The New MLO Show Episode 7

In episode 7, we discuss how becoming a Mortgage Loan Originator can change your life in 6-12 months. The New MLO Show provides insights and advice to new and aspiring Mortgage Loan Originators. Whether you are already licensed and looking for tips for more business, or you are looking to get licensed and become a loan officer, this podcast will help you reach your goals in the mortgage business!

For information on joining the loan officer team with the best rates, programs, and leads, visit https://NewMLO.com

If you are not licensed yet and would like help getting your mortgage license, visit https://NewMLO.com

Transcript

SPEAKER_00 0:01

Welcome to the new MLO show. This is episode seven. And today we're going to talk about how becoming a loan officer can change your life in the next six to 12 months. So let's talk about why being a loan officer is such a powerful career. Well, for one, you don't need a degree, right? Becoming a loan officer is great. You don't need a degree. We're typically remote. You can start quickly, and there's an absolute high income potential. So especially at our company, we are remote on your own schedule. And that really helps build a career, especially if you have to start part-time. So there's a lot of reasons why becoming a loan officer is an amazing career. Uh, you know, especially for people who may not have a uh college degree. You know, this is a way to make much more money than people typically make with a college degree, uh, but without needing one. So becoming a loan officer is definitely uh something that is great, that could change your life. And that is uh, you know, what we're going to be talking about here today. So, you know, traditionally to make this type of money, you would have to, you know, have a college degree or, you know, own a business or something like that. Uh, but you know, being a loan officer, it's really just all about the hustle. If you dedicate your time, you really dedicate yourself to learn how the business works and to, you know, make the calls, do the things to get the business and push it all the way through, can be an amazing career, an amazing income. And what's great about it too is you essentially are your own boss, especially at our company. If you join us at new mlo.com, you know, it's worked out to where you essentially are your own boss. And so, you know, it's it's an absolute great career, especially again for people you may want to start part-time because it is remote, it's on your own schedule. You can get into the business, start learning the business, start closing some loans with some help. For example, at our company, you're teamed up with a mentor for your first six loans so they can help you through your first six loans. And by the time you're done with six loans, you should definitely have uh the hang of it there. So, you know, great career, and you can even start slow, start part-time, you know, but it's definitely something that can change your life. You know, I give an example of uh a loan officer who was on our team uh a while back and he had no experience as a loan officer, and he had no experience in real estate, and he had no leads of his own. So he joined our team to get leads and to learn how to become a loan officer. Well, within 90 days of him becoming a loan officer and joining our team, he did five million in production, which is crazy, right? So he made like whatever it was,$70,000 in his first 90 days. Now, is that typical? No, of course not. But what he did was he came on board, he took the leads we were giving him and he called him over and over and over. And he, when he got a deal, he met with his mentor, was able to push the loans through. He was very attentive, he wasn't letting them sit there. So he was pushing the loans through and getting them closed. Now, uh, the best part of this story is that one of those leads we gave him did a few million of that production with him. He had a few million dollar properties that he uh had refinanced. Now, that person, that lead we had given him, he called seven times before the person answered. And on the seventh time, the guy answered and he said, you know what, another lender just fell through today. So I'll give you a shot. And so he was able to, again, meet with his mentor, do a good enough job on that first loan to get multiple more loans from that same gentleman, plus some of the other leads that we gave him. He closed, totaling$5 million in production in his first 90 days. And he was obviously excited and he told us, he said, you know, I made more money in these first three months than I did all of last year. And I did it, you know, as my own boss essentially. And so he was very grateful that he was able to get those leads from us and that he was able to get the help from us to close loans. But the real thing that made a difference was him and him making those calls. So when you think about it, if he had just not made that seventh call, he would not have, you know, whatever percentage it was that was from that gentleman. Let's say it was$40,000 in his pocket and commissions. He would have never had that if he hadn't made that seventh call. You know how many loan officers would stop after two, three, four, five, six calls? And that seventh call equaled, you know, maybe forty thousand dollars or something like that and commission into his pocket. And then again, he closed some of our other leads during that time as well. So he made, you know,$60,000,$70,000 in his first 90 days. Now, again, it's not typical, but it's definitely something that can be done. And that's the beautiful part about being a loan officer. If you put your head down, you make the calls, you do the work, and you push those deals through, then the sky is the limit, especially if you have your license in a state that has, you know, large property amounts, you know. Uh, we we say in the business it takes the same amount amount of work to close a hundred thousand dollar loan as it does a million-dollar loan, you know. But in today's um market, you know, uh there's a lot of homes that, you know, a million-dollar loan is not that uncommon, especially in a major market. So, you know, on our team, a million-dollar loan, your commission is$22,000 because our standard compass 220 basis points on$275 margin. So, you know, you do a regular loan at a regular$275 margin million dollar loan, your commission is$22,000 on that one loan. So that's how it can add up very quickly if you put in the work, make the calls. Uh, and again, like on our team, we give you leads, we give you the mentor to be able to walk you through your first loans. So there's really no excuse on why you're not making a large amount of income, besides if you're not putting in the work. So, again, great career because as long as you're willing to put in the work, it's remote, it's on your own schedule, it's extremely high income potential, and you know, you don't need any prerequisites, you don't need experience, you don't need a college degree, you just need to have graduated high school and apply. And new MLO.com, we can actually get you your license and bring you on board, give you a mentor so you can start closing loans. So, why is now the perfect time to get into being a loan officer? Well, for one, there's definitely some changes coming up in the rates. Now, what's going on, you know, politically right now, uh, you know, is definitely disrupting things with the the the war and everything like that. Um, but before that, they were on the way down. And we do know that there's some political stuff going on to where in the future it's pretty pretty uh you know pretty concrete that rates are going to go down one way or another. And so it's a perfect time to get into the mortgage business. Now, if you're already in the mortgage business, right now is a perfect time to get with a team that's gonna give you leads, right? So, our team, we provide you with leads. You can sign up at new mlo.com, we provide you with leads and support and all that kind of good stuff. If you're not licensed yet, it's the perfect time to get licensed because what you want to do is spend this, you know, next couple of months um where we're waiting for the rates to go down to get your license, you know, get onboarded, get leads, start filling your pipeline so that when the rates come down, boom, your business is your business is booming, right? Because you have the people in your pipeline, you've been talking to them. And when they're ready to pull the trigger, when rates go down, you're already going to be there for them. So that's very important. The time is now. We all know that there's differences in the rates coming up. Regardless of what's going on right now, in the next year, there's going to be a lot of you know volatility probably, but it's going to end up with the rates lowering. And so you want to get in the business right now. You want to get your license and go through that process. You want to get onboarded. You want to start calling leads, building your pipeline, start building relationships with realtors, and do everything you need to do so that you're already in place when the rates start going down and everybody jumps off the fence. All these people waiting to refi, all these people waiting to purchase. You need to already be there, already be licensed, already be active, already be speaking to them. And then those deals will drop one after another. Boom, boom, boom, you'll start closing loans and uh obviously making some incredible income. So the key is to do it right now. Don't wait until everybody wants to get their mortgage license because rates went down, right? Get your license now, get started, build your pipeline, build those relationships. So as soon as those rates go down, you're cashing in big time because you have deals lined up, you have clients lined up, you have a pipeline built up, and you are ready to close those loans. So let's go ahead and talk about the experience needed. So, again, another great part about being a loan officer, you don't need any experience, right? You just need to put in the work. Now, especially coming onto our team, we're gonna provide you with leads and with a mentor to help you close your first six loans. So you really need no experience, no experience in mortgages, no experience in real estate. Again, we had somebody that came in with no real estate experience, no mortgage experience, you know, made$70,000 in commission his first 90 days. Uh, so it's not necessary at all. What's necessary is the hustle, right? Making the calls, doing what you need to do to close the loans. That's all that matters. That's why this is a beautiful industry. It's an equal opportunity industry. It doesn't matter your background, as long as you've graduated high school and you're ready to put in the work, you can get your mortgage license and start making high income as a remote on your own schedule position. So, you know, that's one of the best things about being a loan officer. No prewack prerequisites necessary. Also, you know, being a realtor doesn't necessarily have prerequisites either, or experience needed, but being a realtor, you do need to have, you know, access to be able to go show people homes and all kinds of uh, you know, physical things, right? You need a car, you need to be able to go places, uh, you need to be able to, you know, drop what you're doing. It's not really possible if you have like a day job, uh, you know, to do it part-time because people want to see houses at certain times, you need to go there. So, you know, it's much easier to be a loan officer. It's completely remote. And it just matters are you going to get on the phone and get on the computer and make the calls and send the emails and do the follow-ups? And if you're willing to do that, you can make an amazing living as a loan officer and it's remote and it's on your own schedule. So that's why being a loan officer, in my opinion, is much better than being a realtor. Now, I own a national mortgage lender and I also own a real estate brokerage here in Florida. And I can tell you that, you know, I tell my realtors obviously to get their mortgage license uh because, you know, that's something that's that's common and that is definitely can help you make extra income and send clients back and forth and do even do both sides of the transaction. But, you know, I tell my realtors being a loan officer is even easier than a realtor, right? Talking to my realtors, talking to my loan officers at my company, and you know, being a loan officer is just so much easier and can be a lot more lucrative because you can close a lot more deals in the same amount of time as a realtor having to go show houses or having to show up at appraisals and inspections and you know, all these different things and go through these processes, uh, especially because loan officers, you don't always have to go through the whole purchase process. Sometimes you're doing a refi, which is extremely quick, you know. So being a loan officer, in my opinion, is a lot uh better, a lot easier. And also keep in mind you can get licensed anywhere in any state as a loan officer, as opposed to a realtor. You can only do business in your small area where you have access to the MLS and you can physically go to these locations. So I know there's a lot of people that when they think about I want a real estate career, they're thinking about being a realtor, but really you should think about being a loan officer because it's completely remote. The potential for income is much higher because you can do business anywhere and everywhere. And, you know, it's something that is a lot less physically demanding than a realtor. So you can spend time on doing what matters, which is making the calls, doing the follow-ups, and closing the loans. All right, let's go ahead and get into the questions. Remember, if you want to get your mortgage license, go to newmlo.com. We can actually help you get your license and then bring you on board, start giving you leads, all that kind of good stuff. So newmllo.com, n-ewm o.com. Uh, if you're already licensed, feel free to go to newmlo.com and join our team. If you're looking to join a new company with high comp and amazing programs, as well as getting leads, go to newmlo.com. Whether you're licensed or unlicensed, you can join the team. Now, question here coming in uh from Brandon. Can you become a loan officer? Uh, can becoming a loan officer really change your life financially? Yeah, absolutely. Becoming a loan officer can change your life financially. Uh, it's one of the careers that you could do that the quickest and easiest, because again, you don't have to have experience. You don't have to have a diploma of any kind, just have graduated high school. And it's just all about the work that you put in. So if you're willing to put in the work, you know, again, that's what this episode is about. In six to 12 months, it could completely change your life. I mean, think about just doing one, just think about doing a million dollars of loans, whether that's one loan or two or three in a month. And your commission on that's$22,000 in a month. And you can do much more than that, right? You could easily do much more than that. That's just throwing together one, two, or three loans that equal a million bucks in a month.$22,000 commission, you know, once you're six months in, those should be rolling in, right? So absolutely can change your life. Let's see, how fast can someone realistically go from zero to closing deals? So when you get into mortgages, it takes a little bit of time to build up your pipeline. Now, of course, as I mentioned before, there's some amazing success stories of people coming in and knocking out the park right off the bat because they put in a lot of work. Uh, but typically it is going to take you a few months to start closing those loans. That's why I tell people you should get into the mortgage industry now, get your license, start going, uh, building up your pipeline. Because of course, you need to find people to do deals and build up your pipeline. And then, you know, loans typically take three weeks to three to five weeks to close, right? Um, that's industry standard. And so, you know, there's a little bit of delay there from when you're building up your pipeline and you're getting a deal to when you're closing the deal. Now, here's the great part about our team payroll is ran every day. So you can get paid the day after your loan closes. Now, I've been at places in the past that take up to six weeks to pay out the loan officer after the loan is closed. But on our team, if you go to new mlo.com and sign up as a loan officer on our team, payroll is every day. So at least you don't have to wait for the back end, right? So at a lot of companies, it's gonna take you a few months to build up your pipeline and actually close the loans, and then you're gonna have to wait a month, a month and a half to get your paycheck, as opposed to here. You know, it will take you some time to build up your pipeline and get going. But when you close a loan, you can get paid the next day, which is absolutely amazing. I haven't seen there it that anywhere else in the industry where they're running payroll every single day. Absolutely uh, you know, amazing. So, you know, I'd recommend taking advantage of that. Let's see here. Kevin's asking, is it part is it possible to do this part-time at first and then go full-time? Yeah, absolutely. That's one of the great things about being a loan officer, too. It's a lot easier to do it part-time at first than being like a realtor, for example, because being a realtor is so demanding with the different things you have to do uh and the physical aspect of it of actually going to places uh as opposed to a loan officer, you can come in, you know, much more quickly, get it going, and you're doing everything remote. You're doing it on your own schedule, you're not having to show up to physical appointments. And so being a loan officer is much easier to start part-time. Uh, and so yes, you can absolutely absolutely start part-time, start building up your pipeline. And then once those loans start closing, you know, you have the revenue coming in to switch to full-time. Let's see here. Melissa's asking, what kind of income can someone expect in their first year? So, in your first year as a loan officer, that could vary. I mean, you could easily make six figures. Uh, obviously, years in, you want to be making multiple six figures after you've built up your pipeline and your realtor relationships, but there's no reason you can't make six figures in your first year as a loan officer. As long as you're willing to put in the work, that should be very attainable to hit. Let's see here. Chris is asking, do you need connections to succeed or can you build from scratch? Well, you can absolutely build your pipeline from scratch as a loan officer, especially on our team at new ml.com. If you sign up for our team, then we do provide you with leads and we also provide you with sales coaching to teach you how to generate your own leads as well, to teach you how to build those relationships with realtors. Um, but absolutely you can come in with no relationships and no leads and still, you know, make it happen. But again, you got to be willing to put in the work. You're gonna have to call the leads, you're gonna have to generate your own leads as well. No company is gonna be able to provide you with enough leads to keep a full pipeline and you know, close deals every single day. So you're gonna have to do the work yourself. But yes, you can come in with no experience, no leads, no connections, and and and you know, absolutely kill it. It's just up to if you're willing to put in the work. That's why I love this business so much. If you're willing to put in the work, you're going to make a fortune. And that's what's so great about it. All right. Uh, let's see here. We'll take one last question. What would you say someone? Um, Daniel's asking, what would you say to someone who's nervous to start? Well, if you're nervous to start, I would just say that, you know, the best thing to do is just dive in, right? Go to new mlo.com, get your license, join our team. We'll walk you through the entire licensing process. So you don't have to be worried about that. Uh, we're gonna walk you through the onboarding process at a great company. So you don't have to worry about what company you're gonna work for and you know, all that kind of stuff. So we'll walk you through the entire process. So you shouldn't really be nervous about it. And then after we walk you through the entire process, we're even gonna provide you with some leads to jumpstart your pipeline, some sales coaching to get you rocking and rolling. So I wouldn't be nervous about it. Just go to newmllo.com, enroll in the course, and we're gonna walk you through the process from start to finish, get you onboarded, get you up and running, get you leads, and getting you closing loans as soon as possible. All right, with that said, we'll go ahead and wrap it up. Remember, new mllo.com. If you need to get your mortgage license, we will walk you through that process and bring you on board. Or if you're already licensed and looking to join a new company with some of the highest comp in the industry, as well as the most programs, you know, go to newmlow.com and you can join our team there. So thank you everybody for tuning in. We will see you on the next episode of the new MLO show.