Notice how in certain industries that a majority those on the front lines don’t make real money but there are plenty of support services that make money on these front line guys. It’s like during the gold rush, most of the guys selling the prospectors supplies did very well, but only like 1% of the actual prospectors stuck it rich, with most barely making a living….
Think of it this way. Frontlines are the replaceable unit. What percent of their value is their skill, and what percentage is their equipment. (If they don't have guns, are they still useful?) Realistically this should be closer to 70%, but let's assume it's 10% for this. Assume there's 1000 frontliners, but 1 gun supplier. That supplier is providing 10,000% value when each soldier is providing 90%. The difference is ridiculous!!! (If we used the 70%, it would be 70,000:30 instead of 10,000:90) You can knock these numbers anywhere you want, and the supplier is still a huge role. Even at 0.05% it's still 50:99.95, which is over half the value and would be for cheap, mass-produced, and ineffective weapons (like water guns).
This is awesome. I am a brand new LO who’s been working in ops for 3 years. I am currently with a manager who is trying to put me in that “just start calling” training, if you can even call it training. I am trying my best to switch managers to one of our top producers who has a structured training. Any advice?
I’m a processor with 20 years of mortgage lending experience and I’m currently receiving loans from 2 greenhorns whose submissions constantly require restructuring because they haven’t properly pre-qualified them. I haven’t complained yet because I remember how hard it was to learn the business, but all the hand-holding, re-disclosing and emotional therapy to their borrowers that I provide is detrimental to my productivity. I welcome any suggestions that might help me navigate this situation with management.
I'm a new MLO in MN working in the office of the top producing loan officer in the entire state :) Have no idea what innovations should be done, but this video helped!!
Hi Captmiller100, We also have this other great playlist call "Getting Started." This is one that our founder Dave Savage put together for Loan Officers who are new to using Mortgage Coach. Getting Started: ruclips.net/video/j3T2VorflUU/видео.html
The passion you both possess comes through powerfully. It has been great to learn some things from you both right here and I'll add this: Learning how to cold call and to actually enjoy doing such calls has defined my life. I engaged in business with a very wealthy guy (top billionaire in the world with whom I share a first name) pretty much because of my ability to think creatively combined with my ability to reach out to people on the phone without fear. It helps to be able to chat lightly and to know how to go very deep into their field quickly. Reaching heads of major business throughout the US began with my making cold calls to owners of small businesses in a defined region. You guys define much of what I learned from jumping in, from doing. Try this: Dial a number and while the phone is ringing tell me who we are calling and what we seek to get from the call. It can be addictively fun to do once you get going and it can make you very wealthy if you are with a great team.
a few quick thoughts. Lenders current approach to staffing is to steal from each others apple carts by recruiting. You are correct that lenders need to grow, water and fertilize their own apple tree. They don't want to make that investment. It's the old joke, what happens if we train them and they leave? What happens if you don't train them?! But on the flip side, FinTech is going to replace 90% of the need for loan officers in the next 10 years anyway, which is my retirement timeline.
Hello, I am a Bilingual LO with 17 yrs of experience in this Industry in the Southern California area. I would love to train new LOs!! I can bring you into my team and teach you all I know !! Reach out to me so we can chat!
I am looking into becoming a new LO but my background is in healthcare, not sales. What do I need to do to become successful once I take the licensure? How difficult is it to break into this industry if you're not right out of college?
Anyone can learn this industry. to become great, don't fake it till you make it. you must become the best, you must know the most, you must understand all the guidelines, and you must work and advise ethically. all of this in combination with perseverance while networking and building your circle, will lead to a successful loan officer career. i know it for a fact because it took me nearly 2 years to get "started", while closing a few deals here and there. the momentum DOES build up. now, about 3 years in, i am making money and closing deals from what i consider to be my own book of business built from the ground up. it's exciting.
It is not difficult to break into the industry without being right out of college. i'm in my beginning phase as a "retail" loan officer, which is what you will hear being talked about in these trainings. prior to this i was an LO for three years but wasn't doing my own marketing. The thing you have to realize is that you most likely will not make good money right off the bat. It takes a while to build a network or "sphere of influence" and like the other guy said, the momentum builds. One major piece of advice i would give you early on is to be impressive to referral partners right away. first deal you get from someone has to go like butter and then they will consider coming back to you.
Link please. I would love to get more information please
Thanks so much❤
Thanks! I started the process to become a MLO 3 Wednesdays ago. So psyched about it I've been diving head-first into research nonstop!
How has the licensing go and if you’re working in the industry how is going so far?
@@DbM313 I got the license. But I can't get any of the rocketpro leads to respond to me.
how has the past year been?
@@johny-lq2fx it fell through. Rocket Mortgage is not what they act like.
They're effectively a good school though, lol.
Notice how in certain industries that a majority those on the front lines don’t make real money but there are plenty of support services that make money on these front line guys. It’s like during the gold rush, most of the guys selling the prospectors supplies did very well, but only like 1% of the actual prospectors stuck it rich, with most barely making a living….
Think of it this way. Frontlines are the replaceable unit. What percent of their value is their skill, and what percentage is their equipment. (If they don't have guns, are they still useful?) Realistically this should be closer to 70%, but let's assume it's 10% for this. Assume there's 1000 frontliners, but 1 gun supplier. That supplier is providing 10,000% value when each soldier is providing 90%. The difference is ridiculous!!! (If we used the 70%, it would be 70,000:30 instead of 10,000:90)
You can knock these numbers anywhere you want, and the supplier is still a huge role. Even at 0.05% it's still 50:99.95, which is over half the value and would be for cheap, mass-produced, and ineffective weapons (like water guns).
I’m about to study MLO I’m looking at to what do I do first? Be an independent mlo or join a bank? What would you recommend? Please thanks
Join a brokerage or a bank/loan provider. Don't try to start your own business until you get the experience first.
This is awesome. I am a brand new LO who’s been working in ops for 3 years. I am currently with a manager who is trying to put me in that “just start calling” training, if you can even call it training. I am trying my best to switch managers to one of our top producers who has a structured training. Any advice?
I’m a processor with 20 years of mortgage lending experience and I’m currently receiving loans from 2 greenhorns whose submissions constantly require restructuring because they haven’t properly pre-qualified them. I haven’t complained yet because I remember how hard it was to learn the business, but all the hand-holding, re-disclosing and emotional therapy to their borrowers that I provide is detrimental to my productivity. I welcome any suggestions that might help me navigate this situation with management.
Is being a loan office still a great career choice?
Yes it is
I'm a new MLO in MN working in the office of the top producing loan officer in the entire state :) Have no idea what innovations should be done, but this video helped!!
I'm ready to learn. This is a great video...Thank you so much
I am a freshman in college. What should I do to become a successful LO.
That's a big question but start by listening to all the videos in ou NEW loan officer playlist
Great video! But what about Q#2? Where should a new LO be in a year???
Awesome!
What an awesome video! Grateful for the knowledge as an Originator. #KnowledgeIsPower
Awesome! Thank you! #MillennialLO
New LO playlist? Thanks much really enjoy these videos!
Here is that playlist for you: ruclips.net/p/PLBHqQMQUzLLh47UgI-hARTjLTDsgh5HHl
Hi Captmiller100,
We also have this other great playlist call "Getting Started." This is one that our founder Dave Savage put together for Loan Officers who are new to using Mortgage Coach.
Getting Started: ruclips.net/video/j3T2VorflUU/видео.html
Thanks much!
Hi Captmiller,
You are very welcome.
If you are working on being a blackbelt with Mortgage Coach, I suggest this list: ruclips.net/p/PLBHqQMQUzLLizvtoAw-iyPctFxn4uYjb4
I'm a mobile notary in Beaumont Texas, do you have any clients in my area?
Going to talk to my regional to use this to train new LOs
Am a new LO What can I do?
There are two playlist I suggest. This one to learn Mortgage Coach: ruclips.net/p/PLBHqQMQUzLLizvtoAw-iyPctFxn4uYjb4
And this one for learning the industry: ruclips.net/p/PLBHqQMQUzLLh47UgI-hARTjLTDsgh5HHl
The passion you both possess comes through powerfully. It has been great to learn some things from you both right here and I'll add this:
Learning how to cold call and to actually enjoy doing such calls has defined my life. I engaged in business with a very wealthy guy (top billionaire in the world with whom I share a first name) pretty much because of my ability to think creatively combined with my ability to reach out to people on the phone without fear. It helps to be able to chat lightly and to know how to go very deep into their field quickly. Reaching heads of major business throughout the US began with my making cold calls to owners of small businesses in a defined region. You guys define much of what I learned from jumping in, from doing. Try this: Dial a number and while the phone is ringing tell me who we are calling and what we seek to get from the call. It can be addictively fun to do once you get going and it can make you very wealthy if you are with a great team.
a few quick thoughts. Lenders current approach to staffing is to steal from each others apple carts by recruiting. You are correct that lenders need to grow, water and fertilize their own apple tree. They don't want to make that investment. It's the old joke, what happens if we train them and they leave? What happens if you don't train them?! But on the flip side, FinTech is going to replace 90% of the need for loan officers in the next 10 years anyway, which is my retirement timeline.
Fintech Firm’s Stock Drops By 30 Percent Following Announcement of SEC Investigation
Hello, I am a Bilingual LO with 17 yrs of experience in this Industry in the Southern California area. I would love to train new LOs!! I can bring you into my team and teach you all I know !! Reach out to me so we can chat!
Hi, I'm in SoCal as well. I'm interested in becoming an LO. Any tips would be great! 🤗
@@desireedickson2057 of course, I would love to help you grow. Please reach out to me. Cinthia.lugo@h1mb.com
I would love to learn more about
I am looking into becoming a new LO but my background is in healthcare, not sales. What do I need to do to become successful once I take the licensure? How difficult is it to break into this industry if you're not right out of college?
Anyone can learn this industry. to become great, don't fake it till you make it. you must become the best, you must know the most, you must understand all the guidelines, and you must work and advise ethically. all of this in combination with perseverance while networking and building your circle, will lead to a successful loan officer career. i know it for a fact because it took me nearly 2 years to get "started", while closing a few deals here and there. the momentum DOES build up. now, about 3 years in, i am making money and closing deals from what i consider to be my own book of business built from the ground up. it's exciting.
It is not difficult to break into the industry without being right out of college. i'm in my beginning phase as a "retail" loan officer, which is what you will hear being talked about in these trainings. prior to this i was an LO for three years but wasn't doing my own marketing. The thing you have to realize is that you most likely will not make good money right off the bat. It takes a while to build a network or "sphere of influence" and like the other guy said, the momentum builds. One major piece of advice i would give you early on is to be impressive to referral partners right away. first deal you get from someone has to go like butter and then they will consider coming back to you.
Start by getting an entry level position at a mortgage company. A Jr. Processor job could be a start. Good luck!
10:21 still waiting for actual content
Oh my god is that adam savage's brother?!
Thanks! The training is the key of success.