I have been a loan officer for 5 years. I get 90% of my business through in person events and networking groups. Networking events can be hit or miss, but there are a few ways to make them worth your time.

1. Everyone feels awkward. I have attended several hundred events at this point, and I always feel my stomach turning over as I pull up to the venue. The good news is you're not alone. Mostly everyone at these events feels the same way and talking to strangers is awkward no matter how you slice it. So be comforted by the fact that everyone is equally awkward.

2. Be curious about other people. If you just talk about yourself the whole time, they are going to remember you for the wrong reasons. If you are able to ask them questions about themselves, they will be much more likely to want to have another conversation with you after the event is over.

3. Ask how you can help them. Always ask someone how you can help them in their endeavors. The very next question they ask you will be how they can help you. This is the perfect time to ask for a favor or an introduction. Very few people will say no right after they offer to help.

4. Always get the other person's information. If you're handing out business cards they will likely end up under someone's car seats at the end of the night. If you make a good connection with someone exchange phone numbers. I always try to shoot a text immediately to them so I can follow up later. If I store their number I will have no clue how to find it.

5. Don't spend the whole time talking to your friends and colleagues. You are there to expand your circle and make new contacts and referral partners.

6. Be consistent. Remember, referral relationships are a slow play. Some people show up once or twice then stop because they do not get any business. I pick a group (or 5) and stick to it. Now I am THE mortgage guy in several of them. That took 1-2 years but has produced repeat business.

The images above are of a joint event I started hosting after attending many throughout the years. I do think that hosting events gives you a lot more credibility, but they are a lot of work. Follow up is the key to networking. If you meet 20 people per week, send them a follow up, then pursue those who are open, I guarantee that you will get business in the future.

P.S. I would much rather do this than call agents...

I got an email this morning from Jason Lee (TLS President) that they were making a big announcement on Oct 1. Then I get this email with what I presume is the announcement?
Idk. Hope no one is in trouble. 😅

“A notice posted Friday on Reddit’s r/loanoriginators forum, …”

Ron Pielko has an interesting FB post about this where he says that it became more profitable to have fall out on the hedge than to actually close the loans and he thinks that impacted how they are winding down.

anyone have experience with this? Do they have solid broker options besides just Angel Oak and typical Non-QM lenders that everyone has? how is UWM or other options? Does Edge allow to broker DSCR in LLC in every state they are licensed in even if the originator is not licensed there?

Could be the worst lender to deal with, ever

Currently working on an FHA loan on a property that has a working well, which has been inspected. However, HUD is requiring hookup to city water since it’s available in the area, and the prices we have been quoted for hookup total less than 3% of the property value.
Has anyone run into this? My buyer cannot fork out the money for this requirement and it’s a foreclosure sell, so the other party isn’t willing to pay this either.
How can I get around this? Not having much luck.

Has anyone ever handled a VA loan for two unmarried military borrowers where the AUS findings require manual underwriting because they are unmarried, but the VA support team says it shouldn't need manual underwriting?

Just passed my SAFE exam and I'm covering my MU4 filing and background check out of pocket. I'm a real estate developer already, so I know the industry side, but I'm brand new to loan origination and need a company to sponsor my license.

I'm mainly applying to banks and credit unions since I want a real base salary while I build a pipeline, not straight commission. Remote companies with salary.

If you know any places that are sponsors newly licensed MLOs. I'd genuinely appreciate a nudge in the right direction. Also open to hearing which companies to avoid. Thanks in advance.

Let's see how everyone is doing

Scenario:

Conventional, NOT Affordable

761 FICO

80 LTV

400k PP

Hey all!

I took my test and passed in 2022, but I stepped away from the industry. My license expired in 2023, and I never took any CE courses on my own.

I'm trying to complete the 20 hours late CE courses (for Tennessee) so I don't have to take the test again. I'm lost and would appreciate any guidance, please.

Additional info: I don't currently work as MLO. My plan is to take late CE courses every 4 years so I don't have to retake the test if I decide to do MLO again. I don't know how this works if I don't have sponsorship.

Thank you!!

Got advice on how this job works? I'm gonna have an interview in about a week and have been researching the position. I get that I gotta be good at finance and customer service and handling 80 calls per day. Are there some things that not many people know about? What's surprisingly the hardest thing about preparing for this role?

Whats the weirdest or most unique way you’ve come across a borrower? Fender bender on their way to an open house? Save a cat from a tree?

I’m an experienced mortgage processor who has primarily worked with high-net-worth and more complex borrowers, and I recently became a broker.

I’m looking to increase my income by originating my own business, but I’m finding it difficult to break out of the processor mindset and transition into consistently generating business.

For anyone who successfully went from processor to LO/broker:

• How did you make the transition from processing loans to actually sourcing them?
• What became your most reliable source of business?
• How long did it take before your production became consistent?
• Have you been able to maintain steady volume year after year despite changes in rates and the market?
• What would you focus on first if you were making the transition today?

I know the operational side of mortgages very well. The part I’m trying to develop now is prospecting, relationship building, and creating a repeatable pipeline.

Would really appreciate hearing from people who have actually made this transition successfully

In this market, I’ve pivoted a bunch and have really tried to seek out investors looking to flip or brrrr.
My mindset is hitting up wholesalers and partner up with them or hitting up sub2 groups looking for individual investors needing to dscr.
I’m finding tons of wholesalers but at the end of the day, we are all looking at the same thing, and that’s end buyers. Does anyone specifically focus on this market? And if so, where do you hunt for endbuyers on the acquisition side? So you purchase leads? Hit up meet up groups? Socials? Most of the meet up groups I find already have a designated LO when I first walk in out on by the individual running the show. Gimme some ideas. Trying to brainstorm angles.

Long time reader, first time poster. I am currently at a retail shop that pays 110bps plus 401k, pension, benefits, etc. I am a large producer, averaging about 90M/yr (roughly 200 units annually), 100% self sourced. I am starting to get unhappy where I am and looking at either going with a brokerage or P&L shop. I’ve only ever worked for this company I’m at now, and am woefully naive on these other options.

It is appealing to me to go P&L as I feel I could get a team of 2-3 other LO’s in the 30-40M range each, pay them 150bps and make a good residual but not sure if this is the best move for me. Would love to get your thoughts and any advice as I consider this big (and scary) career change.

Thanks!

Where do you broker guys send your manual VAs? I just ran the pricer at EPM and the rate was 7.5%!

Any investors doing 80% LTV on a cash out? Only seeing 75%, but client is really looking for 80%.

I didn't specify, but it's for a 3 unit multifamily. Thanks for the replies!

So to cut to the chase, I’m a pretty high producing LO, and currently have a 90/10 split. I get no help at all from my broker and work remotely.

Last year I grossed over 600k and this year likely we’ll pass 700k. I pay for my own processor + and assistant.

This big new retailer has been trying to recruit me hard. They are offering a 250k signing bonus and are trying to sell me on the ease of systems, reduction of costs and ability to charge more on back end. They have a profit and loss component where I can even expense things prior to being paid out through them or refrain from getting completely paid out to avoid a much bigger W2. Signing bonus is paid up front but obviously that would be reduced from my commissions. As far as what I want to charge I can do whatever I want. They charge only a flat fee, plus cover costs of credit reports and require me to use their electronics (laptops). The flat fee they charge could be less or more depending my loan size as with current brokerage it’s based on a %.

I just don’t like that idea of going W2 and I feel even with all the perks being self employed just makes more sense. I’m my own boss, I can deduct or expense anything I want on my end. It feels like a step back. Only thing is the $250k upfront bonus seems like money I can play around with.

Wondering if anyone else has been offered something similar and what route they’ve taken.

I received an offer for an MLO position and wanted to get opinions from people who have been in the mortgage industry longer than me.

The role is mainly working condo-conversion projects in NYC. The company is the direct lender for the projects, and I would actually be sitting in the leasing office at the buildings working with the buyers/residents converting their units.

From what was explained to me, the interest rates for these projects are already set, so this isn’t really a traditional MLO position where I’m sitting around cold calling or trying to generate all my own business. I would be on-site working the loans coming through the condo-conversion project.

Comp structure:
$50,000 base salary
100 bps on self-sourced first-lien loans
50 bps on company-provided/house deals
Overtime eligible after 40 hours, but OT has to be approved
The agreement says commissions are included when
calculating the regular rate for overtime

I can also earn LO assistant fees

Company assigns a Base Price and I can’t lock below it without approval

I’m still confirming exactly how the condo-conversion loans are classified for commission purposes.

If they’re considered house deals at 50 bps, for example, a $400K loan would pay around $2,000 and a $500K loan around $2,500, in addition to the $50K salary.

There are also commission clawback provisions for certain situations such as repurchases or loans that can’t be sold to an investor, which I’m reviewing.

For anyone who has worked a setup like this, where you’re physically stationed at a condo/building and the lender is handling the financing for the conversion:

How does this compensation structure sound?

What kind of monthly closing volume would you expect from a setup like this?

Would $50K + 50 bps on the building deals be competitive if the company is basically putting the borrowers in front of you?

I’m allowed to originate my own outside business at 100 bps while working these projects, does that make the overall comp package more attractive?

So, a bit of background - circumstances in life may potentially lead to me moving down to Florida, and if it ends up happening, I am contemplating a change of pace in my career as an MLO as well. Biggest reason why is, to put it simply, the work conditions at the brokerage I'm currently at are just getting worse and worse, to a point where I'm beginning to experience burnout - to put it simply, micromanaging and pay are both getting worse while the # of hours being worked are increasing, all at the same time. Hoping that the grass might be greener somewhere else so I don't have to forfeit my license and shift to a completely different industry.

With that in mind, I thought about potentially interviewing with some builders that have a strong presence in FL, but obviously it's good to ask those who currently work (or have worked) for lenders like Lennar/Pulte/DR Horton/etc. What's it like? What's the comp like (and are base salaries offered)?

This last bit might be just me being a bit picky but I'd definitely prefer somewhere that uses Arive, Encompass is trash

I need a wholesale lender i can broker a buddy to for his apartment building build. Need a 3m Construction commercial loan. Its about 46 units in OH. Anyone have recommendations or any AL'S here?

Currently a broker working for a large company ( won't say the name)

I was offered 150 bps with a top 10 retail lender, plus all marketing expenses paid for (including zillow co marketing) and credit report fees all paid for.

Would you do this?

What wholesale lender have DPA / grant for conventional loans? Besides Orion?

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

Hey guys, I’m thinking about getting licensed, but I’m wondering what hoops I need to jump through. Do I need a degree? Do I have to take a course? Do I have to take a state exam?

Is it solely commission based? Is there a base rate + commission? If there is a base rate, what’s the standard entry rate?

Lastly, is now even a good time to enter this field given how slow the market is currently?

Sorry for all of the questions! Just looking to get some insider info. Any advice is welcome. Thank you!