Mortgage Career Exchange’s Post

One of the biggest mistakes I see top mortgage loan originators make is hiring junior loan officers as LOAs (Loan Officer Assistants). ⁠ ⁠ Why? ⁠ ⁠ LOAs often require a different skill set and disc profile than a mortgage loan originator. Without the right mix of conscientiousness and support-focused traits, it can lead to poor outcomes.⁠ As we head into a new season of mortgage, ensure you’re bringing the right people on board. Focus on hiring career LOAs with the right profile to scale your business and keep you focused on income-generating activities.

Job ad posted - Mortgage broker assistant / Parabroker required.... > 4 out of 6 zero experience in finance or banking > 5 out of 6 no certificate 4 in mortgage broking - Its clearly listed as a requirement > 6 out of 6 didnt ask any questions or give any aditional info in the box supplied. Not hard to stand out if you truly wanted a chance if no ones doing it. > 4 out of 6 spelling errors multiple times in their resume Maybe just maybe you arent getting offers because. You are spam sending your resume out. You arent reading requirements. But you think you can do a highly technical role, with a very low error rate that involves all the things you havent done on a simple application. You want to know the one that managed to get me on a phone call? The one that didnt even apply....... A message that was thoughtful via linkedin messages: >Which led to a call on Saturday >Didnt even apply and was ahead of the 6 due to how they approached and clearly got my attention #playerlife

***Attention Loan Officer Friends*** I'm generating a minimum 80 warm leads per month right now through my YouTube Channel and I've only just passed 3500 subscribers. Every lead is WARM to HOT. They searched for mortgage content, found my video, thought enough about it to book a call, and talked to me about what they should do. Pre-approvals and closings are piling up. So much so, that I'm hiring an assistant to handle all the applications. Question: If I built a course on generating leads via YouTube specifically for Loan Officers, would you be interested? Please comment below or DM me directly. I'd love your feedback.

Are you ready for Q4? Attention Mortgage Companies: As we enter the final stretch of the year, many lenders experience fluctuations in workload. Don't let staffing shortages hold you back from reaching your targets. We have pre-vetted, experienced mortgage professionals ready to join your team - whether you need temporary, temp to hire or direct hire support, we've got you covered. Available Candidates include: Processors, Underwriters, Closers, Compliance Officers... DM us today to learn more! #MortgageLending #StaffingSolutions #TemporaryStaffing #MortgageProfessionals

Work Story #8 - Call Center aka 'Loan Line' The Great Financial Crisis hit the finance industry right in the face. Here's my 2008/2009 version of that time. I decided to move back to Northern CA in March of 2008. I left a job with InterBay Funding (Bayview Financial) doing wholesale commercial loans. I accepted a role with WF in Redwood Shores as a Commercial Loan Officer. Just before I moved, Bear Stearns failed as the banking market was in free fall. My job requisition with WF was cancelled. I had no job to go to. The job I had in SD wasn't an option - they laid off the sales staff that same month. So, I pivoted and moved back to the Sacramento area where I have more contacts and support. I couldn't find any jobs for 7 months. Finally in late November, Dan Stone convinced me to take a job at Bank of America Loan Line (call center) handling TARP refinances. Even after many months of unemployment, this didn't seem appealing (for many reasons)... But, it was a job and those were hard to come by. This location couldn't hire loan officers fast enough; the phones were ringing off the hook. Homeowners were under water, behind on their payments and looking for help. TARP provided options to refinance existing FNMA and FHLMC mortgages without the concern of LTV and with expanded underwriting policies. We took in excess of 100 calls a day. It was exhausting. We managed a pipeline of over 100 active loans and transactions regularly took 3-4 months to close. It was an inefficient process that created highly annoyed borrowers. Before my time was done, I had closed several hundreds of loans (thousands even??). Once TARP transactions were waning in their availability and desire, the site converted to a loan modification site. That was the end for me even though BofA offered a salary based on earnings from originating. That meant 6 figure salaries for people that are used to being commission only. Still.... Not a job for me. When I resigned, my manager told me I was making a mistake and was adamant that the mortgage market was doomed for years to come. I am happy to report, she was dead wrong. The following years were gangbuster.

Late October in 2023 I made the move from Retail Lending to a Mortgage Broker and I couldn't be happier!!! There are many reasons why working for and as a Broker is better (in my opinion) but the Top Three are... 1. More Options- We have over 220 different Lenders that we work with. Whatever you need we've got it! I actually had someone call me last week looking to finance a Jet 🛩 2. Pricing and Products- We have the ability to "shop" all lenders to find the best Pricing, Products and Terms - Not to mention we have out of the box products like... Buy Before you Sell ✅ Fix and Flip ✅ DSCR ✅ 0% Down FHA Loans (Yep! No Money Down!!) ✅ No Credit Score FHA/VA Loans! (Yep! No Credit Score!) ✅ Commercial Loans (ie. SBA Loans/ Business Loans) ✅ HELOC's ✅ Plus....all the traditional products 3. Control- I wanted 100% Control over who was on my team, who I hired, who my loan processor is, who is my assistant is AND Since I'm paying them anyways I should be able to chose who I work with!!! So....if You are thinking of becoming a Mortgage Broker OR Making the switch from Retail to Broker - Let's Talk! ☎ I can tell you the Good...The Bad...and the Ugly!!! We are looking for Fun and Hardworking Individuals looking to join our team! Check out this Video below and send me a DM if you want a Confidential Convo - OR go to www.join.brehfunding.com 👇 👇 👇

9 out of 10 mortgage brokers are hiring the wrong way and paying the price. Here's how to discover the true gems amidst the chaos: Emphasize skills over labels: Explore candidates with backgrounds in banking. They bring essential skills like attentive listening, astute questioning, and analytical thinking to the table. Look for critical thinkers: Build a team of individuals who can identify patterns and devise strategies, not just followers. Think Beyond Sales Experience: Explore fresh perspectives from outside the sales world; they bring in new ideas and approaches. Bonus Tip: → Evaluate candidates with real-life scenarios and situations. → Observe their adaptability, problem-solving skills, and quick thinking. → Engage in genuine conversations beyond standard interviews. Think smart, not famous, when hiring. By looking beyond the ordinary, you might uncover hidden talent. It's all about finding the right fit for your unique mortgage broking needs.

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Job of loan officer can be remote and pay $200,000 without a degree - CNBC One of 2024's 'best jobs' can pay over $200,000 and let you work remotely without a college degree ... A loan officer meets with a couple in their home . Read more on the link below. #realestate #mortgage #news

It can be hard to help your clients when you feel like a cog in a machine. One thing I love about working at First Merchants is that my job has never made me feel that way. I’ve always felt valued and that my voice was being heard. I know I can always get the ear of leadership if needed, and they will always provide me with the support I need to help my clients. If you know a mortgage loan originator who’s not feeling valued at their current job, I’d love to chat about how to help. Send me a message. #WeAreHiring #helpingyouprosper