"Since starting in March 2013, Brian and Meridian's corporate training program have minted more than a dozen top-tier commercial mortgage brokers. In almost three years, the program (dubbed "Meridian University") has trained 16 in-house associates who have closed approximately $700M for clients, with another $200M in the pipeline.
Even before he starts the proactive recruiting process, Brian receives hundreds of employee referrals and calls throughout the year. And with each "class" averaging seven members, the program has an acceptance rate below 5%. To put that in perspective, you have a better chance of gaining admission to Harvard (6%) than you do getting into Meridian's elite program."
Check it out here: https://www.bisnow.com/new-york/news/capital-mark…
Anyone here know anything about this? Does anyone here have access to any of the referenced training materials or content?
"And with each "class" averaging seven members, the program has an acceptance rate below 5%. To put that in perspective, you have a better chance of gaining admission to Harvard (6%) than you do getting into Meridian's elite program."
Isn't that a little misleading? While I'm not entirely sure about the program, this would have to assume that the same caliber people applying to Harvard are also applying to "Meridian University" for this to make sense. With that said, 5% acceptance is very selective regardless.
I'd be wary of taking promotional material like this (and that is what it is) at face value. Who cares if these associates "close" 700mm for clients. What matters is who is sourcing those deals? The overwhelming likelihood is that these guys are monkeys for a senior person who has the relationships to bring in clients. Those are the people worth mentioning. Underwriting and closing a mortgage is extremely easy, but no one is using Meridian because the associate went through a fancy training program. They use Meridian on the basis of a longstanding relationship, or because they get better pricing through Meridian. That's it.
But it is also highly likely that the "senior person" was also a research monkey at one point, maybe even for a decade or more. In my view, it is part of paying your dues. Building relationships and trust just takes time and it does not happen overnight.
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