In this blog at Gustan Cho Associates, we will be covering the MLO revenue share residual income career opportunity at NEXA Mortgage, LLC. Founded in July 2017 by CEO Michael Kortas, NEXA Mortgage, LLC is hands down the fastest growing largest mortgage broker in the nation. What is this MLO Revenue Share Residual Income Career Opportunity program? You will find out how under the leadership of CEO Mike Kortas, NEXA Mortgage, LLC, which was founded with less than ten employees has now over 2,000 licensed mortgage loan originators, is licensed in 48 states including Washington DC, Puerto Rico, and The U.S. Virgin Islands. This type of growth is unheard of.
What Other Mortgage Lender Offers the MLO Revenue Share Residual Income Career Opportunity?
We will show you how Michael Kortas is the Thomas Edison of the Mortgage Industry and how you can be a part of the MLO Revenue Share Residual Income Career Opportunity program. NEXA Mortgage also has a Realtor / MLO Revenue Share Residual Income Career Opportunity joint licensed program where the real estate agent is a licensed mortgage loan officer who can make commissions on both sides of the transaction.
The real estate agent makes a commission on the home purchase transaction PLUS since the realtor is also a licensed mortgage loan officer, the agent will be paired up with a veteran experienced loan officer where the MLO will take the file from application to closing. We will cover the realtor / MLO revenue share residual income career opportunity program later in this article.
How NEXA Mortgage, LLC Was Created
For us to paint a clear picture of the MLO Revenue Share Residual Income Career Opportunity, we need to give you how NEXA Mortgage, LLC was born and the man behind building the fastest-growing and largest mortgage broker in the nation in less than five years. You will need to know about the man behind building this life-changing foundation for loan officers behind NEXA Mortgage, LLC. In the following paragraphs, we will be covering and discussing the MLO Revenue Share Residual Income Career Opportunity with NEXA Mortgage, LLC.
Mortgage Brokers Licensed In 48 States
Licensed in 48 states with a lending network of over 190 wholesale investors, NEXA Mortgage, LLC, CEO Kortas had a vision and dream he wanted to accomplish. Why is it that insurance agents get financial security with the benefit of getting residual income for every customer they sign up with and loan officers don’t? What if NEXA developed a system where mortgage loan originators would a similar system where loan officers can make a consistent residual income, month after month, year after year, and call it the MLO Revenue Share Residual Income Career Opportunity at NEXA? One thing, Kortas thought.
Residual Income Opportunity For Loan Officers
It takes decades for insurance agents to make a six-figure residual income or residual income that will be sufficient for them to retire comfortably. Mike Kortas’ vision was not only he going to create a similar residual income system similar to how insurance agents earn from the insurers they sign up, but he was going to crush it. Numbers do not lie.
How Long Does It Take For The MLO Revenue Share Residual Income Career Opportunity To Become Worthwhile?
We will show you how loan officers on the MLO Revenue Share Residual Income Career Opportunity program are and can realistically earn six figures to over a million dollars per month. By the way, we have high earners from the MLO Revenue Share Residual Income Career Opportunity program but remember one thing. These high-earners have job security and consistent monthly revenue share for life. For Life? YES.
How Does The MLO Revenue Share Residual Income Career Opportunity Program Work?
If the loan officer decides to retire from the mortgage industry and travel the world, the residual income is guaranteed for life. In the unfortunate event the MLO passes, the NEXA MLO revenue share residual income is transferable to the MLOs’ heirs. NEXA Mortgage, LLC is only five years young. The million dollars revenue share earners did not get to the million-dollar per year residual income mark for decades. The product at NEXA sells itself. And we will walk you through step by step on giving you any and all information so that you will decide whether you want to join us at NEXA Mortgage, LLC and take your career to the next level.
How Do Mortgage Loan Originators Get Paid?
Loan officers work very hard on a loan from application until closing. They get paid a fraction of the overall yield spread premium to the company. Depending on the comp plan the MLO has the agreement with the company, once the deal is closed, when is the chance the borrower will be doing another loan either by purchasing a home or refinancing their existing home that just closed? Three to five years from the closing date? Ten years? Thirty years? Maybe never. Zero residual income.
Without residual income, the loan officer needs to keep hustling for new clients by making contact with potential realtor partners, and a combination of various marketing strategies such as buying leads, social media campaigns, etc. Mike Kortas saw a vision so clear he knew it was a given and needed to launch in creating NEXA Mortgage, LLC and the MLO Revenue Share Residual Income Career Opportunity. On July 2017, NEXA Mortgage, LLC was born with less than ten employees in Chandler, Arizona.
Why NEXA Mortgage?
CEO Mike’s vision was not just a pipeline dream that most people often fantasize about and talk out of their asses, but a vision that many in the mortgage industry often asked themselves hundreds if not thousands of times over and over again. Why not create a mortgage company that is for the loan officer to take their talent and hard work to the next level? CEO Kortas, like many of us, licensed loan officers, asked why is it loan officers work so hard in getting a loan to the closing table and there is no residual income like insurance agents.
How NEXA Mortgage, LLC Grew From 10 Loan Officers to 2,000 MLOs in 5 Years
In this blog, we are going to discuss best practices for recruiting business professionals and how they could impact your revenue share with NEXA Mortgage, LLC. The revenue share program offered by NEXA is a great way to earn residual income. The executives of NEXA established the program in an effort to disburse the company profits to employees rather than it being shared with top executives like other companies. It is not a requirement to participate in the revenue share program. However, it is available to entrepreneurs who choose to build their own portfolios and establish an additional source of income.
WHAT IS THE TYPICAL CANDIDATE TO FOCUS MY RECRUITING ON
Once you have decided to dedicate time and energy to the revenue share program, you should come up with an additional business plan. There are certain factors that should be included to ensure your success. Factors such as setting goals, developing a call to action, and implementing the proper steps to achieve your goals are imperative to succeed.
First and foremost, what is your goal? In my approach to the revenue share program, my goal is to recruit a minimum of 10 producing loan officers within the first 45 days and 60 producing loan officers within 120 days. What is a producing loan officer? My expectations, I look for a licensed loan officer who is going to write a minimum of two loans per month. Now, there is nothing guaranteed in life, but by asking the right questions and doing research you should be able to determine a realistic productivity rate for anyone you connect with.
There is also the option of recruiting newly licensed mortgage loan officers. There may not be statistical data to show past success seeing as they are newly licensed, so you will have to evaluate them differently. When it comes to newly licensed loan officers the qualities to look for are positive, energetic, well-spoken professionals who are consistent and have a strong foundation.
Since we are in the real estate industry, let’s think about a house. When the house is built, the foundation is the most important part. Without a solid foundation, the house will not be safe. When comparing that to new loan officers, if they do not have a solid foundation, it will likely prevent them from sustaining success long term.
Oftentimes, the best recruits come in as newly licensed loan officers. There is an old saying, “ positive attitudes bring positive results”. I am a firm believer and choose to live life daily by that concept. A very successful mentor and dear friend of mine once said, “wake up in the morning and tell yourself today is going to be a great day” and when you get ready for bed at night “think of something positive from the day to be thankful for and always find a way to be better tomorrow”.
With that mentality, I often prefer to recruit newly licensed loan officers. Because NEXA is committed to building successful loan officers, they offer a training program known as NEXA Academy to train newly licensed loan officers. Combining the vetting process with the training offered, it is very possible your new recruit will become a rock star within the industry!
Loan officers with experience are also great candidates to recruit. When you are recruiting experienced professionals, it is very common for the process to take slightly longer. Most people who are already established within the industry and many people in life for that matter hate change. Fortunately, once you have the attention of experienced loan officers, the culture and business model of NEXA sell itself. With the ability to be licensed in 48 states nationwide and having over 190 wholesale investors along with industry best compensation plans, joining NEXA Mortgage becomes a “no brainer”!
HOW DOES THE REVENUE SHARE PROGRAM WORK
As I previously mentioned, the NEXA revenue share model was established by NEXA executives in an effort to share company profits from the top down rather than having them isolated to the top executives within the company. The revenue share program is not required but is optional for all loan officers employed by NEXA. For those to choose to participate, the revenue share program can be very lucrative. Each person is allowed 3 tiers of partners to bring on.
Typically each tier is eligible for 20 new recruits which will allow a total of 60 recruits. The sponsoring officer will receive a 10 basis points commission on all productivity for each recruit they bring on. The compensation is paid by the third week of the following month, so, for example, for all products, a recruit does in September the commission will be paid to the sponsoring loan officer by the third week of October. Another amazing benefit of the revenue share program is the residual income will be provided as life benefits for the sponsoring officers’ families.
WHAT ARE THE BEST PRACTICES FOR RECRUITMENT
As in all aspects of business and in life, what works for one person may not work for another. However, in this section, I will provide you with some best practices to help you recruit and build a very powerful downline. The most important thing when it comes to recruiting is your approach. When talking to other business professionals, it is imperative to present yourself with a sense of confidence and positivity. Along with confidence and positivity, knowledge is key.
Know the market you are recruiting in and know why your company, in this case, NEXA, is better. I always refer to the “if I could would you approach” which was ingrained into me from the early days of being in the automotive industry. In recruiting, I have to tweak it a little but the same concept applies.
With the knowledge of the market and what NEXA provides, it is very easy to ask someone, “Mr. Smith, if you could double your comp per file would you be interested in hearing more?” In today’s times, most of your recruiting avenues are done through social media. LinkedIn and Facebook are the two platforms I use primarily.
Make sure your social media profile is clean, clear, and welcoming. I highly recommend avoiding anything to do with political affiliations, religion, or any other outlet that may create controversy. Your profile pictures and cover photos need to be professional and should show what industry you are in.
In my case, I promote Aquino Mortgage Group, which is my brand and an affiliate of Gustan Cho Associates. You want to create posts that show factual data along with success stories and motivational quotes, which will start to build credibility for you and your page. Once credibility is established, it is good to make posts that will engage others to comment on your post. There you will begin to communicate with professionals and start to build relationships.
The last part of social media networking is creating advertisements. It is the quickest way to reach a large audience. Speaking of networking, using your sphere of influence is a great way to meet people. For some people, social media advertising and marketing, in general, come easily. However, if it seems like a daunting task and you prefer help, that is totally fine too! I would without hesitation highly recommend Trevon Stanley and his team at the Gatehouse Agency.
They work directly with realtors and loan officers every day, helping them build their businesses in multiple ways. You never know how the next person you meet can affect your life. Stay focused, stay consistent, and be confident. The last bit of advice for recruiting that I have is joining a business professional group. Through those experiences, more doors will open and you will have to know which ones to walk through and make the best out of every opportunity.