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Advice You - How We Got Here!
How We Got Here!
Not a day goes by that you don’t see one industry authority or another remarking on the ugly state the residential real estate mortgage lending industry is in. We see the reason(s) for this are the exotic loans, fraud, reck
Not a day goes by that you don’t see one industry authority or another remarking on the ugly state the residential real estate mortgage lending industry is in. We see the reason(s) for this are the exotic loans, fraud, reck
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
less underwriting, thinly capitalized lenders, wholesale funding sources consolidating or simply closing their doors, Congressional hearings being scheduled … it truly is a mess … and like the old saying goes, industry wide everybody has an
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
opinion on WHY? Here’s mine:
Today’s LO’s & AE’s are commission salesmen at heart and that is the core problem. Back when I was a young broker, we were institutionally trained to help the public and do the right thing for them. Today, an or
Today’s LO’s & AE’s are commission salesmen at heart and that is the core problem. Back when I was a young broker, we were institutionally trained to help the public and do the right thing for them. Today, an or
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
ginator is focused on making the almighty commission check. It puts their interests above that of the client. Most people don’t understand that commissions are actually a new payroll structure for LO’s and AE’s that first came into being nin
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
e years ago. Before that, these mortgage professionals were paid salary with small bonuses for achieving their production goals. Some industries focus on “closing sales,” but our business should focus on fixing the lives of customers; as a b
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
product, we earn a living wage and maybe sometimes a handsome one - the pay is a by-product of the activity. After the subprime industry nearly collapsed in the Fall of 1998 and there were thousand of people unemployed, those weaken but sti
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
ll standing organizations (frightened to offer bigger salaries yet eager to pick up some good people, began this “commission” concept); once property values soared and rates plunged for several years following, those commissioned people had
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
he surprising opportunity to earn big dollars – it was 'easy money' for many. This new business paradigm (commissions) went full force and has been at the core of the subsequently developing problems.
Once the hearings and etc. have all bee
Once the hearings and etc. have all bee
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
n completed, the Loan Officer & Broker force decreases significantly, and the lending consolidation and failures slow and all the blame’s been handed out – it will be time for industry leaders to determine how to fix this mess so it doesn’t
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
appen again.
The remedy is to get back to what worked for decades before - remove the big gagging commissions from the ranks of the LO’s and AE’s. Paying the origination side of this business big commissions cannot help but attract the wron
The remedy is to get back to what worked for decades before - remove the big gagging commissions from the ranks of the LO’s and AE’s. Paying the origination side of this business big commissions cannot help but attract the wron
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
g type of individuals, and corrupt even the most honorable people. The commission approach tends to suggest that the origination force is, or should be, a SALES function, which is absolutely incorrect. The job description of AE’s and LO’s ar
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
e actually a customer service type of position, not a sales/closer type of job for as far back as I can remember prior to the beginning of this last industry cycle. With this adjustment, the money saved by the owner operators will help to su
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
tably capitalize their diluted ranks again.
The payroll structure I talk about here, is what my first employer did for the 45+ years before I started with them, and the way I did it in my own company for the next four decades. Since I was t
The payroll structure I talk about here, is what my first employer did for the 45+ years before I started with them, and the way I did it in my own company for the next four decades. Since I was t
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
here as an employer for a long while, and have seen the effect, both before and after, this change to commissions, I have a perspective different than many.
As more owner operators revert back to this business model, there are any number of
As more owner operators revert back to this business model, there are any number of
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
significant positive improvements which flow from it. The biggest one, is a more confident healthier attitude of the employer. And, since they already know getting a mortgage is the largest single financial transaction most Americans make in
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
their entire life, they come to realize leaving such an important life changing event up to a “salesmen” LO who, just last week was selling used cars, etc. has been a momentous mistake. Actually showing up to a commercial office to work, wi
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
l produce a better appearance/image both for their employees and the industry as a whole; no more mortgage ‘professionals’ working at home in their Jammies with the Bunny feet. One thing of course, is that since a 'salary' will be offered to
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
new hires, employers are more sensible about who they hire/invest in, and the degree and intensity to which they'll train them; consequently personnel quality becomes far superior and more productive then previously. This also results in no
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
more ‘work at home loan officers’ because now they’re W-2ed employees who will work in the employer’s premise where their activities can be properly supervised and monitored. Formerly, being at home, they surely violated The GLB Act daily in
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
many ways as well.
This change back to pre 1998 thinking will tend to create true mortgage professionals, like the public deserves, not some 'closer' looking for a STATED Eager Earner 100% Option Arm with a 4 point YSP with every applicant
This change back to pre 1998 thinking will tend to create true mortgage professionals, like the public deserves, not some 'closer' looking for a STATED Eager Earner 100% Option Arm with a 4 point YSP with every applicant
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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