"Good vs. Bad"
What do you like about working at Allegro Funding Corp.?
"The ability to become a mobile/virtual loan officer with the ability to pocket 100% of the origination and YSP points. Duke Budlong is a great person to talk to from corporate! Loan Gennie is a great concept! It is a program that finds you investors with live pricing for all your loan scenarios. However in this market there are no more niche products outside of FHA/Conventional."
Do you have any tips for others interviewing with this company?
"Be sure you have a CLEAR understanding of how you get paid per file and the steps you have to take to close each file and compare it to other splits offered by your local FHA approved brokers.Good Luck!"
What don't you like about working at Allegro Funding Corp.?
"Here is how it breaks down. You get to keep all fees charges per file after you pay a $695.00 processing fee (FHA only) and a $395.00 Admin fee (all files). In addition you have to pay a monthly service fee of $500.00 just to have access to Allegros system. If you are going to Originate an FHA file you HAVE to use one of Allegros approved FHA processors. Sound great initially but in reality chances are the processor is located out of town which makes it difficult to coordinate files with the processor. Plus keep in mind it is not only your file the processor is working on, the processor may have 10-20 files in the pipeline at a time! That is a huge work load for one individual processor. Once all the MANDATORY fees are covered you have to pay taxes on the rest. Not only do you have to pay your normal taxes, you also cover the EMPLOYER taxes that they pay on you for being a W-2 employee! So once the taxes are covered you are actually keeping 80-85% of the commission at best. With the $695 processing fee and the $395.00 admin fee it makes it hard to stay competitive if you charge these fees upfront. If you don't charge these fees upfront then it comes out of your commission which lowers your total take home percentage even further. Plus Allegro is located in Florida, so if you are on the West Coast and need to contact corporate; you had better make sure to contact them 2:30 PST! One more point that I would like to make. Just because you fund a loan with Allegro does it mean that you get paid right away. On FHA deals it is your processors responsibility to complete and turn in the funding package to Allegro so that it may pass Allegros compliance review. If something is missing Allegro coordinates with the processor NOT the Loan Officer. This can very well add additional days/Week to you getting paid!"
What suggestions do you have for management?
"Lower the monthly charges and cover your own taxes that you pay per employee. If Loan Genie is what you charge for, get rid of it! It does not serve its full purpose in this lending environment. Yes live pricing is great, however there is maybe .25 ysp difference between all the investors. There are basically 4 products out there: FHA/Conventional/VA/USDA. Plus make it mandatory that all processor's return all Loan Officers phone calls and emails by NO LATER than the end of the business day. Try to come up with a FLAT fee per file vs. a monthly fee and a per file fee."
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