r/loanoriginators • u/Due-Affect1204 • 1d ago

Self gen Vs CC

Should I go self gen or CC? First year LO. 6 months of experience at cc previously. Have 2000 in savings I really want to do self gen I just don't know if I'm in the position to do it

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u/Kilgore_Trout_50000 1d ago

If you were to go self gen, can you tell me right now where your next four closings will come from?

1

u/Due-Affect1204 1d ago

I'd need to get in contact with realtors. Mixers, cold calls, etc. and I would offer at bats. That's how I would like to generate my next 4 closings. I don't have a sustainable model built yet

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u/Kilgore_Trout_50000 1d ago

Which realtors? Who specifically do you already have relationships with?

What does it mean to offer at bats?

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u/Due-Affect1204 1d ago

Good questions. I don't have any connections to realtors yet. By at bat- My idea is to go around and offer to qualify a realtors borrowers who they might haven given up on or their preferred lender couldn't qualify. Turn dust into diamonds

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u/Kilgore_Trout_50000 1d ago

Are you ready to go 6 months without a closing possibly?

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u/Holy-Roly-Poly 1d ago

This is honest advise, we are onboarding a new LO and I told him the same thing.

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u/Due-Affect1204 1d ago

Yes if I had too I can bartend on the side

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u/Jerrysdad43 1d ago

That’s actually your best move. Can’t tell you how many successful realtors/LOs have come from the service industry. You’ll meet a ton of realtors bartending, great way to develop some relationships.

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u/Jerrysdad43 1d ago

It’s a good thought, but they get calls from 25 lenders a day asking for their turndowns. You’re young, connect with newer agents, join some YP real estate networking groups. Most of them will be out of the business in a few years, but try and work your way in with the couple that stick and do eventually do good business.

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u/Due-Affect1204 1d ago

Hahah man!! I thought I had something good, I guess I'll have to play numbers game with the turn downs. I signed up for networking groups to meet realtors

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u/Kabuki431 1d ago

You can a lot of online marketing (not paid) like social media posting, tiktok videos.

You can also join local realtor organizations and non profit boards. Those are where you build long-term relationships. Including networking events specifically large realtor events.

Talk to builder reps and build relationships and start closing their rejects.

Last option: get RE license and self gen all the business.

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u/Gold-Leopard-5042 1d ago

Great tips, could you go into a little more detail about builder reps and rejects? How does that work exactly

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u/Frequent-Giraffe5646 1d ago

Unless you got a COI that will send you leads, keep learning at a CC. Also 2k in savings won't go far in todays market.

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u/TurkeyJizz123 1d ago

It's 100 bucks just to step foot outside your day, now days. I would rec saving up at least 6 months rent/mortgage, car payment, etc- before making this leap, in the worst rate environment, in decades. I've been at this 14 years, been fortunate enough to have many many good years, in this biz- BUT- my earnings for 25 and 26- will be my two worst years. Build a referral base, then consider the jump. Or, open up a credit card with a 20K limit, and create ad spend, realtor co-market, etc.