cyberskeet
New Member
- 7
I am looking to get out of the mortgage origination business and I'm either looking at being in insurance sales or investments/being a broker.
I really love analyzing stocks and bonds but I have to admit I think I might be able to clean up pretty fast at an insurance company. I met a guy this weekend that works at Liberty Mutual and he gets most of his business from referrals from one (albeit successful and busy) Loan Officer and he does pretty well financially.
Well I got to thinking, if he can do so well with one main referral partner, imagine what I could do with all of my good friends/peers in the mortgage business? I literally have more people than I could even possibly contact without help. And that is just people I know would say yes. I also know several SVP and higher executives and it sounds like I might be able to set up ABA's with them were we pay for joint marketing, and get referrals for all of their purchase business from the whole team or division.
My question is this, as far as you guys/gals know, what type of insurance firm should I be working with? Are there any that would pay higher commissions on home onwer's insurance? I also realize its all about cross selling and every HOI policy I would sell I would also get them to sign a life insurance policy for the amount of the mortgage and probably mix in auto insurance as well. Once you gain their trust I understand its an easy sale.
So I am looking at Liberty Mutual but also Farmers is calling me as well. What do you guys think about my situation considering all of the potential home owners insurance policys?
I also have a friend who works at Wortham insurance here in texas, largest independant broker in the state. Would I be getting more commission at smaller companies than at the larger companies. That's really the way it is in mortgages. The larger companies share less of the pie because of all the extra overhead of having a large nationwide firm.
Any help would be great!
I really love analyzing stocks and bonds but I have to admit I think I might be able to clean up pretty fast at an insurance company. I met a guy this weekend that works at Liberty Mutual and he gets most of his business from referrals from one (albeit successful and busy) Loan Officer and he does pretty well financially.
Well I got to thinking, if he can do so well with one main referral partner, imagine what I could do with all of my good friends/peers in the mortgage business? I literally have more people than I could even possibly contact without help. And that is just people I know would say yes. I also know several SVP and higher executives and it sounds like I might be able to set up ABA's with them were we pay for joint marketing, and get referrals for all of their purchase business from the whole team or division.
My question is this, as far as you guys/gals know, what type of insurance firm should I be working with? Are there any that would pay higher commissions on home onwer's insurance? I also realize its all about cross selling and every HOI policy I would sell I would also get them to sign a life insurance policy for the amount of the mortgage and probably mix in auto insurance as well. Once you gain their trust I understand its an easy sale.
So I am looking at Liberty Mutual but also Farmers is calling me as well. What do you guys think about my situation considering all of the potential home owners insurance policys?
I also have a friend who works at Wortham insurance here in texas, largest independant broker in the state. Would I be getting more commission at smaller companies than at the larger companies. That's really the way it is in mortgages. The larger companies share less of the pie because of all the extra overhead of having a large nationwide firm.
Any help would be great!