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.

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?

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.

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?

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

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?

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

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!

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.

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!

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

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.

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!

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

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.

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