100% commision sounds kind of wierd, but depending on the companies, they sometimes fudge the numbers to make it seem like you're getting more. The first broker I worked for offered a 90% commission, but after looking at the numbers it's because they got fees totalling $1700 no matter how much the deal made. In Vegas that's fince, because almost all houses here are $200k and up and a point on the front (borrower paid) and two points on the back (lender paid) means a minimum $6k commission just in origination fees, plus all of the other fees. Of course, the best thing about home loans is that you can sort of charge whatever the borrower is willing to pay, within reason. When you're a lona officer, you start to love the words "seller paid closing"
Just look into their pay structure very closely. Make sure thatthey don't have restrictions on the Good Faith Estimate charges or something silly like that. I don't think they would, but make sure anyway.
You named the pros and cons pretty well, but depending on how you work, some might change categories.
Like it forcing you to work. Sure it's a good thing if you need inspiration, but at the same time, if you're not busting ass all of the time, you might have some months come up where you're a bit short. That blows. Trust me, that blows and a half. With some people it's good, they just take it as it is, but for others it's too much pressure. Plus, if people arent' selling, you might not be closing deals.
One pro is that once you're in, you're good to go. Once you've gotten realtors to start bringing you deals, and you do a good job, close their sh!t on time and make their job easier, they will bring you more and more. But you have to get in first. The biggest hurdle is that depending on who you are working for, you might not offer anything that everyone else doesn't offer, especially true if you work for a broker. Just about every broker has the same programs that all of the rest do, so to convice people to use you, you have to sell yourself to them as much as the product, because anyone can get them the product. You have to bring something to the table that no one else offers, and all that possibly can be is you.
There aren't really many universal cons. You work when you want. Odds are they won't fire you if you take a month vacation after a big deal or whatever, because i doesn't cost them anything to keep you on. The only real con (and it's only that if you let it be) is that you have to go out and find people who are CAPABLE of getting the loan and people that it makes sense to give a loan to. I said capable, not willing, because you can sell a loan to nearly anybody. But there are so many people who have bad credit and want a million dollar house for $500 a month, it ain't happenin yo! It's your job to sell them on it.
Speaking of..... Work calls, so I'll have to finish this later.
