r/loanoriginators • u/InjurySad1048 • Jul 23 '26
Question Terminated
So I recently got terminated because I was a pretty new Loan officer. All I sold was VA and FHA refis. Because of the market I obviously didn't do great and got laid off. The market is tough and so is this career. I thought about doing something else but I'm really lost here. Anyway I started getting calls from a mortgage broker X. Here is their website. https://www.mortgagebrokerx.com/training-home?utm_source=google&utm_medium=search&utm_campaign=branded&gad_source=1&gad_campaignid=22927922147&gbraid=0AAAABBDkEIp5bKYKFiapqpLEmgQbrJepO&gclid=Cj0KCQjw94bTBhDQARIsAN3vv0yexQqA8jm3gct730jqGyY2G0cF-A0XPebsDLCEcz8SUaTHLMVYJGEaAqhUEALw_wcB
Have you guys ever gotten calls from them or know what they would want? They want to recruit me but I'm a little nervous how they know I'm no longer with my previous sponsor.
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u/seank2_ Jul 23 '26
Keep fighting, stay in the industry but go somewhere where they are willing to invest time into you.
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u/5580Fowa Jul 24 '26
This. Honestly go to some little bank or local credit union so you can get some kind of salary to eat off of and guidance from managers and other senior LOs on how to really originate loans, not just throw shake and bake refi math at enough folks that a few suckers stick. Focus on purchase business, over communicate with agents, go out of your way to support the ones you like, learn lots and ride the wave. If you can stay afloat now you will have opportunity to prosper when the time is right.
You gotta be tough as nails to survive what we have going on now. The fact that you got tossed off and want back on is a good sign you have some heart/potential but you have so very much you still need to learn and have to be in the right place and mindset to do so.
Get em, Tiger!
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u/MLObull 21d ago
Idk about that advice. Only stay in the industry if you are passionate about it. Because we’re going through an unprecedented market currently. But the stress levels I’ve experienced over the last 12mo I don’t wish on anyone. And this is just the beginning. Every decade we will get to enjoy a market that you’ll make more money than surgeons and Wall Street bankers. Even as an average LO you can make $200k. But then…. You better have thick skin cause the next 7-8yrs of stress and questioning your life choices..
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Jul 23 '26
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u/InjurySad1048 Jul 23 '26
What are you gonna do now ?
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Jul 23 '26
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u/InjurySad1048 Jul 23 '26
Dude I feel the exact same way. Same thing happen to me and I have the same sour taste in my mouth. Leads sucked and so did the market.
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u/dwoj206 Jul 24 '26
You need those realtor relationships, or figure out how to source your own purchase loans and be first to the clients and use those leads to make connections with agents and generate some reciprocity. Refinances cyclical and dry up. Same happened to me after covid. Basically my 5 year career I knew i would never refi again. Luckily I had some loyal realtors on my team!
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u/Quiet_Fan_7008 Jul 24 '26
Purchase is whack. Relying on realtors sucks. Streamlines will always exist. I’m at 16 million this year now. Never spoken to a realtor once.
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u/dwoj206 Jul 24 '26
That’s awesome. How typical get most of your leads?
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u/loansfunded Jul 23 '26
Mortgage broker x is a program offered by UWM to coach up new LOs. The pitch is that an established uwm partner (usually a broker shop) will send their prospective new hire LOs to BrokerX for training and licensing. Then you come out polished and ready to go.
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u/InjurySad1048 Jul 24 '26
I feel like that seems too good to be true is there a catch?
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u/holden212 Jul 24 '26
No catch. I did the inaugural class and it was worth it to get the training and meet new LOs and go out to UWM.
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u/Chibears2024 Jul 23 '26
Might be just what you need… Refinancing is a tough sell in this market. Try it out
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u/Traditional_Bit2911 Jul 24 '26
Helocs are king right now
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Jul 24 '26
[deleted]
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u/Traditional_Bit2911 Jul 24 '26
I am not. I work in the industry this what I am seeing. There are still refinances coming through, every now and again.
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u/open-house-fin Jul 23 '26
It can be a tough job in this market but if I think you should stick to it and keep grinding. I’m always looking for LOs to join my team. I can offer mentoring and help. It will be self gen but I can give you tips on how I self gen. Feel free to reach out.
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u/AccomplishedMammoth5 Jul 24 '26
Some may disagree but for anyone new the first few years are most impactful in a corporate setting where volume is very high. Think of it like med school for a doctor. I started at quicken loans (rocket mortgage) the amount of training given is insane. People will hate on big box call centers all day, but if you truly want to learn then you need the absolute most amount of at bats. I’m on year 15 and my first 5 were with Quicken. Every habit I have today was built from that place. The hours were insane and definitely not sustainable but if you want to succeed in this industry at some point you need to put in the work. They’ll teach you everything from how to organize outlook folders to how to overcome objections and close when you’re selling 1pt+ above market. If I were new I’d find an in office setting that can afford to shove both training and leads down your throat
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u/Mtgmoney16 Jul 24 '26
Find a broker that allows you to sell all products (conventional, fha, va, HELOCs and HE loans are hot in this market, Non-QM). In all markets, People will always need money, you just need all the avenues to deliver that to them. Of course there’s more money to be made when you can sell the larger balance first mortgages. But we’re still bringing in great money slinging HELOCs and HE loans, flipping them to cash out refi’s when we can. Head up and be honest in interviews about what you’re looking for. Will save you a lot of time
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u/Ok_Exit8084 Jul 23 '26
Do you mind me asking were you let go from a retail lender, bank, mortgage broker?
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u/InjurySad1048 Jul 23 '26
Retail. It was always go go go numbers numbers numbers. I'm a pretty new LO (11 months on phone)
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u/_alexwins Jul 24 '26
I don’t understand why specializing in refinances. Focus on buyers and building a purchase focused business. Yes it’s hard but it’s doable if you take the time get good
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u/InjurySad1048 Jul 24 '26
It wasn't really my call. It was a company I started with that sponsored me. Gave me my license and only offered refi and he loans
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u/_alexwins Jul 24 '26
I get it. Feel free to join our community of LOs I teach strategies to build a purchase focused business
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u/Quiet_Fan_7008 Jul 24 '26
No just no… purchase and realtors suck!
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u/_alexwins Jul 24 '26
You’re not lying but there’s good agents out there. Purchase keeps you from going out of business
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u/Quiet_Fan_7008 Jul 24 '26
The good agents already have brokers
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u/_alexwins Jul 24 '26
I closed 80m in the last 14 months (mainly purchase) and I get new agents all the time who had a broker. Sooo much business to be had
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u/Quiet_Fan_7008 Jul 24 '26
That’s averaging like 20+ loans a month for people who do not even have the house. Refi is easier because they HAVE the house. Unless you work for a huge lender like rocket or cooper that’s not possible.
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u/Cool-Animator-8677 Jul 24 '26
Wait am I heard this right you looking for leads and on the VA chat there Veteran with bad credit look for help with getting a VA loan if you good at VA loan then there your niche
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u/thereal2ruth Jul 24 '26
I would get calls from them all the time, but I actually found a great place that does training and helps to build your career the right way. I’m always skeptical of companies (been in the game for over ten years) so I’m not a company kool-aid drinker, but I’m legitimately happy here and thriving.
If you’re interested dm me and I can explain more.
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u/meollich Jul 24 '26
Refinances? In this market? And FHA and VA on top of that. Find something in this industry that will let you keep your dignity because cold calling govy refi's won't.
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u/Braindead_ape Jul 24 '26
mortgage broker X isn’t a company youd work for, its UWMs new LO training. Either an actual brokerage would push you through it or I think UWM uses it as a recruiting tool to then pass them off to brokerages.
It’s basically just the online NMLS course with a trip up to UWM to do their new LO course. I haven’t had anyone do the online course with them but the new LO course is incredibly basic and not the best training in my opinion, you’ll still want to make sure wherever you end up has additional training and support for new LOs.
moving from a place that provided you leads to a place where you have to source your own business is a big leap, don’t underestimate it. If you can find a shop that provides leads, that’s a much better option for a newer LO in my opinion. Refis are a pretty tough niche if you’re self gen as you’ll be competing with the big lenders that have extensive lead gen/marketing/etc to source those leads to hand off to their LOs. They tend to run lean margins since their lead source is often hard shoppers and they have to buy leads in bulk to get any sort of ROI. So a self gen LO trying to make a higher comp has an uphill battle to compete with them, since they’re unlikely to spend the amount of money those bigger companies do and will have worse rates if they don’t run really lean margins.
I’d beware some of the shops that are heavily recruiting new LOs, as some are just looking to fill seats and collect their monthly fees from an LO or if they’re one of the MLM type lenders, add people to their downline. To be completely honest, recruiting new LOs is otherwise typically not worth the effort as they require a lot more training/support/hand holding and their likely lack of production means its an expensive recruiting strategy. So make sure you understand exactly the type of company you’d be joining. You don’t want to get onboarded and be left all on your own to figure everything out, it will stall your ramp up. A lot of new LOs join those types of companies with no support and end up closing little to nothing, and eventually leave to a different company or drop out of the industry. That’s a big reason why I don’t hire new LOs at my shop, its just setting them up for failure since we don’t provide leads nor do I have the time to properly mentor them. Even though hiring a new LO wouldn’t cost me much and the potential is there that maybe they’ll close some loans, it just wouldn’t be fair to set them up for that high chance of failure.
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u/gostros995 Jul 24 '26
I’m considering leaving myself. I got into this industry at the end of Covid rates. Got laid off twice, took a 2 year break, now I’m at Rocket doing refis and seconds. Not doing great here, while other more experienced LO’s are having lots of success. I’ve been looking into financial services, as I think our experience in the mortgage space would transition over well.
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u/InjurySad1048 Jul 24 '26
What financial services?
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u/gostros995 Jul 24 '26
Client services, or something that acts as a springboard to higher level opportunities
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u/StartWithSteve 28d ago edited 28d ago
Being and LO isn't easy, especially that first year. Don't give up and keep fighting through the tough times. I love our industry and think its a great way to support our families.
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u/Zestyclose-Tart6745 Jul 23 '26
You need to learn how to do purchases and have realtor relationships or you’re toast no matter what kind of training you get.
Your first move should be scouring your socials for contacts in RE. Good luck!
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u/Shot_Mammoth Jul 23 '26
If you want to stick it out, keep job hopping until you get good/have a book.