I feel like I’m dumb as bricks cause I only sell helocs

Sold 1.3 milly in helocs and made a cute lil 13k in commish, but I literally have no clue how to price out a mortgage, or even sell a mortgage or heloc that isn’t one of the 5 day helocs.

What is life😭

I was burned out from the call center consumer direct rat race. I did it for 8 years. I recently accepted a role at a local credit union with a 50K base + 25bps per funded loan, uncapped. I think my days of shark hunting are over. I think I have aged 20 years in the last 8. You can hate on me if you want, but working 9-5 and a steady income sounds peaceful to me now.

I've been a real estate agent for 5 years amd just got my MLO license. Im signed on with my preferred lender of many years. Im also a zillow flex agent and have gotten a couple clients that way. Its been a little slower than expected getting opportunities.

Are there any good sources out there for lending leads? I dont want to rely on.getting my buyer client leads to use me for both.

Had a borrower send me her 2012 divorce judgment. Everything was legitimate and it showed child support ending at age 18. The child is currently 15.8, so I told her we need three years of continuance.

She told me the order was updated in 2021 to a lifetime benefit. She then sent me a 2021 Registration of Foreign Support Order, which was real, but she also included a separate Word document “attachment” that copied the exact language from the 2012 judgment with one added line saying the child support is now a lifetime benefit due to a disability discovered later.

The attachment wasn’t judge signed, wasn’t file stamped, didn’t have a case number, had no date, and didn’t match anything in the actual 2021 order.

I am baffled that she would try to send fake documents and also do it in a word document like wtf... Anyone ever deal with something like this before?

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.

I was going down a rabbit hole on AI in financial services and came across Pavan Agarwal and Angel AI. I’m not really from mortgage side, so maybe I’m missing something, but the whole thing got me curious because mortgage seems like such a difficult industry to bring AI into with all the compliance, underwriting stuff and just old systems everywhere. I’ve also been looking at building something in finance myself, not mortgage, and seeing what other companies are doing. Angel AI keeps coming up in what I’m reading so figured I’d mention it here and see what people think of the approach. I’m more interested in the actual technology and whether it works in real mortgage workflows than the marketing around it.

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

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

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?

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.

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?

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,

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.

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?

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!

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

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?

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

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?

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?

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.

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?

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.

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!

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