The New MLO Show Episode 8

In episode 8, we discuss how to become a successful loan officer even without experience. 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

Hello, everyone. Welcome to the new MLO show. I'm your host, Kyle Hershey, and today we're going to be talking about how to build a mortgage career, even if you're starting from scratch. So there's some myths about the mortgage business and getting your mortgage license to become a mortgage loan officer. And you know, one of those is that uh you need a financial background, and you definitely don't. One of the greatest things that I love about the mortgage business is that there's literally no prerequisites to get involved besides a high school diploma. Uh, and so at the end of the day, it's about hustle and it's about work and it's about who wants to put in the work. So it is one of these, you know, equal opportunity uh businesses where it just depends on if you're going to put in the work or not. You don't have to have a college degree, you don't have to have experience. You don't need experience at all in any field. This could be your first job ever. Um, so that you know, that's a big thing that people have a misconception about is that you need some type of schooling or some type of uh, you know, college degree or some type of financial background or some type of real estate background, right? There is no need for any experience or any schooling, besides, of course, this the course to get your mortgage license. And so, you know, being a loan officer is a great opportunity to take your career into your own hands. And, you know, it's just all about the hustle and who's willing to put in the work. So if you're the type of person who's willing to put in the work, you can make a lot of money as a mortgage loan originator. And you don't have to have experience, you don't have to have a degree, you just need to put in the work. Take the course, of course, to get your license, pass the test, but that's pretty simple. You can take the course at new mlo.com. And once you get your license, it's just about hustling, and that's what's great about this business. You know, you don't need to have real estate experience, you don't need to know realtors. That's one of the things people think sometimes as a loan officer, you need a uh network of realtors already. That's not the case. You can build those relationships, and you can also work leads until you build up that that you know database of realtors, and then of course, your sphere of influence and making sure that everybody you know knows you're a loan officer and that you know you can help them out. So, again, there is no need for any type of prerequisites to get your license and start making a lot of money as a loan officer if you're willing to put in the work and learn. Of course, you're gonna have to learn along the way, but it's really just about are you gonna put in the work to learn what you need to learn, do what you need to do, make the calls, do the follow-ups, etc., etc. You don't need a big social media following to be in real estate at all. Uh, and you don't need a big social media following to be a loan officer. Typically, that's not even really gonna help you much. Now, of course, having a large social media presence always helps, but you know, you can look. I mean, there's people in real estate that have plenty of followers and they're not actually doing transactions. So a lot of the times, followers from you know, especially if you're doing kind of gimmicky stuff and funny stuff, a lot of times those followers don't equal transactions. And keep in mind, followers on the internet, because you're posting funny stuff or interesting stuff, you know, they're they're not really your market, right? To how many of those people are actually looking to buy a home or refinance? And when they do, are they going to actually think of you? Uh, you know, so I'm not saying you shouldn't post on social media and shouldn't have a big presence. Absolutely, you should, because any chance you get to get in front of more people, you should be doing that. But just keep in mind, it's not going to be like all of a sudden your career is exploding because you get more social media followers, right? Now, if you got millions somehow, then that would be a little bit different. But that's kind of what it would take, right? You'd have to have millions of followers for any of them at any given time to not only want to do a transaction, but also think of you when they're doing it. And there's also this, you know, disconnect between would they really want to use the person they see all over social media, or would they want to use somebody they already know, somebody they're connected to. So again, social media is great. You want to have a big of presence on there as possible, but don't think that you need it because again, a lot of the times it's not even converting into transactions. But again, you always want it, right? We want anything we can possibly get. When it comes to making content and being on social media, every single you know piece of content that we post that gets in front of anybody is you know a dollar that we save on ads that we don't have to spend to get in front of more people or buying leads to get in front of more people, right? So uh I'm not saying anything negative about social media. What I'm saying is that you don't have to have it. Uh well, you have to have it, uh you need to have profiles to look legitimate and they should be verified and all that kind of good stuff so people feel comfortable working with you, but it's not you don't need a bunch of followers, you don't need any followers, right? You just need uh you want them there set up, you know, verified, booking official, but you you don't need a huge following, and you don't need to have sales experience. So, you know, I talk sometimes about some people who've came on board that had no real estate experience and no financial experience, and they just were like salespeople and they absolutely killed it right out the gate. And that's you know, one uh route. And there's also people who come on and do very well that have no sales experience at all. Uh, and so maybe they have some other experience that helps them, but it's not necessary to have sales experience either. Now, of course, people who are great at sales, they're typically used to making a lot of calls, doing a lot of follow-up. So, naturally, that's going to translate into more transactions for them. But again, it is not required. So, that list of things, you know, that we went through, you don't need a financial background, you don't need a real estate background, you don't need a huge social media following, you don't need years of sales experience. What you need is to take the course at new mlo.com, get your license, and put in the work. And you can make an amazing living as a loan officer. You're essentially your own boss, right? It's remote on your own schedule, and it's, you know, I think one of the best professions there is uh in the world, in my opinion. You know, the thing that you actually need as a new loan officer to get started is guidance, right? So at new mlo.com, we'll guide you through the licensing process. But then also when we bring you on board to Nexa Lending as a loan officer, we give you guidance, we pair you up with a mentor to walk you through your first six loans. And so, you know, it it really helps to have that guidance because even when you get out there and make the sales, you still need that guidance on the back end to help you close the loans. Now, when you join my team at new mlo.com, we also provide you with leads and sales coaching calls so that you can work our leads, get your own leads, and help build that network. So we provide guidance in that way as well. And then again, on the back end, we pair you up with a mentor to actually help you with your first six loans until you have the hang of it. So, you know, all these prerequisites of education and you know, uh real estate experience, sales experience, those are not relevant. But what is relevant is that you join a team or a company that will give you that guidance because once you get into the business, that's when the work starts. Once you get license, that's when the work starts. You're working leads, you're working your sphere of influence, all that kind of good stuff. So, you know, again, you don't really need anything to get started, but once you get started, you definitely need that support, especially when you're starting to get loans in your pipeline. You're gonna need help to close them and do like the the the paperwork stuff on the back end, right? So the the the main thing I'm gonna leave everyone with here today is that you don't need anything to start a career as a loan officer besides your license. And you can get your license on new mlo.com. We'll walk you through everything and then bring you on board, give you leads, and get you going. So you don't need a bunch of experience in real estate or sales or no realtors or college degree. You don't need any of that. You just need the hunger and the willingness to put in the work, and you can make an amazing living as a loan officer remote on your own schedule, essentially being your own boss. All right, let's go ahead and get into some questions here. Uh, remember, you can send questions in to at Kyle Hershey or at the new MLO show. And you can also ask questions here live because we are streaming on all the different platforms. And uh new mlo.com, if you want to get your mortgage license or you want to join a new team, if you're already licensed, uh, go to new mllo.com. We can actually help you get licensed. We'll walk you through step by step and then we'll onboard you uh to Nexa Lending. And if you're already licensed and looking to join a new team that provides you with some of the best programs, best rates, best compensation, along with leads and sales coaching. Go to newmlo.com and click join Nexa Lending now. That's if you're already licensed. And if you're not licensed, go to newmlo.com and click get licensed and enroll in that course so we can help you get your license and bring you on board. So now let's get into the questions. Question from Ashley Can someone with zero real estate experience actually become a successful loan officer? Yeah, absolutely. You don't need real estate experience at all to be a loan officer. You just don't. You don't need any experience. You need a high school diploma and you need to take the course to get your license and pass the test. That's it. And to be successful, you just need to be willing to put in the work. Okay, question from Marcus What should I focus on first if I want to become a loan officer this month? Well, if you want to become a loan officer this month, the first thing to focus on is taking the course. So go to new mllo.com and roll in the course to get your license. Uh and you know, it typically takes about a month for the process, right? Uh, you got to do the course and then you gotta pass the exam and then get your license approved. And then we will onboard you uh to the company. And at that point, you can, you know, get started. So that would be the first step, new mlo.com to get your license. Question from Danielle Do I need to be naturally good at sales to do well in mortgages? No, not really. I mean, it usually helps if someone has sales experience, but I would say it usually helps because they're just used to doing calls and follow-ups, right? I don't think the actual salesiness of it is what helps them because remember, we're not in like a sales sales business as far as like high pressure sales, making a sale right then. We're in the sales business, meaning yes, we're doing, you know, transactions, we're commission only, you know, but at the end of the day, this is not something that people are making an impulse by. It's not something that they're doing when they're on the phone with you. This is a long-term building a pipeline, building that uh, you know, database of people and building up the relationships with the clients and the realtors. So, yes, it's a sales job in terms of we're gonna need to talk to people, we're gonna need to uh, you know, we're commission only, so we're gonna need to make sales and be out there pounding the pavement. But at the end of the day, it's not a salesy uh, you know uh position, right? It's not a uh high pressure sales or a very salesy. You're not gonna really talk someone into buying a house that wasn't going to buy a house, right? So you don't need to be a smooth talking salesperson, uh, you know, that's just not necessary, but you have to call people, you have to follow up with people. You got to call, text, email, uh, do whatever it takes. So salespeople are just more used to doing that, I think. But their sales experience as far as trying to sell people, that's not really something that uh you need in this business. You just need to put in the work and follow up and be in front of people and remind them that you're there to help them. You're not going to cause someone to do the biggest transaction of their life, you know, on the phone in one phone call. It's that's not gonna happen, right? You're not controlling the largest transaction in their life uh because you happen to call them that day and you're gonna, before you get off the phone, make them commit to refinancing or buying a home, right? So, you know, you don't need sales experience. It helps because you're probably used to calling and texting and emailing people and following up consistently, but you don't need that experience as long as you're willing to make the calls and follow-ups consistently. Okay, Chris is asking, what is the biggest mistake beginners make when trying to break into the business? I think the biggest mistake beginning loan officers make is typically not working their sphere, not letting everyone they've ever known that they're a loan officer now and they can help them. You know, people are shy of that or people think it comes off salesy, but again, you're not being salesy. You're just letting people know, hey, I'm here for when you're ready. You're not going to text everybody in your phone and call everybody and uh, you know, all of a sudden get 10 sales out of it. Now you might get one because somebody might already kind of be in the process and stuff. But for the most part, you're just letting people know because if you don't let them know, you can never be mad when somebody uses somebody else, your cousin, your friend uses a different loan officer to do something. You see them just bought a new house and they didn't use you. Well, did you really let them know multiple times that this is what you do and to keep you in mind and to refer you to other people that they talk to? If you haven't done that, then it's your fault. So I think that's the biggest mistake that loan officers make. Yes, we give you leads. Yes, it's great to call leads and you know, meet realtors and get referrals, but the number one thing right off the bat, the low-hanging fruit is everybody that already knows you. And so you got to make sure that you do that. I think a lot of new loan officers are scared to do that, or they just skip over that part. And I can tell you, if you skip over that part and don't do that, you're probably not gonna last in this business. You're kind of avoiding uh, you know, things that are that are gonna produce the most fruit, right? The people that already know you and trust you, that's way easier than some online lead to close. Okay, Tiffany is asking, how does it uh how long does it usually take to go from starting the process to actually closing a loan? Well, that depends on you know, you as the loan officer, right? It typically takes a month to get license from starting the school to passing the test and getting your application approved. And then usually you're gonna, you know, hopefully pick up a loan in your first month and then close it in the second month, right? Because remember, it takes three weeks to a month to close a loan, right? So, you know, that's on average, industry average. So yeah, I mean, usually it takes about a month to get licensed, it'd probably take you about a month to get an actual deal in your pipe ongoing, and then it typically would close that next month. Um, so it is a process, you know. But uh, the faster you get out there and make calls and get deals going, the faster it's gonna happen. Okay, Brandon is asking, is it better to try to build a business on my own or join a team first? Well, you know, joining a team is is not a big thing in in mortgages, really. It's just joining a company, right? And you have to join a company, you can't build your own business, you have to join a brokerage or a lender. They, you know, they sponsor your license. It's your license isn't active until you join a broker or a lender, and so you know just join that company, right? So even when you join Nexa Lending through me, you're joining Nexa Lending, you're not really joining a team, right? You're you're joining the company, so you know, and again, you're gonna be assigned mentors and stuff to help you with your deals, so you are building your own business within another business, right? You're pretty much your own boss. It's not like realtors where there's a bunch of teams and you're like the lower person on the team that's uh helping give deals to the team leader and they're closing them. Mortgages aren't typically working like that, especially with what we're talking about, uh joining companies like Nexo, where you're kind of your own boss and you're kind of independent. And again, we have the support to help you and we have mentors to help you, but you know, it's still you as your own business, and you're the one closing the loans. Okay, Nicole's asking, what can I do while I'm studying for the SAFE exam to get ahead? I mean, you can start talking to your friends and family, letting them know you're getting your mortgage license, and you know, you'll be ready to help them soon. And then, of course, study, right? And just I would also say not only study for the safe exam, but also study, you know, podcasts like this where we talk about how to succeed as a new loan officer. Uh, there's plenty of other videos, and there's advice from top producing loan officers on how to do it. Because remember, just like real estate, you know, the the exam is all just kind of legal type stuff that you're not really using on an everyday basis. On the everyday basis of actually making sales, you're you're typically, you know, it's more of the the front end, right? And so just like a real estate license, you don't use most of the stuff you learn in the course. That's just kind of checking the legal boxes. You really actually use uh, you know, the the info that some top producing loan officers could give you with experience, which is actually being out there in the real world and getting deals, as opposed to the education is kind of just dotting your I's and crossing your T's and making sure you learned the laws at some point. Okay, Kevin is asking if I don't know any realtors yet, how do I eventually start building those relationships? Well, the great thing about realtors is that they're in your city and there's tons of real estate events now, especially if you're in a major market. I mean, like here in Miami, there's 20 real estate events a day that are free, right? Like everywhere, whether it's a little industry mixer, whether it's a big conference. No, you know, there's tons of them. So what I would do is I would go on Eventbrite, I would type in realtor or real estate events. There's usually a bunch of free ones, and I would go to as many as possible, talk to them. I mean, if you have business cards, it's good to hand those out too, but really talking to people, exchanging numbers, and just building those relationships. So a lot of people ask me, well, what am I supposed to do? Call random realtors and stuff. Well, of course you can, but my thing is they're there in person and there's advertised events where it's like, hey, there's gonna be, you know, 20, 30, 40, 50 realtors at this event, or even going to like the NAR, you know, convention, uh, where there's you know 2,000 realtors when it comes to your city. So I would say events because meeting them in person and building those relationships is the best way to get business. And again, it's an easy target. There's literally people spending their money to throw events to attract realtors, and most of the time it's free to attend, and you can just come in for free and make a bunch of connections from work that somebody else did to bring a bunch of realtors into one place, and then you come in and build those relationships and take advantage of it. Okay, question here from Lauren. What kind of business? Uh, excuse me, question here from Lauren, what kind of mindset does someone need to make it in the mortgage business? I think you just need the mindset of being, you know, hustling and being willing to put in the work and not quit, right? Because it does take some time to build up your pipeline. And then again, you might get a loan right now, but it's not going to close till next month. And then some companies it takes two, four, six weeks to pay you. Luckily, here at Nexa, it's payroll we run every day. So you can get paid the next day after your loan closes and the paperwork is in, you can get paid the next day because we run payroll every day. Um, if you're at another company, it might take two, four, six weeks to get paid. And that's obviously a problem when it takes you a while to get a deal going, and then it takes you three weeks to a month to close it, and then it takes you two, four, six weeks to get paid after that. That's a long waiting time. That's why it's great at Nexa, where we pay payroll every day, so you can get paid pretty much immediately after you know your loan closes. All right, we'll take one last question here from Jason. What would you tell someone who's interested but scared to take the first step? I would say just do it if you're willing to put in the work. There is a ton of money to be made in this business, especially because rates are inevitably going to go down. And when they go down, all these people that are on the fence are going to buy or refinance. And you want to make sure that you're in the industry, that you're licensed, that you've let everybody know that you're a loan officer. And that way, when they start getting off that fence, you're there to scoop up all that business as rates go down. So there's there's business when rates are high, right? Loan officers are still making great livings right now. It's just gotten a little bit tougher, but it'll get a lot better when rates go down. But if you're scared to start or you're hesitant to do it, I would say now is the time to pull the trigger. Get license, get on board, let your sphere know you're a loan officer, start calling leads, building that pipeline. And that way, when the rates go down, you're ready to cash in on all that money that's going to be made. All right, we'll go ahead and wrap it up. Remember, go to new mlo.com to get your license. Or if you're already licensed, go to new mllo.com to join Nexalending. And you can join right away, obviously. But if you're not licensed, go to new ml.com, enroll in the course. We'll walk you through getting your license step by step. It includes the school, the course that you're going to need to get your license. So go to newmlow.com and we can help you do that and bring you on board and start closing loans ASAP. So thank you everybody for tuning in. We'll see you on the next episode of the new MLO show.