. I do not have an objection to being called a loan officer, I do have a problem with being called a "loan officer". There is a difference and you know exactly what you were implying. Your arrogance stills shows and prevents you from admitting it was an unwarranted attack and an insult directed at me. I was not a party to this thread and what you did was completely out of line.

 

As I recall, you had no idea that conforming pricing was available for Jumbo  loans under 7%. It was I who informed you, or shall I say educated you. I have had countless emails from people asking me where to get certain rates. What makes a loan officer, broker, agent,  a professional, is knowing his/her craft. I happen to make it a point to not only know that there are rates available to everyone, I actually go find them and pass them along to my clients, rather than sit around all day talking about it.

 

How many loans did you close in April Andrew?

 

 

  • May 10 2008
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9loans for 2.8 if you need to know...

 

As I re-read my original post what you are considering an insult is two thoughts..  The first was 900 loans to make 90K.  and based on some of the quotes you would need to write that many loans

 

And yes that made me think of you posting the above quote and not making any money.

 

You shoudl re-read the original post I said I would never write a loan for 100.228 or whatever it was....I still won't....I feel it is way too thin....based on the above quote...it would appear I was right!

  • May 10 2008
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Unlike most "Loan Officers" I think you as a loan officer will deliver on your quotes.

 

Sorry,  "Mortgage Agent"

  • May 10 2008
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You may have grown accustomed to being around stupid people, but I assure you I am not one.

 

You said:

"With some of the quotes I have seen a few "Loan Officers" Would ned to ..."

 

Sugar coat it, do whatever you like, but your message with the quotes was heard loud and clear. Everyone knows exactly what you were implying.

 

Don't worry, it's fine, I knew what you were all about from day 1. Funny how people email me saying what an idiot you are but no one tells you to your face. Maybe that's your problem.

 

You get the clowny!

Later!

 

  • May 10 2008
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I call it like I see it!

  • May 10 2008
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HEY...how did we get off the topic ???

And before anyone here compare us to Ditech...contrary to Ditech, Countrywide, Eloan where LOs get 0.1% or $200 for a $100k loan....LOs at Amerisave from 50% to 80% commission from the total revenue .
  • May 10 2008
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Just like every other broker shop.

  • May 11 2008
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Really Amerisave? I think I might want to move!

 

 

Just kidding. Nothing special there, sorry to say.

  • May 11 2008
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I know..I was just comparing it to  0.1% commissions.... that's crazy!

  • May 11 2008
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