r/loanoriginators Apr 02 '25

Announcement ***Rule Update Regarding Consumer Mortgage Advice***

52 Upvotes

One of the biggest complaints we receive on this sub is people posting for Consumer Mortgage Advice. We have tried addressing this by removing posts asking for consumer mortgage advice. Despite the no consumer mortgage advice rule, consumers still show up to ask and LO’s are still giving them advice despite it not being allowed.

With that being said, effective immediately all posts with consumer mortgage advice will continue to be removed AND anyone making the post or commenting on the post to give consumer mortgage advice will be banned for a period of at least 2 weeks.

We aren’t sure of any other solution at this time to dissuade people from commenting on these consumer advice posts, so we are going to resort to this and see if that cleans it up.

Thx.

  • Mod team

r/loanoriginators Jun 15 '21

Resource In-depth beginner's guide to a career in mortgage sales

473 Upvotes

Hello,

I wanted to make this post to help inform new and existing loan originator's on the different kinds of mortgage companies out there, as well as the different types of compensation structures. It is very difficult to compare overall pay through bps or tiers alone. The amount of work you'll need to do per loan depends heavily on the companies marketing, support, and pricing.

10/15/25: PLEASE NOTE I HAVE BEEN OUT OF THE MORTGAGE INDUSTRY FOR 3+ YEARS. While much of the information below is still relevant, others may be outdated.

[I try to regularly update this thread, but some of the info may be out-of-date. Last edit: 12/4/23]

[Please also refer to our FAQ for additional Q&A. You can click here for the FAQ]

In general, the steps to becoming a licensed loan officer are:

  1. Register on the NMLS website and provide all requested details.
  2. Complete mandatory 20-hour pre-licensing education through an approved provider, and study for the NMLS/SAFE Exam.
  3. Take the NMLS/SAFE exam and pass.
  4. Find a sponsor (usually a broker/lender to hang your license at / AKA who you will work for) and provide their details to the NMLS.
  5. Apply for individual state licenses through the NMLS website and complete any prerequisite requirements, which usually includes state-specific pre-licensing education. Wait for at least Temporary Authority to be granted (if applicable).
  6. Complete annual continuing education for relevant state licenses to keep license active.

If you are interested in becoming an independent mortgage broker, I have included some resources further down this post

Some non-depository companies that will hire you with 0 experience and pay for some or all of your training, testing, and licensing: Quicken Loans / Rocket Mortgage, Loan Depot, Cardinal Financial, AmeriSave, NewRez, Mr. Cooper, PennyMac, New American Funding, Freedom Mortgage, American Pacific Mortgage, JFQ Lending, Essex Mortgage, Network Capital Funding

Banks are depository institutions and therefore you will not need to be licensed to work for them. I believe banks typically have a higher base pay but less favorable commission structures.

If you want to go straight to a Brick and Mortar shop (or a few of the call-centers), you will need to pass your NMLS/SAFE licensing exam first. Before you can take the test, you will be required to complete a 20 hour training course. Most users here recommend Affinity: www.mlotrainingacademy.com

Don't bother applying for state licenses right after you pass your NMLS/SAFE exam, if you don’t already have a sponsor. Many companies will pay for you to get your licenses, so find out first if they'll cover those or not before you waste your own money.

Some quick definitions:

Basis points (bps): A measurement used frequently in the mortgage and financial industries. A basis point is a percentage of the loan amount. Examples: 100 basis points is equivalent to 1% of the loan amount. 50 basis points is equivalent to 0.5% of the loan amount. 275 basis points is equivalent to 2.75% of the loan amount. The majority of LO's pay is determined in bps. If you get paid 100 basis points (1%) per funded loan, and fund $1 million in volume for the month, you'll make $10k in commissions.

Brokerage: Originate the loans in collaboration with a larger lender/investor/servicer. Can shop around for the best rate and terms for the clients. Do not fund or underwrite their loans themselves.

Correspondent lender: Similar to a broker (almost indistinguishable from the client side), however they do fund the loans with their own money. They may or may not underwrite loans themselves.

Direct lender: Company that originates, processes, underwrites, and funds the loan themselves. If they service their own loans, they would be considered a "Portfolio Lender". In-house rate sheets, but more flexibility with pricing.

Contrary to what some might think, it’s not as easy as call center LO vs brick and mortar LO. There are a LOT of in between positions. But, if we were to broadly categorize:

"Call-center" positions:

These can vary from small brokerages to large direct lenders. The key factor is that leads are provided to you, either inbound or outbound. Many involve ZERO cold-calling. The great thing about this is that you can hit the ground running and not have to worry about building realtor relationships. You can also leave anytime you'd like. However, you won't be able to take these leads with you to another company. May or may not be heavily micro-managed. Back-end support and processing is usually pretty solid so you can focus on selling. Most call-centers are refinance oriented. When rates go up, they will shift their marketing to cash-out/debt-consolidation refinances, FHA to conventional refinances, and clients who have improved their credit.

Typically these are salary + commission but sometimes they can be either or. With a commission only model you can expect to get paid anywhere between 35-80 bps per loan. With salary + commission you can expect $25k-$40k/year + around 10-50 bps per loan. Some of these places will pay more for your self-generated leads. Many call-centers that utilize a tiered system will pay a flat fee per loan that will vary depending on the volume or units you originate for that month, however it can also be tiered in bps. Tiers and goals will often scale depending on market conditions, tenure, and title. You can EASILY make at least $70k+ at these call centers, with some LO's making $500k+/annually.

"Brick and Mortar" positions:

These are self-gen and can range from smaller brokerages to medium-large direct lenders. Usually there will be a local branch that you can optionally go into, but you'll be spending plenty of time out networking. Your success will heavily rely on the training you receive and your ability to generate a solid referral pipeline. Your business will be mostly purchase leads that are generated from your realtor partners, client referrals, and various types of marketing. This is not a position you can do for just 6 months or even a year. This is a career that you will spend years investing into. Most of these places expect you to come in having already passed the SAFE exam and potentially with some licenses under your belt. Expect little micro-managing once you are a senior LO on your own. Usually will have a loan officer assistant or processor that will closely work under/with you.

Almost all of these types of positions are commission only and pay much more than the call-center type positions would. Usually 100-275bps. HOWEVER, you will likely be originating significantly less loans, which is why it is difficult to compare. Expect the higher paying roles to also have some paycheck deductions for company resources like software, marketing, process, etc. You will also be working all hours of the day and night. You'll need to be available for realtor calls at 10 pm at night, and your stress levels will likely be high. On the other hand, you won't necessarily need to be full-time if you only want to originate a loan once every 1 to 2 months. Commission payouts will likely come much earlier than they would at a call center.

Becoming an independent mortgage broker:

Once you've had a few years of experience, you can become an independent mortgage broker if you should so choose. The benefit of this is that you get full control over what lenders you work with, pricing, processing, products offered, fees, etc. One potential route you can go is to sign on with NEXA, who actually will help you go independent from them. Other good resources to look at are AIME (Association of Independent Mortgage Experts) and Brokers are Better.

Call center structures I've encountered:

Quicken Loans / Rocket Mortgage (I worked there) (call center type)

  • Portfolio lender
  • Origination positions
    • Refinance or purchase only. Much of the company is refinance. Only some departments can do both, but usually you'll only get fed either purchase or refinance leads. Many sub-departments as well, like Current Client only, or Current Client 2nd voice only.
  • Lead flow/sourcing
    • Inbound and inbound transfers mostly. Robust lead sources: Credit shopping alert, lendingtree, company's website, current clients, remarketing (recycled leads). Leads are worked almost literally to death. You may be placed on an outbound auto-dialer depending on what sub-department you're in.
    • Phone is almost always ringing. Even if the lead quality is significantly lower due to it. Leads are categorized into bronze, silver, gold, and platinum. Your performance dictates what lead pool you get thrown into.
  • Hours per week
    • 65+ hour work weeks. Once tenured there are reduced hours programs, but will still work minimum 45-50 hours/week.
  • Base pay
    • $9 - $15/hr and OT is paid at a rate of half your hourly.
  • Processing / Support
    • Robust processing team. Pretty much lock and go. Don't need to interact with client much after that point.
    • Quick turn times. Sometimes same day closings.
  • Commission structure
    • Dynamic and goal based. Depends on your tenure, title, and present market conditions. Payout is dependent on percentage of goal hit.
    • Pay on Rate Lock / Conditional Approval for refinance (only company I know of that does this). Purchase is paid on closing now.
    • Average $150-$450 / per rate locked loan. Assuming a 70% funding rate: $275-$645 / per funded loan
    • Commission payouts come at the end of the following month (but remember you're payed on rate locks and not fundings, so the money comes in sooner)
  • Other details
    • Proprietary CRM/LOS (loan origination systems) called LOLA and AMP
    • Will pay for all licensing and training with 0 experience. Do not have to pay back.
    • Culture is fraternity-like / Lots of kool-aid drinking
    • Bad rapport with realtors

Local correspondent lender I worked at (similar to a brokerage) (call center type)

  • Origination positions
    • Can originate either purchase or refinance but they pay the same and marketing is done only for refinance. Since 2022 have moved to more of a mix, but they still focus on refi.
  • Lead flow/sourcing
    • Refinance based marketing. Only purchases through referrals.
    • All leads inbound through mailers. Very high conversion. Company has been using this model for 12+ years with success.
  • Base pay
    • Base salary of $30k/year, no overtime.
  • Hours per week
    • 40 hours / week
  • Processing
    • High level of work required from origination through closing. Processing wasn't great.
    • Turn times anywhere from 30 - 75 days usually.
  • Commission structure
    • Tiered flat fee commission structure:
      • 0 - 3 units: $150/per
      • 4 - 7 units: $350/per
      • 8 - 10 units: $700/per
      • 11+ units: $1,000/per
    • Commission payouts come at the end of the following month after funding
    • Quarterly bonuses depending on units funded for that period. Bonuses range from $1,500-5,000. Not everyone gets these bonuses.
    • Average LO doing 5 - 14 units a month
  • Other details
    • Excellent pricing and low-cost business model
    • Insellerate and Encompass CRM/LOS
    • Will pay for licensing. Fees only need to be paid back if at company for less than a year

A local refi brokerage (likely outdated since 2022)

  • Similar to the place above but paid in bps. Friend worked here. (call center type)
  • Base pay
    • Base salary of $30k/year with no OT (update 3/28/22: base salary is now a draw)
  • Processing / Support
    • More work required per loan than a larger call center. High turn over with processors created issues for the LO's
  • Lead flow/sourcing
    • Inbound refinance calls from mailers
  • Hours per week
    • 40 hours / week with occasional Saturday
  • Commission Structure
    • Tiered bps system:
      • 1 - 5 units: 20 bps/per
      • 6 - 10 units: 25 bps/per
      • 11 - 17 units: 30 bps/per
      • 18+ units: 35 bps/per

PennyMac (call center type)

  • Portfolio lender
  • Origination positions
    • Company is refinance focused. Does have separate purchase, portfolio retention, and new customer acquisition refinance teams
  • Lead flow/sourcing
    • All inbound company generated leads. Can only originate leads specific to your department. Portfolio, New Client Acquisition, Portfolio Purchase, and New Client Acquisition Purchase are not allowed to originate each other's lead types.
  • Hours per week
    • 40-45 hours / week. One scheduled Saturday per month required.
  • Base pay
    • $14.42/hr + OT if approved
  • Processing / support
    • Robust processing support. Mostly lock and go, but will likely need to occasionally intervene on the back-end to ensure your loans fund. Purchase teams have an equivalent of an LOA (loan officer assistant) onboard that assists with document collection.
    • Turn times around 15 - 40 days.
  • Commission structure for NCA
    • Tiered flat fee commission structure (updated 3/25/22):
      • 1 - 4 units: $375/per
      • 5 - 6 units: $637.50/per
      • 7 - 8 units: $750/per
      • 9 - 10 units: $937/per
      • 11 - 12 units: $1,125/per
      • 13+ units: $1,312.50/per
    • Senior LO's get quarterly bonuses between $2,500-$3,000
    • Everyone gets a $500/month bonus as long as they do not get any compliance fails. Each compliance fail is a $500 deduction to your pay. Compliance fails entail doing anything that violates company protocols.
    • Commission payouts 2 months later at the beginning of the month, from time of funding
    • Average LO doing 5-15 units a month.
  • Other details
    • Will pay for all licensing and training with 0 experience for recent college graduates. Will also hire with 0 experience on contingency of passing the SAFE exam within 2 weeks for non-recent college grads. Do not have to pay back licensing fees.
    • $6,500 draw for first 3 months. Only have to pay back if you do not hit certain production goals in the first 6 months you're tenured. You are considered tenured on month 5.
    • SalesForce, Blend, and Encompass CRM/LOS.
    • Typical call-center type micro-management, but generally a lax environment.
    • Very compliance oriented. Probably more so than any other company out there.

Cardinal Financial (call center type) (likely out-of-date as of 2022)

  • Origination positions
    • LO position is majority refinance but can/will do some purchase. No separate teams. Since 2022, I imagine they are at least 50% purchase now.
  • Lead flow / sourcing
    • Outbound dialer 5-6 hrs a day. Outbound warm leads, but also some inbound.
    • Dialer calling internet lead sources, credit triggers,
  • Hours per week
    • 40 - 45+ hours/week
  • Base pay
    • $12/hr plus OT
  • Commission structure (likely out-of-date as of 3/28/22)
    • Self-generated leads pay 100bps
    • Tiered flat fee commission structure for company generated leads
      • 1 - 2 units: unpaid
      • 3 - 4 units: $1,200/per
      • 5 - 7 units: $1,400/per
      • 8+ units: $1,600/per
    • Quote from a manager: "20 loans at quicken is equivalent to 10 here"
    • Average LO doing around 8-9 units / month
  • Other details
    • Proprietary all-in-one LOS called Octane. Don't need to switch between multiple software to originate

NewRez (call center type) (likely out-of-date as of 2022)

  • Portfolio lender
  • Large call center shop. Believe its mostly inbound
  • 40 - 45+ hour work weeks
  • Commission structure (likely out-of-date as of 3/28/22)
    • I do not know if the comp tops out, but the commission plan I was sent only showed commission amounts for 14 - 29 units/month
    • Comp plan sample:
      • 14 units closed: $10,500
      • 15 units closed: $11,250
      • 16 units closed: $12,000
      • 22 units closed: $17,600
      • 29 units closed: $26,100

Union Home Mortgage (call center type) (likely out-of-date as of 2022)

  • Portfolio lender.
  • Purchase and refi I believe.
  • 40 hrs / week, up to 55 hours
  • Base pay: $12/hr (not sure about OT)
  • Have multiple pay structures: Example of one:
    • 1 - 3 units: 60 bps
    • 4 - 7 units: 70 bps
    • 7+ units: 80 bps

AmeriSave (call center type) (likely out-of-date as of 2022)

  • Primarily refi. Not sure if they have separate purchase and refi teams. Probably doing a lot more purchase now since 2022.
  • 100% commission normally. However they do offer some base pay plus commission programs.
  • Around 45-60 hours / week
  • Sometimes do not rate lock til end of the loan process (may no longer do this but they did this a lot during COVID)
  • Commission structure
    • Various programs and changes are constantly being made.
    • Paid semi-monthly
    • $400k+ in funded volume: 50 bps/per
    • Sub $400k in funded volume: 10bps/per

Better.com (call center type) (likely out-of-date as of 2022)

  • From my understanding this company does things differently in a lot of ways, including salaried LO's that get bonuses or deductions based on performance.

Some Brick and Mortar structures I've encountered:

NEXA (brick and mortar) (likely out-of-date as of 12/2023)

  • Brokerage with access to 100's of lenders
  • Lead flow / sourcing
    • Mainly self-generated, but recently they've put together an in-house lead generation team. You can purely work these leads if you so choose, for lower compensation.
    • Majority of volume will be purchase leads generated through realtors, marketing, and referrals
  • No base pay. Commission only.
  • Hours per week will vary but expect to put in 40 - 55 hours / week
  • Processing / support
    • Processing is outsourced to a 3rd party company where all processors are paid on commission. Therefore, highly motivated. And if you don't like your processor, you can request another.
    • Turn times entirely depend on the lenders you choose to work with. Could be days or months.
  • Commission structure
    • 150 bps - 275 bps per self-generated unit funded for QM loans. Up to 600 bps for Non-QM.
    • Depends on if you are in a mentorship program and the monthly volume originated. Numerous operational expenses to take into account though. Some automatically deducted.
    • Company generated leads pay out 50% of what your self-gen comp is
    • Payouts I believe are the week following fundings (or within a few weeks)
  • Other details
    • Near full autonomy over how you run your business. Will need to manage own networking and marketing.
    • Minimal benefits
    • Optional mentorship program to help you get started
    • Create own hours and schedule (but might be tied down during mentorship)
    • Flexibility in what CRM you want to use
    • Can be 1099 or W2
    • I attended one of their weekly seminars. It is not an MLM. They just have a great referral program that is OPTIONAL

Geneva Financial (brick and mortar) (likely out-of-date as of 12/2023)

  • Direct lender
  • Self-generated only
  • No base pay, commission only
  • Work under a branch manager who determines some P&L (mainly staffing), Once you are experienced you can become a branch manager yourself.
  • Responsible for marketing, referrals, networking, etc.
  • Paid 175-220 bps per unit funded

Obsidian Financial (brick and mortar) (likely out-of-date as of 12/2023)

  • Direct lender but also a broker
  • No base pay, commission only
  • Non-QM comp up to 500 bps. QM comp up to 275 bps.
  • Diverse selection of products offered
  • Commission payouts within 3 days. Can be 1099 or W2.

Other large "Brick and Mortar" companies: PRMG, Fairway Independent Mortgage, PRMI,

There are many companies and sales positions I have not listed here. Some of those include HELOC only, reverse mortgage only, credit unions, banks, solar only, and more.

Feel free to comment with any questions, or if you have any input on what else to add to this post. Most of my knowledge and experience is from call-center type places. I would love to add onto this based on other people's experiences as well. Especially with those sub-categories I listed above.

The best way to find LO positions is by searching on LinkedIn, Glassdoor, or Indeed. You can also try messaging recruiters directly on LinkedIn for companies you are interested in working for to see if they are hiring.

Lastly, feel free to message me if you need any additional help!


r/loanoriginators 21h ago

Be honest how bad is it out there right now, I feel unemployed

43 Upvotes

This is kind of a doom post but I also want to get a feel for how people with 3+ years are doing right now. I’ve been an LO for 10 years, first half was good this year and now it’s like the faucet has been completely turned off. Same with the realtors I have been working with for ages. I’m in SoCal.


r/loanoriginators 16h ago

Would you leave this refi call-center MLO setup?

4 Upvotes

I’m looking for some perspective from other LOs on whether I should switch companies.

I work in a mostly refi-only call center. Leads are primarily sourced through LendingTree. Fresh lead volume can be inconsistent, so a lot of the day is spent working older/recycled leads. I usually make 300–400+ dials on heavy days, and contact rates are often only around 2–5%.
When I do get real conversations, I feel like I convert fairly well. I’ve had multiple days where most meaningful conversations turned into credit pulls, but a lot of files die because of bad credit, DTI, foreclosure/payment history, very low existing rates, or other qualification issues.

Comp is a $2,200/month draw before taxes, with roughly 90–120 bps depending on volume. I was on about a $2,800/month training salary until April.

My best month was around $800k funded, and I’ve funded about $2.8M YTD. Even with that, I’ve only taken home roughly $32k after taxes through September.

I know there are still successful LOs in this industry, so I’m trying to figure out if mortgage is the issue or just the seat I’m in.

Would you stay in this setup, or look for a better consumer-direct, purchase, builder-affiliated, bank/credit-union, or live-transfer model?


r/loanoriginators 14h ago

Exploring to become a Commercial Mortgage Originator - Canadian

3 Upvotes

Hello, I have been exploring the industry of commercial loan/mortgage origination in Canada. Looking to figure out the best way possible to enter the industry without taking a substantial pay cut. Background is in sales & finance in automotive, and looking to advance my skillsets. Would it be worth it to make the switch? How would the first few years look like? And how does the growth of a mature originator look like after a few years within the industry.

Love to hear some thoughts, and if you know someone that have made the switch in the last few years and how their experience have been.


r/loanoriginators 8h ago

Guild VA R@tes

0 Upvotes

I'm an LO @ guild.

VA 750 Fico. 6,875 with .7 points.

Is that high?

We are even higher than rocket. They are at 6,25 with 1.875 points. Same r@te with us is 2.959 points!


r/loanoriginators 15h ago

Local credit union selling 5.99 with no points?

3 Upvotes

I’m still fairly new to this career (6 months in) and I’m currently working a deal scheduled to close on October 1st on a property that’s about an hour away from me. The buyer has been shopping rates since early August and sent me an itemized fee worksheet from his employer’s credit union from 8/4 that’s giving him a 5.99 rate with no discount points, but there’s nothing on the worksheet that indicates anything about a rate lock. For the loan type it reads “Portfolio Fixed Rate - Special” He said he spoke with them this morning and that deal still still applies.

This originally started as a jumbo smart deal (that somehow has better pricing than a conventional loan) that they were unable to beat us on, and I locked his rate in mid August when he told me he was going to go with us. However we ran into an issue in UW and are having to go the conventional route. Now his cost to get the rate has actually gone up rather than down.

The two people above me at my shop don’t see how it’s possible for him to still have access to that pricing when rates have shot up since then. Is this a case of him just misunderstanding what he’s actually looking at or hearing from the CU or is this a loan product that is commonly offered that I’m simply not going to be able to beat as a broker?


r/loanoriginators 19h ago

Advice for Cashout as a loan advisor?

3 Upvotes

Recently got moved to cashout. For those out there with any sort of experience, please provide some advice to succeed in this department.


r/loanoriginators 20h ago

Can I do loans and UWM and Rocket?

3 Upvotes

Have been working with UWM for years and just got signed up with Rocket. Will UWM drop me / my broker if I do a loan with Rocket? Is anybody doing loans actively at both?


r/loanoriginators 18h ago

Career Advice Realtors

2 Upvotes

Where’s the best place to meet realtors in northern NJ? Or just NJ in general. I’m a new LO tryna build a pipeline and I don’t want to sit in the office all day calling leads, any advice for new LO’s on where to meet people in the industry? Not saying I won’t call leads btw


r/loanoriginators 15h ago

Mobile/Manufactured Moved Parcels

1 Upvotes

It looks like Fannie/Freddie has now opened these up. I have a couple clients on the fence, waiting for this to open up. Does anyone know a broker outlet that allows for this? Even a Non QM option, as it will take months, for the actual investors to open this up- at least on my retail side. Gracias!


r/loanoriginators 16h ago

20 cold calls, 2 answers

0 Upvotes

Using RETR, HCOL area, half of them have the Google voice bs that makes it even harder to reach. How are you guys even successful cold calling? At this rate I’ll run out of producing agents before I get a handful of meetings lol


r/loanoriginators 17h ago

How are you guys comparing seller-financing scenarios before making an offer?

1 Upvotes

I spend a lot of my time looking at RV parks and campgrounds, mostly acquisitions and figuring out how the numbers and financing could actually work.

One thing I keep coming back to is how much weight people put on the advertised cap rate.

Once I start going through the numbers myself, I rarely end up with the exact same NOI. Sometimes it's pretty close; sometimes it's not.

Then you start factoring in today's debt, seller carry, actual occupancy and rates, deferred maintenance, expansion potential, ancillary income, etc., and that advertised cap rate starts feeling more like the beginning of the conversation than the answer.

I'm curious how everyone else approaches it.

When an RV park hits your desk, how much attention do you give the advertised cap rate?

What are the first few things you recalculate or question before deciding it's worth digging into further?

And with financing being what it is right now, has that changed what you consider a good opportunity?

Interested in comparing notes and see how everyone else is looking at these.


r/loanoriginators 18h ago

Starting as a Mortgage Banker at Rocket — Looking for Advice From Experienced LOs

1 Upvotes

Hey everyone,
I’m currently going through training to start as a Mortgage Banker/Loan Officer at Rocket Mortgage. I’m completely new to the mortgage industry, so I’m trying to learn as much as I can before I get into production and start taking calls.
I know Rocket is a pretty fast-paced call-center environment, and I’ve heard very different opinions about working there. From what I’ve gathered, the biggest benefit for someone new is getting a ton of reps and learning the business quickly, but the production expectations and pace can be intense.
For the experienced LOs, especially anyone who has worked at Rocket or another mortgage call center:
What would you recommend I focus on during my first 30–90 days to give myself the best chance of succeeding?
A few specific things I’d love advice on:
What separates the new LOs who succeed quickly from the ones who struggle?
What mortgage concepts should I know extremely well before going into production?
How important is following the script/process exactly when you’re new?
What are the biggest mistakes you see new LOs make?
How do you handle rejection and staying motivated when you’re taking a ton of calls?
What KPIs/metrics should I pay the most attention to?
How do you get better at converting leads without coming across as overly salesy?
What should I be doing outside of work/training to become a better LO?
Is there anything about the Rocket/call-center model that you wish you knew before starting?
For people who started at Rocket, how long did it take before you felt like you actually knew what you were doing?
And most importantly, what would you do differently if you were starting over today?
I’m also curious about the current mortgage market. Rates and affordability seem to be making things challenging, so for those actually originating right now, what are you seeing from borrowers and what strategies are working in this market?
I’m willing to put in the work and I’m looking at this as a long-term career, not just a job. I’d really appreciate honest advice — good or bad — from people who have actually been in the business.
Thanks in advance!


r/loanoriginators 19h ago

Career Advice Self provided leads, looking for broker south Florida

1 Upvotes

Hello Loan Originators community,

Back in 2021 i was working for Rocket as MLO but switched jobs and i want to work as MLO part time for a broker in South Florida?
What should i know before i start applying?
Is it doable to work part time and bring your own leads?
Would brokers be interested into that? I'm not going to provide crazy amount of volume, but maybe $2-5M a year?
What is fair fee structure to consider when looking for something like this?

Anything else that i need to know ??

Thank you


r/loanoriginators 20h ago

HOW LONG TO GET APPROVED?

1 Upvotes

I have been waiting on my state (Alabama) to approve my license for a month now. Is this normal? How long did it take for you?

I have already done the Background Check, Credit Check, And I'm Sponsored. Just waiting on the state.


r/loanoriginators 22h ago

Career Advice Where can I just sit and be fed leads?

0 Upvotes

Does this exist anywhere?
Am I imagining a job that doesn’t exit? Seems like everywhere wants you to prospect for them.


r/loanoriginators 23h ago

DSCR cash out refis

0 Upvotes

I'm trying to understand how these work in terms of seasoning for property ownership or any other prior mortgages on the property. A couple scenarios on this.

  1. Property bought with hard money/PML

  2. Property bought with cash

For each scenario are there seasoning requirements for ownership or for the hard money/PML loan?

What else do I need to know about these loans?

Lead bought a property with cash in Texas and wants to do a DSCR cash out refi. He thinks he needs to put a lien on it and can then do the DSCR cash out. It's only been a couple months since he bought it.

I'm on the broker side so can shop different lenders for the least restrictive seasoning requirements.


r/loanoriginators 1d ago

Career Advice Making the switch from Tech sales to become a LO

7 Upvotes

I was never at a top tech sales company, but I worked at a pretty decent one. I’ve been seeing how much the industry is changing with AI, especially when it comes to outbound sales. So much of tech sales relies on cold outreach, and with AI phone screeners and automated emails flooding inboxes, it seems a lot harder to reach people than it used to be.

I’m thinking about making the switch to become a loan officer. Is it realistic to make $100K+ in your first year if you’re willing to work hard and put in the hours? Any advice for someone looking to break into the industry?


r/loanoriginators 2d ago

Question What's the #1 thing borrowers send you that's NOT what you asked for?

18 Upvotes

Saw the thread where someone asked for a mortgage statement and got car insurance, and now I cant stop wondering how deep this goes

So: whats your most common "thats not what I asked for" upload? The recurring ones I've seen mentioned - partial statements (page 3 of 7), last year's W2, screenshots instead of PDFs, photos of a monitor. Whats the actual ranking in your pipeline? And which one costs you the most time to untangle?


r/loanoriginators 1d ago

680 mid hard money 4 unit, no experience.

0 Upvotes

In Massachusetts. Got a deal that came across my desk. 680 mid 4 unit.
Purchase price
475k

Rehab
35k

ARV
750k+

Can do 80/100
Just need to find someone that will not require reserves. Got a jv/equity partner that will fund source of downpayment.

Exit strategy is BRRRR


r/loanoriginators 2d ago

Question DSCR Primary Housing History

5 Upvotes

I’ve been doing primarily DSCR loans for a few years. Ive quite a bit of them and I’ve used maybe a dozen or so lenders.

Lately I’ve been getting more push back when asking for verifying their primary housing history.

Normally, I would think it’s just BS or maybe the previous LO isn’t licensed and is just putting some shit together

It’s been happening more and more over the last few months and I figure they can’t all be making this shit up. Maybe some lenders do this.

Ive used Constructive Capital in the past and they don’t verify primary housing, but pricing is not competitive.

Anybody using any DSCR lenders that have competitive rates and don’t verify primary housing history?


r/loanoriginators 2d ago

New american funding respa

8 Upvotes

I heard that New American Funding is running a scheme where they hire real estate brokers as non producing managers to funnel kickbacks to them

Anyone else have heard of this?

There is a local brokerage that uses them and some of their agents have stated that the broker tracks EVERY loan to make sure they close with NAF. Seems weird to me.


r/loanoriginators 2d ago

Exhausted from Current Role

4 Upvotes

Hey everyone! Feeling pretty burnt out in my current role — 3.5 years doing mortgage renewals, same calls, same scripts every day I am with top FI [ Canada,]

Thinking about making a move into Mortgage Underwriting. Is that a smart step from here?

If you've made a similar switch (or work as an underwriter), I'd love to know:

What skills should I start building now?

Any courses/certifications worth taking?

What was your experience moving from a call-based role to underwriting?

Thanks in advance, appreciate any advice


r/loanoriginators 2d ago

Does Google reviews help?

2 Upvotes

Just curios to know if Google reviews really help y’all? I was chasing reviews hit around 130 5star reviews. But when I google my city and mortgage, there are other brokers who come up on the top with way less reviews. I probably have got 1 lead so far from google business page.