Global One Lending
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Global One Lending is a Sacramento-based residential mortgage broker, licensed in the state of California, founded by Vietnamese-American entrepreneurs Robert Do and Quinn Dang in April, 2003.
Global One Lending is also the name of an Oklahoma-based residential mortgage broker. The relationship between these two companies is not immediately clear. This article is about the California company.
[edit] Corporate structure
Global One Lending follows a multi-level marketing (MLM) business model. New loan agents are recruited by existing agents. As is typical of MLM-based businesses, all agents earn a commission (of 36% or more of the gross profits) on loans completed, and a smaller commission for loans completed by agents they've recruited. Agents are not licensed and typically have litte to no prior experience in finance. New agents are required only to complete a company-provided two-day training course at a cost of US$400 or more. Most agents need significant additional training and supervision, due to the fact that most are not experienced mortgage professionals.
There are several different ranks within the Global One hierarchy. Beneath the two founders are a group of managers, who in turn have their own group of supervisors, who are generally responsible for managing the new recruits directly. Agents achieve higher ranks based on the number of loans closed and the number of new recruits.
Unlike most mortgage brokers, Global One does not provide leads or prospects for generating loans to its agents. Loan officers are expected to sell loans to their friends, family, and acquaintances and obtain leads through their social network. New agents are recruited in person or through small-scale advertising efforts. Prospective agents attend a presentation emphasizing the ease with which agents can make significant money with the company. In practice, however, this model rarely delivers the kind of income that is discussed at the recruitment presentation. Those with considerable number of existing business contacts, such as successful realtors or salesmen, generally have the most success.
Global One president Robert Do founded Global One as an extension of his successful local real estate brokerage. Co-founder Quinn Dang, already successful with other multi-level marketing ventures, managed the day-to-day operations of the business.
The business model and structure of Global One Lending bears striking similarities to World Lending Group, which has a large presence in the Sacramento area. Indeed, some of the initial managers and many more employees were recruited directly from World Lending Group's ranks.
[edit] External links
- Global One Lending (California company)
- Global One Lending (Oklahoma company)
- Robert Do
