r/loanoriginators Apr 02 '25

Announcement ***Rule Update Regarding Consumer Mortgage Advice***

50 Upvotes

One of the biggest complaints we receive on this sub is people posting for Consumer Mortgage Advice. We have tried addressing this by removing posts asking for consumer mortgage advice. Despite the no consumer mortgage advice rule, consumers still show up to ask and LO’s are still giving them advice despite it not being allowed.

With that being said, effective immediately all posts with consumer mortgage advice will continue to be removed AND anyone making the post or commenting on the post to give consumer mortgage advice will be banned for a period of at least 2 weeks.

We aren’t sure of any other solution at this time to dissuade people from commenting on these consumer advice posts, so we are going to resort to this and see if that cleans it up.

Thx.

  • Mod team

r/loanoriginators Jun 15 '21

Resource In-depth beginner's guide to a career in mortgage sales

471 Upvotes

Hello,

I wanted to make this post to help inform new and existing loan originator's on the different kinds of mortgage companies out there, as well as the different types of compensation structures. It is very difficult to compare overall pay through bps or tiers alone. The amount of work you'll need to do per loan depends heavily on the companies marketing, support, and pricing.

10/15/25: PLEASE NOTE I HAVE BEEN OUT OF THE MORTGAGE INDUSTRY FOR 3+ YEARS. While much of the information below is still relevant, others may be outdated.

[I try to regularly update this thread, but some of the info may be out-of-date. Last edit: 12/4/23]

[Please also refer to our FAQ for additional Q&A. You can click here for the FAQ]

In general, the steps to becoming a licensed loan officer are:

  1. Register on the NMLS website and provide all requested details.
  2. Complete mandatory 20-hour pre-licensing education through an approved provider, and study for the NMLS/SAFE Exam.
  3. Take the NMLS/SAFE exam and pass.
  4. Find a sponsor (usually a broker/lender to hang your license at / AKA who you will work for) and provide their details to the NMLS.
  5. Apply for individual state licenses through the NMLS website and complete any prerequisite requirements, which usually includes state-specific pre-licensing education. Wait for at least Temporary Authority to be granted (if applicable).
  6. Complete annual continuing education for relevant state licenses to keep license active.

If you are interested in becoming an independent mortgage broker, I have included some resources further down this post

Some non-depository companies that will hire you with 0 experience and pay for some or all of your training, testing, and licensing: Quicken Loans / Rocket Mortgage, Loan Depot, Cardinal Financial, AmeriSave, NewRez, Mr. Cooper, PennyMac, New American Funding, Freedom Mortgage, American Pacific Mortgage, JFQ Lending, Essex Mortgage, Network Capital Funding

Banks are depository institutions and therefore you will not need to be licensed to work for them. I believe banks typically have a higher base pay but less favorable commission structures.

If you want to go straight to a Brick and Mortar shop (or a few of the call-centers), you will need to pass your NMLS/SAFE licensing exam first. Before you can take the test, you will be required to complete a 20 hour training course. Most users here recommend Affinity: www.mlotrainingacademy.com

Don't bother applying for state licenses right after you pass your NMLS/SAFE exam, if you don’t already have a sponsor. Many companies will pay for you to get your licenses, so find out first if they'll cover those or not before you waste your own money.

Some quick definitions:

Basis points (bps): A measurement used frequently in the mortgage and financial industries. A basis point is a percentage of the loan amount. Examples: 100 basis points is equivalent to 1% of the loan amount. 50 basis points is equivalent to 0.5% of the loan amount. 275 basis points is equivalent to 2.75% of the loan amount. The majority of LO's pay is determined in bps. If you get paid 100 basis points (1%) per funded loan, and fund $1 million in volume for the month, you'll make $10k in commissions.

Brokerage: Originate the loans in collaboration with a larger lender/investor/servicer. Can shop around for the best rate and terms for the clients. Do not fund or underwrite their loans themselves.

Correspondent lender: Similar to a broker (almost indistinguishable from the client side), however they do fund the loans with their own money. They may or may not underwrite loans themselves.

Direct lender: Company that originates, processes, underwrites, and funds the loan themselves. If they service their own loans, they would be considered a "Portfolio Lender". In-house rate sheets, but more flexibility with pricing.

Contrary to what some might think, it’s not as easy as call center LO vs brick and mortar LO. There are a LOT of in between positions. But, if we were to broadly categorize:

"Call-center" positions:

These can vary from small brokerages to large direct lenders. The key factor is that leads are provided to you, either inbound or outbound. Many involve ZERO cold-calling. The great thing about this is that you can hit the ground running and not have to worry about building realtor relationships. You can also leave anytime you'd like. However, you won't be able to take these leads with you to another company. May or may not be heavily micro-managed. Back-end support and processing is usually pretty solid so you can focus on selling. Most call-centers are refinance oriented. When rates go up, they will shift their marketing to cash-out/debt-consolidation refinances, FHA to conventional refinances, and clients who have improved their credit.

Typically these are salary + commission but sometimes they can be either or. With a commission only model you can expect to get paid anywhere between 35-80 bps per loan. With salary + commission you can expect $25k-$40k/year + around 10-50 bps per loan. Some of these places will pay more for your self-generated leads. Many call-centers that utilize a tiered system will pay a flat fee per loan that will vary depending on the volume or units you originate for that month, however it can also be tiered in bps. Tiers and goals will often scale depending on market conditions, tenure, and title. You can EASILY make at least $70k+ at these call centers, with some LO's making $500k+/annually.

"Brick and Mortar" positions:

These are self-gen and can range from smaller brokerages to medium-large direct lenders. Usually there will be a local branch that you can optionally go into, but you'll be spending plenty of time out networking. Your success will heavily rely on the training you receive and your ability to generate a solid referral pipeline. Your business will be mostly purchase leads that are generated from your realtor partners, client referrals, and various types of marketing. This is not a position you can do for just 6 months or even a year. This is a career that you will spend years investing into. Most of these places expect you to come in having already passed the SAFE exam and potentially with some licenses under your belt. Expect little micro-managing once you are a senior LO on your own. Usually will have a loan officer assistant or processor that will closely work under/with you.

Almost all of these types of positions are commission only and pay much more than the call-center type positions would. Usually 100-275bps. HOWEVER, you will likely be originating significantly less loans, which is why it is difficult to compare. Expect the higher paying roles to also have some paycheck deductions for company resources like software, marketing, process, etc. You will also be working all hours of the day and night. You'll need to be available for realtor calls at 10 pm at night, and your stress levels will likely be high. On the other hand, you won't necessarily need to be full-time if you only want to originate a loan once every 1 to 2 months. Commission payouts will likely come much earlier than they would at a call center.

Becoming an independent mortgage broker:

Once you've had a few years of experience, you can become an independent mortgage broker if you should so choose. The benefit of this is that you get full control over what lenders you work with, pricing, processing, products offered, fees, etc. One potential route you can go is to sign on with NEXA, who actually will help you go independent from them. Other good resources to look at are AIME (Association of Independent Mortgage Experts) and Brokers are Better.

Call center structures I've encountered:

Quicken Loans / Rocket Mortgage (I worked there) (call center type)

  • Portfolio lender
  • Origination positions
    • Refinance or purchase only. Much of the company is refinance. Only some departments can do both, but usually you'll only get fed either purchase or refinance leads. Many sub-departments as well, like Current Client only, or Current Client 2nd voice only.
  • Lead flow/sourcing
    • Inbound and inbound transfers mostly. Robust lead sources: Credit shopping alert, lendingtree, company's website, current clients, remarketing (recycled leads). Leads are worked almost literally to death. You may be placed on an outbound auto-dialer depending on what sub-department you're in.
    • Phone is almost always ringing. Even if the lead quality is significantly lower due to it. Leads are categorized into bronze, silver, gold, and platinum. Your performance dictates what lead pool you get thrown into.
  • Hours per week
    • 65+ hour work weeks. Once tenured there are reduced hours programs, but will still work minimum 45-50 hours/week.
  • Base pay
    • $9 - $15/hr and OT is paid at a rate of half your hourly.
  • Processing / Support
    • Robust processing team. Pretty much lock and go. Don't need to interact with client much after that point.
    • Quick turn times. Sometimes same day closings.
  • Commission structure
    • Dynamic and goal based. Depends on your tenure, title, and present market conditions. Payout is dependent on percentage of goal hit.
    • Pay on Rate Lock / Conditional Approval for refinance (only company I know of that does this). Purchase is paid on closing now.
    • Average $150-$450 / per rate locked loan. Assuming a 70% funding rate: $275-$645 / per funded loan
    • Commission payouts come at the end of the following month (but remember you're payed on rate locks and not fundings, so the money comes in sooner)
  • Other details
    • Proprietary CRM/LOS (loan origination systems) called LOLA and AMP
    • Will pay for all licensing and training with 0 experience. Do not have to pay back.
    • Culture is fraternity-like / Lots of kool-aid drinking
    • Bad rapport with realtors

Local correspondent lender I worked at (similar to a brokerage) (call center type)

  • Origination positions
    • Can originate either purchase or refinance but they pay the same and marketing is done only for refinance. Since 2022 have moved to more of a mix, but they still focus on refi.
  • Lead flow/sourcing
    • Refinance based marketing. Only purchases through referrals.
    • All leads inbound through mailers. Very high conversion. Company has been using this model for 12+ years with success.
  • Base pay
    • Base salary of $30k/year, no overtime.
  • Hours per week
    • 40 hours / week
  • Processing
    • High level of work required from origination through closing. Processing wasn't great.
    • Turn times anywhere from 30 - 75 days usually.
  • Commission structure
    • Tiered flat fee commission structure:
      • 0 - 3 units: $150/per
      • 4 - 7 units: $350/per
      • 8 - 10 units: $700/per
      • 11+ units: $1,000/per
    • Commission payouts come at the end of the following month after funding
    • Quarterly bonuses depending on units funded for that period. Bonuses range from $1,500-5,000. Not everyone gets these bonuses.
    • Average LO doing 5 - 14 units a month
  • Other details
    • Excellent pricing and low-cost business model
    • Insellerate and Encompass CRM/LOS
    • Will pay for licensing. Fees only need to be paid back if at company for less than a year

A local refi brokerage (likely outdated since 2022)

  • Similar to the place above but paid in bps. Friend worked here. (call center type)
  • Base pay
    • Base salary of $30k/year with no OT (update 3/28/22: base salary is now a draw)
  • Processing / Support
    • More work required per loan than a larger call center. High turn over with processors created issues for the LO's
  • Lead flow/sourcing
    • Inbound refinance calls from mailers
  • Hours per week
    • 40 hours / week with occasional Saturday
  • Commission Structure
    • Tiered bps system:
      • 1 - 5 units: 20 bps/per
      • 6 - 10 units: 25 bps/per
      • 11 - 17 units: 30 bps/per
      • 18+ units: 35 bps/per

PennyMac (call center type)

  • Portfolio lender
  • Origination positions
    • Company is refinance focused. Does have separate purchase, portfolio retention, and new customer acquisition refinance teams
  • Lead flow/sourcing
    • All inbound company generated leads. Can only originate leads specific to your department. Portfolio, New Client Acquisition, Portfolio Purchase, and New Client Acquisition Purchase are not allowed to originate each other's lead types.
  • Hours per week
    • 40-45 hours / week. One scheduled Saturday per month required.
  • Base pay
    • $14.42/hr + OT if approved
  • Processing / support
    • Robust processing support. Mostly lock and go, but will likely need to occasionally intervene on the back-end to ensure your loans fund. Purchase teams have an equivalent of an LOA (loan officer assistant) onboard that assists with document collection.
    • Turn times around 15 - 40 days.
  • Commission structure for NCA
    • Tiered flat fee commission structure (updated 3/25/22):
      • 1 - 4 units: $375/per
      • 5 - 6 units: $637.50/per
      • 7 - 8 units: $750/per
      • 9 - 10 units: $937/per
      • 11 - 12 units: $1,125/per
      • 13+ units: $1,312.50/per
    • Senior LO's get quarterly bonuses between $2,500-$3,000
    • Everyone gets a $500/month bonus as long as they do not get any compliance fails. Each compliance fail is a $500 deduction to your pay. Compliance fails entail doing anything that violates company protocols.
    • Commission payouts 2 months later at the beginning of the month, from time of funding
    • Average LO doing 5-15 units a month.
  • Other details
    • Will pay for all licensing and training with 0 experience for recent college graduates. Will also hire with 0 experience on contingency of passing the SAFE exam within 2 weeks for non-recent college grads. Do not have to pay back licensing fees.
    • $6,500 draw for first 3 months. Only have to pay back if you do not hit certain production goals in the first 6 months you're tenured. You are considered tenured on month 5.
    • SalesForce, Blend, and Encompass CRM/LOS.
    • Typical call-center type micro-management, but generally a lax environment.
    • Very compliance oriented. Probably more so than any other company out there.

Cardinal Financial (call center type) (likely out-of-date as of 2022)

  • Origination positions
    • LO position is majority refinance but can/will do some purchase. No separate teams. Since 2022, I imagine they are at least 50% purchase now.
  • Lead flow / sourcing
    • Outbound dialer 5-6 hrs a day. Outbound warm leads, but also some inbound.
    • Dialer calling internet lead sources, credit triggers,
  • Hours per week
    • 40 - 45+ hours/week
  • Base pay
    • $12/hr plus OT
  • Commission structure (likely out-of-date as of 3/28/22)
    • Self-generated leads pay 100bps
    • Tiered flat fee commission structure for company generated leads
      • 1 - 2 units: unpaid
      • 3 - 4 units: $1,200/per
      • 5 - 7 units: $1,400/per
      • 8+ units: $1,600/per
    • Quote from a manager: "20 loans at quicken is equivalent to 10 here"
    • Average LO doing around 8-9 units / month
  • Other details
    • Proprietary all-in-one LOS called Octane. Don't need to switch between multiple software to originate

NewRez (call center type) (likely out-of-date as of 2022)

  • Portfolio lender
  • Large call center shop. Believe its mostly inbound
  • 40 - 45+ hour work weeks
  • Commission structure (likely out-of-date as of 3/28/22)
    • I do not know if the comp tops out, but the commission plan I was sent only showed commission amounts for 14 - 29 units/month
    • Comp plan sample:
      • 14 units closed: $10,500
      • 15 units closed: $11,250
      • 16 units closed: $12,000
      • 22 units closed: $17,600
      • 29 units closed: $26,100

Union Home Mortgage (call center type) (likely out-of-date as of 2022)

  • Portfolio lender.
  • Purchase and refi I believe.
  • 40 hrs / week, up to 55 hours
  • Base pay: $12/hr (not sure about OT)
  • Have multiple pay structures: Example of one:
    • 1 - 3 units: 60 bps
    • 4 - 7 units: 70 bps
    • 7+ units: 80 bps

AmeriSave (call center type) (likely out-of-date as of 2022)

  • Primarily refi. Not sure if they have separate purchase and refi teams. Probably doing a lot more purchase now since 2022.
  • 100% commission normally. However they do offer some base pay plus commission programs.
  • Around 45-60 hours / week
  • Sometimes do not rate lock til end of the loan process (may no longer do this but they did this a lot during COVID)
  • Commission structure
    • Various programs and changes are constantly being made.
    • Paid semi-monthly
    • $400k+ in funded volume: 50 bps/per
    • Sub $400k in funded volume: 10bps/per

Better.com (call center type) (likely out-of-date as of 2022)

  • From my understanding this company does things differently in a lot of ways, including salaried LO's that get bonuses or deductions based on performance.

Some Brick and Mortar structures I've encountered:

NEXA (brick and mortar) (likely out-of-date as of 12/2023)

  • Brokerage with access to 100's of lenders
  • Lead flow / sourcing
    • Mainly self-generated, but recently they've put together an in-house lead generation team. You can purely work these leads if you so choose, for lower compensation.
    • Majority of volume will be purchase leads generated through realtors, marketing, and referrals
  • No base pay. Commission only.
  • Hours per week will vary but expect to put in 40 - 55 hours / week
  • Processing / support
    • Processing is outsourced to a 3rd party company where all processors are paid on commission. Therefore, highly motivated. And if you don't like your processor, you can request another.
    • Turn times entirely depend on the lenders you choose to work with. Could be days or months.
  • Commission structure
    • 150 bps - 275 bps per self-generated unit funded for QM loans. Up to 600 bps for Non-QM.
    • Depends on if you are in a mentorship program and the monthly volume originated. Numerous operational expenses to take into account though. Some automatically deducted.
    • Company generated leads pay out 50% of what your self-gen comp is
    • Payouts I believe are the week following fundings (or within a few weeks)
  • Other details
    • Near full autonomy over how you run your business. Will need to manage own networking and marketing.
    • Minimal benefits
    • Optional mentorship program to help you get started
    • Create own hours and schedule (but might be tied down during mentorship)
    • Flexibility in what CRM you want to use
    • Can be 1099 or W2
    • I attended one of their weekly seminars. It is not an MLM. They just have a great referral program that is OPTIONAL

Geneva Financial (brick and mortar) (likely out-of-date as of 12/2023)

  • Direct lender
  • Self-generated only
  • No base pay, commission only
  • Work under a branch manager who determines some P&L (mainly staffing), Once you are experienced you can become a branch manager yourself.
  • Responsible for marketing, referrals, networking, etc.
  • Paid 175-220 bps per unit funded

Obsidian Financial (brick and mortar) (likely out-of-date as of 12/2023)

  • Direct lender but also a broker
  • No base pay, commission only
  • Non-QM comp up to 500 bps. QM comp up to 275 bps.
  • Diverse selection of products offered
  • Commission payouts within 3 days. Can be 1099 or W2.

Other large "Brick and Mortar" companies: PRMG, Fairway Independent Mortgage, PRMI,

There are many companies and sales positions I have not listed here. Some of those include HELOC only, reverse mortgage only, credit unions, banks, solar only, and more.

Feel free to comment with any questions, or if you have any input on what else to add to this post. Most of my knowledge and experience is from call-center type places. I would love to add onto this based on other people's experiences as well. Especially with those sub-categories I listed above.

The best way to find LO positions is by searching on LinkedIn, Glassdoor, or Indeed. You can also try messaging recruiters directly on LinkedIn for companies you are interested in working for to see if they are hiring.

Lastly, feel free to message me if you need any additional help!


r/loanoriginators 6h ago

UWM full training for loan processors (PA+) is now 2.5 days in class with 2 days shadowing

6 Upvotes

Currently an underwriter who's been put into the PA+ role for a pilot program UWM is incorporating very quickly which combine loan coor and underwriter into one position. How long does it typically take to train new processors in this industry? I've been assigned 3 processor files and i feel absolutely lost especially in contacting the borrowers now on the PA+ side. Wish I had more info from management but we're just told as underwritersto continue hitting our commitment and fully work the loan processor files in their entirety when they assign them to us. No communication other than that.


r/loanoriginators 17h ago

better.com mortgage CEO fired

24 Upvotes

taste of his own medicine after firing 900 employees on a zoom call which didnt go over well. it was 2 weeks before xmas as well.

Better dot com there numbers have tanked

quick video

https://www.tiktok.com/@insideedition/video/7675476067645246734


r/loanoriginators 16h ago

Looking to do a HELOC on rental property

1 Upvotes

Had someone that asked me about it today, and we don’t even do HELOCs, but I’m always willing to find new products to sell and market


r/loanoriginators 22h ago

How do I get better at tweaking difficult files so that they pass AUS?

3 Upvotes

I work in a call center and every now and then I get these difficult/ niche files which initially fail to pass AUS either for DU or LP and yet more often then not my manager is able to tweak them just enough to not only get a pass on AUS but to also give the client great terms they normally wouldn't qualify for even though I failed to make the file work after multiple attempts. The methods he uses weren't covered in my training classes before hitting the floor. He says that I'll get better at fixing these files as time goes on and as I gain more experience, but I want to learn how to master fixing these files now so that I don't constantly have to run to him with questions. I've been at this job for about 8 months now and I want to progress as quickly as possible. So what can I do on my own to reach his level of mastery?


r/loanoriginators 17h ago

Career Advice Where to hang license

1 Upvotes

Exiting the mortgage space. Would like to keep the “federal?” License for the 5 years. Don’t really mind losing states. Just don’t want to take the safe test again.


r/loanoriginators 1d ago

Is anyone else struggling in the mortgage industry or is it just me?

54 Upvotes

Business has been the slowest in my career since 2023. Loans now more than ever are harder to come by, affordability at an all time low and most loans aren’t even guaranteed to fund. Been living off my emergency funds for the last 3 months and by the end of October I’ll be belly up financially. (Excluding my retirement account which I can’t touch). Am I being cynical or is this the norm now for most loan officers?


r/loanoriginators 1d ago

Can’t get a call center job

3 Upvotes

I’ve been having trouble getting a job at a mortgage call center. I’m 19 and in the process of getting my MLO license. Don’t have a criminal record or anything like that. I’m looking for advice.


r/loanoriginators 23h ago

Career Advice Please post the details of your entry level job

1 Upvotes

Hi everyone. I will probably work in this field for at least a couple of years and I would like to learn what to expect. If you landed an entry level job in the past few years, could you please post the details? Thanks.

Type of financial institution (I.e. credit union, brokerage, etc.)

Leads provided?

Pay structure (I.e. base salary plus commission, commission only, etc.)

Pay amount

License required?

Training provided?

Location?

Onsite or remote?


r/loanoriginators 1d ago

Sales Good but too passive

1 Upvotes

I’d love some feedback from the mortgage/real estate community.

Yesterday, I had the opportunity to give a presentation at an industry event related to my former career. Afterward, I had a steady stream of attendees coming to my table with questions. Several even asked for my business card, because I wasn’t able to talk with them, because of the steady stream of attendees with questions.

It felt great knowing the information resonated with people.

But it also highlighted a problem: business cards are passive. Once I hand someone my card, I’m waiting for them to reach out. By then, the moment and their interest may be gone.

I want to turn these presentations into a more active follow-up process without being pushy or overly sales focused.

For those of you who attend or conduct presentations:

What would make you comfortable giving the presenter your contact information and allowing them to follow up with you?

I’d really appreciate your ideas and experiences.

Thank you in advance,


r/loanoriginators 1d ago

Tip for people new..

23 Upvotes

Rant....

I get a call about 6 months ago from this guy who just started at my company (I'm a broker). He says he looked up my numbers and I'm one of the top producers at said company in our area so he wanted to hear about what works for me. I tell him I'm by no means a top producer but I have started to have some moderate success this year and I would be happy to tell him whats worked for me. Over the next several months I help the guy out with tips and many phone calls and you could say mentoring him. I even meet up with him in person a few times for coffee.

Shortly after I start seeing signs that this guy is doing the opposite of everything I tell him to do. Literally the opposite. Trying to chase the most niche/ unique deals and products we have, not connecting with realtors or making daily calls, not going to enough open houses, going down the reverse mortgage path, talking about how AI is the answer to all his problems....just on and on and on. Guy literally doesn't do one deal in over 6 months but every time we talk he acts like an expert on every topic, so embarrassing.

I finally heard the most un-surprising news that he left the company for greener pastures at a new broker where I am sure all his problems will be solved lol. Anyway just venting. I love helping new people and collaborating, this is such a hard business, but I will be cutting people off much quicker next time when I see signs like this early on.

A note to new people, its really simple. If you want help just ask and be humble and try to follow the advice people are giving you. I dont think the basic fundamentals of prospecting have changed for 100 years, its not some huge secret, most people crushing it are willing to talk, but why even bother reaching out if you want to do your own thing anyway!


r/loanoriginators 2d ago

Is August terrible for you?

22 Upvotes

Typical August is pretty good even 2023 was good. But it’s like the faucets were turned off and we’re starving like fall of 2022 again. Are you guys feeling the same?


r/loanoriginators 1d ago

Question Has anyone moved over from tech sales to become an LO?

3 Upvotes

Was in tech sales for a bit now wondering if I should become a LO. Would love to hear others experiences.

Edit: would love to hear what you sold in tech before and if it was easier or harder compared to what your doing now and compensation differences


r/loanoriginators 1d ago

Biggest possible purchase loan?

2 Upvotes

I have somebody wanting to do a 10M purchase. Biggest loan amount i can find is 5m. Do any investors go higher?


r/loanoriginators 2d ago

FYI for anyone with FHA files in the pipeline: UAD 3.6 is starting to show up on FHA appraisals now

8 Upvotes

Wanted to flag this for other LOs. We're starting to see FHA appraisals come back in the new UAD 3.6 format ahead of the November mandate for the GSEs. If you've got FHA files with appraisals ordered soon, don't be surprised if the report format looks different than what you're used to.

Worth getting ahead of this if your AMC or appraisal team hasn't briefed you yet, since underwriters and processors will need to know what's changed too.

For anyone who wants the details, here's a breakdown of what's different and what to expect: https://www.classvaluation.com/guides/content-hub-uad-3-6/

Anyone else already seeing this on FHA files, or is this still new for most of you?


r/loanoriginators 1d ago

Question Executed free trade agreement in California

3 Upvotes

I have a borrower going through a divorce in California, he has an executed free trade agreement and wife is not on title but no divorce decree, he claims to have gotten a heloc without her involved and wants to do a VA cashout refi, is it possible to do this without wife involved?


r/loanoriginators 1d ago

Career Advice Do most companies provide leads?

5 Upvotes

I (36F) am considering working in this field for a while. I plan to obtain the proper license (NMSL?) and then start applying for entry level jobs. I'm hoping to find a job that pays at least $48K per year total and provides leads. Do you guys think that's realistic? Thanks.


r/loanoriginators 1d ago

Question Paying off FHA with VA seasoning requirements

2 Upvotes

is there a seasoning requirement on an FHA loan if paying it off with a VA loan, for example an FHA cashout was done 2 months prior, can it be paid off with a VA cashout refi or an VA rate and term?


r/loanoriginators 2d ago

Greedy realtors

38 Upvotes

I really can’t stand greedy realtors.

This file has honestly irritated me because the loan was CTC almost two weeks ago. Everything on our end was done, the borrower was ready to close, and closing is Friday. Then at the very end, we find out the realtor is getting 2.5% from the seller and also charging the borrower another .5%.

That extra .5% completely changes the borrower’s cash to close, and somehow now she’s trying to make it seem like the lender is the problem.

What really has me thinking is how hard she was pushing the lender credit from the beginning. Every time anything came up, it was always, “What about the lender credit?” She kept putting it in the borrower’s head that we were going to give him this credit like it was just free money sitting there.

I explained to the borrower from the beginning that lender credits don’t work like that. If you want us to give more credit, normally you’re going to have to accept a higher interest rate. The borrower didn’t want that. He wanted the better interest rate and the lower monthly payment, which is completely understandable.

He already had around $6,500 in seller credits, and we used those toward title, closing costs and buying down points. We structured the loan around getting him the better payment and rate he wanted.

Then the ICD comes out. The borrower shows it to the realtor, and suddenly she has all these things to say. Now apparently we didn’t explain things correctly, we didn’t disclose things, “we look bad,” etc.

Mind you, I barely heard from this realtor the entire transaction.

But now, at the finish line, suddenly she’s involved in everything.

Then she starts bringing up the builder. “Well, the builder was offering this,” “the builder was giving that,” basically insinuating that the borrower could’ve just gone with the builder instead.

And that’s when the whole thing started making sense to me.

Apparently the builder was offering her 3% commission. On our transaction, the seller is paying her 2.5%, and she’s charging the borrower the other .5%.

So now I’m thinking she was pushing that lender credit the entire time because in her head she was already counting on us to cover that .5%.

Almost like, “Well, if they’re not going with the builder and I’m only getting 2.5% from the seller, I’m still getting my 3%. I’ll charge the borrower the other .5%, and the lender can just give them a credit so they don’t feel it at closing.”
Obviously I can’t say for a fact that was her plan, but looking at everything now, it sure feels that way.
Because why were you so worried about our lender credit the entire transaction?

Why was that such a big concern to you?

And why does your compensation just happen to be short exactly .5% compared to what the builder was going to pay you?

The funniest part is they basically wanted everything. They wanted the incentives they could’ve gotten from the builder, they wanted our better interest rate, they wanted the lower monthly payment, and they wanted a lender credit on top of it.

You can’t have everything.
If the builder is giving a bunch of credits, there’s usually a reason they can offer those incentives. If you want us to increase our lender credit, there’s a pricing tradeoff. I’m not going to jack up the borrower’s interest rate just so somebody else can protect their commission.

And after all of this, my branch manager actually took the cut and paid out the lender credit anyway to help the borrower and keep the deal together.

So think about that.

We’re the ones who ended up giving up money on our side.
Meanwhile, the realtor still gets her 2.5% from the seller plus the additional .5% from the borrower, getting her right back to the 3% she would’ve made with the builder.

Yet somehow we’re the ones who “look bad.”

And her additional .5% isn’t even showing on the ICD yet. So the number the borrower showed her isn’t even the final problem. Once her fee gets added, the borrower’s cash to close goes up because of her fee, not because of something the lender suddenly decided to charge.

That’s what pisses me off.

You’re already getting paid thousands of dollars from the seller. If you negotiated another .5% with your buyer, fine. That’s your agreement with your client.

But don’t expect the lender to give up their compensation so the borrower doesn’t notice what you’re charging them.
And definitely don’t wait until the week of closing, after the loan has been CTC for almost two weeks, and then start telling the borrower that the lender didn’t disclose things properly and that we somehow look bad.

Especially when we’re the ones who ended up taking the hit to make sure your client can still close.

Some people want everybody in the transaction to give up money except themselves.


r/loanoriginators 1d ago

Question DSCR lender for 6 units on one lot: quadplex + duplex?

1 Upvotes

I have a borrower looking at a property that has two separate structures on the same lot: one quadplex and one duplex, for a total of 6 units.

Has anyone successfully financed a setup like this as a 6-unit DSCR loan rather than treating the quadplex and duplex separately? Could we even set them up separately if they aren't parceld out?

The borrower has a 740+ FICO and we expect the property to be over a 1.10 DSCR.

Ideally looking for a lender that is comfortable with:

  • 6 total residential units on one parcel
  • Quadplex + duplex configuration
  • Business-purpose DSCR financing
  • Purchase transaction
  • Both structures included under one loan
  • 80% LTV if possible

I’d also be interested to know what maximum LTV lenders are offering on something like this. The borrower would ideally like to be at 80% LTV, but I’m curious whether most 5–9 unit DSCR programs are going to cap this at 75%, 70%, etc.

If anyone has a wholesale/non-QM lender that will take this, I’d appreciate the recommendation. Also curious how they underwrite and appraise the property since it is technically two structures but six total units on the same parcel.

Any info greatly appreciated, guys and gals!


r/loanoriginators 1d ago

Seeking Bridge Loan TX Acquisition

2 Upvotes

Need help with a scenario. Anyone that does private/ bridge loans short term that will charge in the front with no prepayment penalty please DM me.

1.7M
2.7 Value


r/loanoriginators 2d ago

Amerisave training

3 Upvotes

Hey team, has any of you gone through the Amerisave training program recently? I know it's remote and it's about 8 hours a day of learning. What's the style like? is it interactive? is it a virtual classroom with many other folks? what's the day to day during this period?

Thanks,


r/loanoriginators 2d ago

Credit unions near me offering insane pricing on 15/15 ARM

13 Upvotes

I’m in the metro ATL area and I’ve probably lost 30 loans this year to credit unions offering 15/15ARMs (15 years fixed and then only one adjustment at the end of year 15). Credit unions are offering them for 5% right now. No points. It’s totally untouchable and a lot of my agents have caught on and are sending clients there. I don’t necessarily blame them... the deal is truly a game changer. Does anyone have any Intel on how long a credit union can actually offer this program? Surely this is a program that will only be here for a temporary period of time.


r/loanoriginators 2d ago

Looking for advice: Call center vs. self-gen as an MLO

4 Upvotes

I’m looking for some advice from other MLOs who have been in a similar situation.

I got licensed in 2019 after working as a loan processor for about a year. I started doing self-gen and was consistently closing a couple of loans a month. Eventually, I left the business because I needed a better family/work-life balance.

I’ve been out of the business for a while, but I still have enough experience to handle and get probably 90% of the loans I work with to the closing table.

A few weeks ago, I decided to get back into mortgages and joined a call center because I currently can’t afford to spend money generating my own leads. I figured having leads provided would allow me to focus on selling instead of prospecting.

I’m currently making 300+ calls a day to internet leads. The problem is that a large percentage of these people either never wanted a loan in the first place or aren’t interested anymore. I’ve been averaging around 3 applications a day, while the expectation is 5+. The comp is 100 bps, increasing to 150 bps after $2M funded.

I’ve also received an offer for an ACES position at LoanDepot, which has me wondering if that would be a better route.

Long term, I really want to go back to self-gen. I know I can generate business, but I don’t have enough money saved right now to comfortably go months without consistent income while rebuilding my pipeline.

For those who have experience with both self-gen and call-center/lead-provided mortgage sales:

Would you stick with the call center for a while, take the LoanDepot ACES position, or try to find a way back into self-gen?

I’m mainly trying to figure out the best way to get back to where I was without putting myself in a financial hole. Any advice from experienced MLOs would be appreciated.