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05-14-2020, 04:32 PM #12
- Join Date
- Jan 2020
- Posts
- 3
I've been in the industry for a decade and your income potential as a broker will be determined on whether or not you are 100% commission and what your split on deals is and secondly whether or not your current shop pays you a decent split on renewals. I've been in the ISO world my entire alternative financing career and have worked at multiple shops. If you are on 100% commission you should see splits ranging from 25-40% on new GM (new deals) and if you have a decent shop that cares for their employee's you might see 20-35% on renewals. We had reps that hit $75k-200k a month in gross margin back when times were good before Covid-19. Our top performers were making $250k-500k a year and no this is not BS. ISO's typically pump way more points in their loans because they have to get paid, funders and lenders for the most part put less points in their loans because they can and they just want the loan in-house. You're coming in at a horrible time as an ISO and it's going to be a waiting game until these lenders release some of their restrictions. Any ISO shop that says they are killing it with the PPP loans are lying to you and most ISO's are focused on renewing their current renewal book to stay afloat. I'm sure I will get kick back from some of the so-called funders on here that they are funding non-stop and nothing has changed, but that is all smoke. It's different times for this industry and it's going to be interesting to see what happens this year. Good luck on your journey.
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