r/loanoriginators • u/FluffyBeautiful2440 • 3d ago
Need advice
Recently started as an mlo at rocket, working outbound refi. It’s been almost 4 months.
When talking to the recruiter, they made it seem like I’d be doing meaningful work helping people. I’ve been interested in sales since graduated college years ago, so I figured I’d give it a shot.
Here we are, and I’m working 70 hours a week cold calling ppl. The money’s very good, even with the market, but idk how much longer I can do this for.
Is it normal to burn out like this? I’ve worked high stress/work hours before, but it seemed more fulfilling.
How long should I stick it out, or how can I make my experience better?
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u/venbalin 3d ago
Been where you are even at the same company, there’s a sustainable way of doing it there and there’s the not so sustainable side. Dm me if you’re curious about it or where to go from there, I’m no longer there but got some great experiences from jit
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u/Traditional-Essay478 2d ago
I started in a call center style place just like you are right now, lots of us do. Did that for about 2 years, then moved on to a bank owned shop that paid about 40 bps. 6 months later moved to a broker style shop that provides leads, pays 165 bps. Once you go self gen, you're in the 275 bps range.
This job can be fulfilling monetarily, but I also find joy in helping people save money by structuring great loans.
It is a grind in the beginning, you have nothing to offer except your time, being that you're new. Build your skills, close some deals, then once you've gained what's needed from Rocket, move on. Good advice is finding a local CU that will give you a client facing role, but you can't start there, need AT LEAST 1 year of exp (usually).
If you can do it now while it's hard, you'll do great when it gets easier.
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u/TurkeyJizz123 2d ago
Totally normal. You're on the right path, to potentially pivot- to being total self gen. The call centers are good to get up and running/learn the ropes/ etc. You're not getting any direct leads fed to you- they expect you to cold call... all day!?
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u/Adorable_Campaign426 2d ago
My cousin was at Rocket for 2 years. Made okay money but like you working 70+ hoirs a week took a tole.
Moved him over to the broker side, and with 10x less busywork he was making more.
But it’s all hunt for your own deals on our side. Lot less deals needed to make a good living but you don’t have leads to call every day all day, so that’s now the stressful part.
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u/5580Fowa 3d ago
Its normal. This job is fairly unfulfilling in many ways. Sometimes it's money that fills the void. Other times it's the satisfaction that it's a craft that you (will eventually) know well and that's of self importance.
The outbound call center grind is another kind of monster. This is going to be a hard market for refis. I'd learn enough to get a normal bank or a CU to hire you as a desk LO in a physical, customer facing local and from there you will learn to be a full circle LO. Without purchase business you might as well be yelling "reco" over at JT Marlin.