This podcast really captured my experience at a small brokerage where we had to do our own stuff but were given large commissions, setting realistic expectations is important
Spot on video. You Nailed every single category. I close on avg about $75M- $125M LN Vol. per year. The only thing I’d add to is taxes paid as a W2. When you make $400,000+ per year the taxes as a W2 need to be factored when choosing your career path compared to write off benefits as a self employed.
I’m 22 years old and I’m planning on becoming a mortgage loan officer since my brother in law is one. He makes good money and that is something I’ve always wanted in life. I hope it works out for me and I’m willing it put in the time and work in order to be a really good LO. I want to change my whole life and take care of my parents. Let’s see
Sheeeesh your knowledge about the industry roles is unbelievable. And the best thing for me is how incredibly detailed your examples are. You leave no room for imagination with your podcasts my friend. Talk about building momentum 🔥🔥🔥🔥🔥
honestly this was a very helpful breakdown of all the titles and setups of the industry for someone with no ties to it at all. It really puts it into perspective of which route would be the most beneficial
I’m new and in the process of searching for sponsorship. This episode has helped me tremendously in regard to what I want to do as a starter. Training has always been my top criteria as I’m prioritizing sustainability over basis points at this early stage in my career. Thank you for doing this episode!
Thanks for your great insight into being a loan officer , nice explanation of the incremental progress one can make if they apply themselves! I am a mobile notary , transitioning after retirement from Law Enforcement. I have a mentor , and getting ready to get some training and prep for that 20 hour course.. Appreciate you both !
Thanks for giving us your feedback Julian! We do it for folks like you! Make sure you check out some of our other episodes as well - feel free to binge!
I love the show. I just secured my first job in the industry thanks to advice from you guys. (Where to go to get enough “at-bats”) One piece of feedback: at 29:50 or so, the video cuts out, and it switches to the “The Loan Officer Podcast” slide. Instead, please consider keeping the video on throughout the entire video. That's why I'm watching on RU-vid vs. listening on Spotify. I prefer the visual. Thanks!
Then there are Real Estate Agents who are also MLOs. On some deals They are getting 3% on the estate side and another 1% on the mortgage side. In California, they would be making over $20k a transaction.
Very useful!! At first I thought all LO's were 100% commission and that is quite scary for rookies who have responsibilities, so it seems like will do the Home Builder/Bank or CallCenter first to build capital and experience, so then I can merge to Independent Mortgage Bank and scale up. Cool cool ! thanks
Mortgage broker here: The outlook on brokers is pretty out of date. Never had to process my own loans and going to my 2nd company. Pricing and product options give huge value to client and at the right places you can make 150-200 bps without processing your own loans and with support... he stated himself he has never been a mortgage broker and it shows. Good insight overall but really inaccurate outlook on brokers and selling retail LOs a little too much
Another Great Episode Gentlemen! Idea, talking about groups out there that new or experienced LO's can join on Facebook or other platforms to share ideas or ask questions specific to our industry. Again Great Job!
Liked & subscribed. Enjoyed the podcast, would like to see a video on making connections to generate business (I.e realtor referrals etc). Any advice would also be much appreciated.
Amazing info. Answered alot of my questions. I wish you would keep the video going till the end instead of popping in the slide 😕 but great episode. You inspire, motivate and give GREAT insight. 👍🏽
Loved this video and thank you for putting out such helpful content! Was wondering if you had any advice for someone starting off as a Loan Officer Assistant hoping to gain some experience to then become a Loan Officer?
Hey Claudia - First, thank you! 😊 Regarding your question…be sure you bring value every day to the LO you assistant. You bring value by freeing up the LO’s time to further market themselves to prospect for more business. Become great at answering the phone and taking detailed messages. Keep a lead tracker, even if you have to create it. Call past clients and follow up with prospects; even the old ones. You will bring value by doing all of this consistently. Then, look to your MI reps, the MBA, your AE’s etc. to learn the mortgage basics; they each have courses for free you can take. Ask lots of questions of your LO. Always want / need to know “why”. Good luck!
Hey Ashley - This is difficult as it varies greatly. If you are a bank LO you are paid on par to your current comp plan. The same applies to call center LO’s and LO’s who work for a builder’s mortgage company. You are paid this because you are not the person securing the lead through your own marketing efforts. If you are the person securing the lead through your own networking, marketing efforts and sales calls you should earn between 100 - 150 bps and be 100% commission. (You can still be 100% commission and be W-2’d with full benefits including 401k.) If your employer generates the lead, you should expect to earn less on that loan versus if you self-generated the lead.
Have a full time job and thinking of being an independent mortgage broker as a second job. How do I connect with investors that finance these loans. Are there platforms that provide me with investors/lending options for my clients?
I feel like some of these ppl you mentioned making a million dollars are also selling courses on how to make a million dollars… seems like everyone is selling a course now😂
I have a sales background, and got into the processing side of the industry. But looking to get back into sales. But my company has fixed income LO’s lol not sure I wanna do that
Hey SLLC - If you can survive six months with little to no pay, go bet on yourself. Go find a branch in your local market that supports LO’s who want to self-source their own leads and that focuses on purchase business. If you don’t know where to start, look at the Scotman’s Guide for their list of Top Lenders. You want to find a company that sits in the Top 50, retail origination is their focus and they have a local presence in your market. (My two cents: I tend to prefer the companies that ranked between 25-50.
Hey ! I have just moved from India I was loan processor in Bank in India . Can I get job in USA as loan processor ? Is there any extra course I need to do??