For a little background: I’m a licensed MLO in WA/OR working remotely as an LOA for a small wholesale brokerage; however, at this point I essentially have the responsibilities of a loan partner. My base pay is around 35k p/year and I get 25 bps on loans I bring in the door. No benefits, but I could strike out on my own as an independent LO and hang my license here; though I’d be switching from W-2 to 1099.
I’ve recently received two offers from local banks (in-house origination, underwriting, closing, et cetera) as a loan partner working under a team lead — I would get a higher base salary, slightly less commission on bps (though I would be getting lead gen from the company, something I don’t get here), and medical, vision, and dental, plus a 401(k) match.
Here’s my question: Should I switch to the bank with the best offer, or should I ask my brokerage for a raise first? I’m considering asking for a base salary of 45k and 50 bps, and if they don’t want to do that or negotiate with me, I’ll take the bank up on their offer.
Thank you in advance 🙂