My fellow LOs and brokers.
Lets brag about which is the exception or toughest loan you handled recently which the traditional bank or credit union declined.
How did you help that business owner get a higher loan or that self employed borrower qualified?
Fellow borrowers who got helped by brokers in such scenarios can reply as well as a token of appreciation and good karma points :)
Anyone else just get fired from Freedom Mortgage in a zoom call?
My wife and I were about to make an offer on a house, so I guess that is out, now it's time to try to hunt for a new job.
At least I can stop trying to convince people 7.75% par is a good FHA or VA mortgage rate.
I spent a year as a registered LO doing VA cash-out refis off cold calls, funding $1.2–2M/month at 120 bps. I got licensed a couple months ago and moved to a new branch with inbound leads, now doing FHA and some ARMs.
Last month I funded $700K at 150 bps. The target is a $1.5M rolling average, and with rates rising the company is laying people off heavily. I fully expect to be next.
I left a terrible manager for this, and I've learned a ton, but the numbers keep getting worse even as I improve. I love this industry and want to stay in it.
For those who've survived a rate cycle would you jump now, ride it out, or pivot (different channel, product, or comp structure)?
We work with a lot of LOs at TrustEngine, and almost all of them are fighting the same fight right now. Scenario: A borrower Googled a lower number, and now you're defending a rate sheet you don't control.
One LO we know uses the rate the client found online as option one, then lays out two other strategies next to it, so the conversation shifts to tradeoffs.
That only goes so far, though. A quarter point off is still a quarter point off, and some borrowers will walk over an eighth no matter what you show them.
We're curious what's working for other LOs when a borrower says "I found it cheaper." And where do you draw the line?
Hey everyone,
Im looking to make a career switch and I’m interested in going into being a Loan Officer but i have no idea where to start. I’ve heard Affinity is good or mortgage educators but I’m not for sure. Any guidance is helpful.
Thank you
If you work with LoanHouse, now would be a good time to ask your rep over there.
Im an in house lender for a real estate company in austin. Theres an extensive market share with them and im only 1 man. Im not sure if I should hire a biz dev associate or a Jr lo. Im happy to train and share the pie but I dont want to spread myself thin or give away the cow. Anyone with experience that can share how they grew?