New LO is loosing patience quick.

epl145 · Joined: 19 Nov 2006 Posts: 4

Can someone here please tell me how long it should take to close your first loan?

My fingers are bone bruised from dialing for dollars and the leads I get SUCK. Can someone please tell me WHY you would take a 3% habitat for humanity loan and try and refi to a higher rate and think your getting cash back with a 460 score?

As you might be able to tell, Im starting to think this LO thing isnt my cup of tea, which is probably a good thing for the rest of you.

Ive looked over the marketing side of this forum and was wondering what works for you(s) in the apt complexes?

Can someone give me some guidance on FHA. If a broker does FHA is that a good thing?

ANY HELP IS GREATLY APPRECIATED.

Haplo · Joined: 20 Jan 2005 Posts: 2422 Location: Springfield, IL

If you're frustrated already, chances are good you may want to find something else to do.

dj_laugs · Joined: 10 Nov 2006 Posts: 36 Location: Lake Luzerne

Results may vary I guess. I have been doing this for not to long, but I made a "battle" plan before I started.

I made up this plan that supports my leads within my LOCAL area:
1. letting my friends and relatives know that I am working as LO.
2. going through my database of previous customers, put 5 deals in my pipeline.
3. started marketing my products ONLINE but in my LOCAL area. PM me for tips on that regards.
4. built a company website with online interaction tools.
5. in my down time; i use the phone.

These 5 things have allowed me to be working on 17 customers right now. Have the discipline to DO things in your down time. Remember, the difference between failing and succeeding is DOING!

DallasLoanGuy · Joined: 26 Sep 2006 Posts: 169 Location: Dallas, TX

all leads suck

you need to get referrals

Haplo · Joined: 20 Jan 2005 Posts: 2422 Location: Springfield, IL

By the way. I closed my first loan as a broker within my first 60 days. I had the referral within my first 2 weeks, and that was all me. No assistance from the company or anything.

chow · Posted: Tue Nov 21, 2006 12:30 am Post subject:

FHA isn't going to help a 460 score! (it's no a score driven program, but you have some issues when you have a score that low!)

People have to have a reasonable explaination for being late, and investors who buy the loans usually have stricter guidelines than FHA has for insurance. Common sense comes into play. The last thing a undewriter or lender wants is a bad loan on the books.

You can go look at any FHA program you want at www.hud.gov, or just follow my link to several FAQ's people have. You don't have to be signed up with FHA to use the knowledge base at my link. You can call us and ask specific questions on things you don't understand. FHA is good for manufactured homes on land. There are not many lenders for manufactured homes that won't accept lower scores. We have had a ton of calls from brokers asking for lender sign up information just because of the manufactured housing requests.

Become an expert in one area of lending, and do that well. You can't do every loan. Get to know what you can do, with the lenders you have available and then market those types of loans.

andres2bz · Joined: 19 May 2006 Posts: 33 Location: NE

I closed my first loan 1 week in... my fiancé is Operations mgr... yeah definitely 1 up....

but what I have learned in this industry is that there is money all over the place next door a cross the street down and up the block in town out of town, friends , friends friends, family, neighbor, its everywhere!!!! the way i see everbody needs me it doesn’t matter what the situation is! Whether its now or later it they still need me, timing is everything!

specially when your learning, it is 24hr 7 day 365 job! if you don’t want to devote 24hrs to it... you want weekends of or holidays… go sell cars or work at a bank

what i see in most LO that fail!, is that they’ll do 98% and throw in the towel out of frustration all it takes is that little 2% to make the difference if you get a paycheck or not, if you get a referral or not

im not the best LO out there, matter fact Im not even good i suck and screw up all the time! but I make sure i go the extra 2% and i call my borrowers back when they call me! i answer the phone when they call me, matter fact I call then before they call me I go to all of my closings!
I hold there hands through out the process, and yeah when I cant do any thing for them I call them and sometimes even visit them and say hey its not going to happen for this reason, this is what needs to happen,

here is a another good tip! Over the time in your office you’ll start to see who is making money and who is not! try hanging out less! Or not at all, with the one who is not and learn more from the one who is!

you never know when learning is going to happen, if you want to learn you have to put in the hrs! get of the computer and go be a sponge in the office!

who other than you can make or break your deals? your processor ! do not ever get on there bad side! im not saying seduce them or gv them your paycheck, but always always treat them good! gv tips , cash, buy them ice cream, gv them movie tickets, rember most of them are paid hrly, they go home and dont care what happens , but if you make good w/ them you’ll see your loans closing faster,

good luck

epl145 · Joined: 19 Nov 2006 Posts: 4

alll good advice, and much appreciated.

thanks.

Johnnyboy38109 · Joined: 05 Oct 2006 Posts: 24 Location: Lexington, SC

I would submit that if the poster has enough guts to make the number of calls he/she apparently has, there might be enough there to suggest something other than "maybe find something else to do". Might further suggest that he/she take note of which wholesalers, struggling wholesalers I might add, casually offer this worldy wisdom. I'll take some young ethos-conscious LO with guts enough to make volumes of calls over someone with lots of product knowledge and no guts any day.

The problem is the new LO has bad leads, bad systems. What the LO needs to do is simply

1) get themself in front of people whose situation compels them to act

2) put a mail campaign in place with a follow up phone call

3) and obviously get a good list vendor

IF yo do that, you WILL be successful, you WILL make money. The process works, always has and always will.

Haplo · Joined: 20 Jan 2005 Posts: 2422 Location: Springfield, IL

Quote: As you might be able to tell, Im starting to think this LO thing isnt my cup of tea, which is probably a good thing for the rest of you.

After a very short time he's already stated that he's considering it. This is not a piece of cake job. It's not like everyone just walks in and makes a million dollars.

The point is that if the seeds of doubt have already started there may be an alternative that would work better. Rather than selling to consumers, maybe an AE job. Catch my drift? Minor changes can make a huge difference.

Even when I was at the lowest point (switching between companies, dealing with people that wanted me to sell different than how I felt comfortable, etc.) and literally made $500 a month with no savings at the time, I didn't doubt that I fully wanted to do this or that I couldn't be successful.

ken(TX) · Joined: 23 Sep 2005 Posts: 184 Location: Dallas, TX

DallasLoanGuy wrote: all leads suck

you need to get referrals

Tom, I have some LendingTree overflow I'll send you next week.

Johnnyboy38109 · Joined: 05 Oct 2006 Posts: 24 Location: Lexington, SC

Haplo wrote: Quote: As you might be able to tell, Im starting to think this LO thing isnt my cup of tea, which is probably a good thing for the rest of you.

After a very short time he's already stated that he's considering it. This is not a piece of cake job. It's not like everyone just walks in and makes a million dollars.

The point is that if the seeds of doubt have already started there may be an alternative that would work better. Rather than selling to consumers, maybe an AE job. Catch my drift? Minor changes can make a huge difference.

Even when I was at the lowest point (switching between companies, dealing with people that wanted me to sell different than how I felt comfortable, etc.) and literally made $500 a month with no savings at the time, I didn't doubt that I fully wanted to do this or that I couldn't be successful.

So your suggestion is if he can't make it as a loan officer he should be an AE? Yeah, I 'm sure that makes sense, I'm sure that's the way to go. I've been in this for almost 18 years now and I've only met 2 AEs who could even carry water as a LO, that's why they become AEs and bounce around 14 jobs and quit every time their company raises rates .25bps.

I'll take someone with the guts to make the calls anyday. You just wanted to bash the guy and take a shot at him when he's down and pleading for help. What if someone made similar suggestions to you back during your whopping $500/month days. He just needs guidance, thats all, and you leapt at the chance to make him feel worse. Anybody who's been doing this for any length of time can see he just needs help.

But I am sure you feel better now, feel validated.

Johnnyboy38109 · Joined: 05 Oct 2006 Posts: 24 Location: Lexington, SC

Haplo wrote: Quote: As you might be able to tell, Im starting to think this LO thing isnt my cup of tea, which is probably a good thing for the rest of you.

After a very short time he's already stated that he's considering it. This is not a piece of cake job. It's not like everyone just walks in and makes a million dollars.

The point is that if the seeds of doubt have already started there may be an alternative that would work better. Rather than selling to consumers, maybe an AE job. Catch my drift? Minor changes can make a huge difference.

Even when I was at the lowest point (switching between companies, dealing with people that wanted me to sell different than how I felt comfortable, etc.) and literally made $500 a month with no savings at the time, I didn't doubt that I fully wanted to do this or that I couldn't be successful.

So your suggestion is if he can't make it as a loan officer he should be an AE? Yeah, I 'm sure that makes sense, I'm sure that's the way to go. I've been in this for almost 18 years now and I've only met 2 AEs who could even carry water as a LO, that's why they become AEs and bounce around 14 jobs and quit every time their company raises rates .25bps.

I'll take someone with the guts to make the calls anyday. You just wanted to bash the guy and take a shot at him when he's down and pleading for help. What if someone made similar suggestions to you back during your whopping $500/month days. He just needs guidance, thats all, and you leapt at the chance to make him feel worse. Anybody who's been doing this for any length of time can see he just needs help.

But I am sure you feel better now, feel validated.

Haplo · Joined: 20 Jan 2005 Posts: 2422 Location: Springfield, IL

John,

It's unfortunate that you feel the need to put me down in such a way. If you look around the board a little, you'll see that when people are asking for guidance, when they are seeking the opportunity to succeed, rather than trying to avoid failure, I have provided a great deal of my personal time and guidance.

What if someone had stated that? Many did. I was told several times that I couldn't make it. Know what's great about that? I'm out producing those so-called top producers.

I'm not saying that an AE job would be great for him, what I'm saying is that if he does have the desire to succeed in a sales position, he needs to find what he likes, what he enjoys, what works well for him. Selling to a consumer may not be his bag of tea. I haven't done a cold call since the day I started, because I know that's not how I will ever get business.

Quote: Anybody who's been doing this for any length of time can see he just needs help.

Anybody who's been doing this job has had 'one of those days' where for whatever reason they lost a great deal of income. Those are very difficult days to make it through, and they are significantly harder if you don't have a very solid determination to succeed.

ken(TX) · Joined: 23 Sep 2005 Posts: 184 Location: Dallas, TX

Johnny,

In support of Haplo, I think he was trying to convey that perhaps making a small change within the industry might change his success. Some people are better at business to business selling then they are business to consumer. I've done both as a correspondent lending AE and as a retail loan officer. I much prefer the B-2-C relationships. I felt very stagnant and had days like epl described when I was in B-2-B sales.

Haplo was not putting him down nor was he insinuating that a wholesale account executive position is "easier", just that it may be a better fit. It was also just an example.

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