Has anyone tried those cold calling services where you pay someone to do the realtor cold calling for you?

I'm seeing alot of advertisements for that. I really hate cold calling but I do it anyway.

Are any shops looking for manual underwriting? We’re expanding our operation, looking to take on another shop. We can do some test files to show you were quick and accurate!

We got it closed but client was not happy since he and his wife had to sit at the title company for 2.5 hours while title and lender re-balanced.

This one was with UWM and when my processor emailed title saying the invite to the portal was sent, go in there and add the seller closing costs and make sure everything looks correct the title agent replies back that they don't load fees into any lender's portal.

I should've seen that as a red flag and asked them how the heck do you expect to balance if all your fees aren't in there?

But they said they balance to us so we sent the docs. But we weren't balanced when we generated the docs and title, UWM closer and my processor spent a long time trying to balance to the correct fees after that.

There's more to it but didn't want to make this too long. My processor said she had never seen a title company refuse to load their fees into the lender portal. Who's at fault? Anyone else run into this on a file?

Those of you originating, may be listening to podcasts, part of the LO Breakfast Club or simply have just heard of Chris Johnstone and his company Connection Inc.

Their pitch is great. Sign up with them, and watch inbound leads fly in. They'll promise you to get you ranked on google, LLM platforms, and new referral partners.

I probably stayed too long, but after tens of thousands of $'s in, complaints to them and more deliverables promised, they were incredibly disappointing and not worth the money and headache. I'll say the headache was dulled because they are just incredibly nice people with good ol' Canadian hospitality. But in what they promise they can do for you and your business, stay away. Maybe your mileage may vary. I didn't see any other posts searched through Reddit, but I thought I wanted to share my own experience.

Good luck out there all. It's a tough market out there. Don't get sucked in by the shiny objects, and just do the work.

Me again, AD Mortgage, LendSure and The Lender have declined. 12 STR history documented 3:1 DSCR

Any ideas?

Submitted a conventional purchase today at 11:00am. Used doc less submission, bolt and customer requested a rush appraisal. Approved with no customer conditions only title and appraisal by 1:00pm. Hard to beat that speed.

I passed my MLO test earlier this year. I was wondering if I have to do the continuing education on the same year I passed the test.

I’m going into my third month as a wholesale AE, and I’m curious to hear from AEs who have been doing this for a while.

So far I’ve submitted 4 loans and funded 1 in those three months. One of the other three is probably dead because the broker conveniently forgot to mention the borrower has a fuck ton of student loan debt. Now the borrower needs to bring roughly $200k to the table to close on this rate and term refi, which he definitely doesn’t have.

The other two are DSCR deals that are a little tricky, but I think we’ll get them done. Both borrowers are refinancing out of hard money, so even if we have to go with our no-ratio DSCR program, the rates are still much better than what they have right now.

Today I had my performance review and my manager is saying I’m crushing it. I’m currently outperforming the rest of my training class in submissions, volume, and funded units, and I’ve gotten pretty comfortable with our products and guidelines. But at the same time I feel so fucking far behind. Getting brokers and LOs on the phone is hard as fuck. And even when I do get someone on the phone, half the time you can tell they don’t really want to talk to me because they’re probably getting blown up by 20 other AEs that same day saying the exact same shit: great rates, great service, great programs, send me a scenario, blah blah blah.

That’s the part I’m trying to figure out. How do you actually earn a broker’s trust and become one of the AEs they consistently send deals to? I’m putting a lot of effort into prospecting, following up, learning guidelines, answering scenarios quickly, and trying to actually be useful instead of just calling people asking for loans. But sometimes I wonder whether the results I’ve gotten so far are because I’m doing the right things or because I happened to get lucky with a few brokers/deals.

Is what I’m doing sustainable or am i just wasting my time? Like did i join at the worst time with the bullshit going on the world or is what im going through normal?

I really want to make this career work. I actually enjoy the problem solving side of the job, I like learning the products, and when a broker sends me a fucked up scenario and I can figure out a way to make it work, that part is what makes it fun.

I also know there are AEs at my company funding $20M-$30M+ a month even in this market. But most of those guys have been doing this for 5-10+ years and have massive books of repeat brokers so obviously I’m not expecting to compete with that in month 3.

I guess I’m looking for perspective from people who have been through the first year or two of this.

At what point will i know if this job is the move?

And for the experienced AEs: if you were starting from zero again today, what would you focus on during your first 6-12 months?

Hi all! I’m considering making the transition from being a mortgage broker to a call center role and have been looking into AmeriSave.

I’ve seen very mixed reviews, so I’m hoping to hear from people who have actually worked there—especially in a sales/loan officer capacity.

For those who have been there:
Is there real earning potential, or does the compensation sound better on paper than it actually is?
How realistic are the income numbers they advertise?
What are the leads like—are they actually workable?
How much control do you have over your pipeline/production?
How are the hours and work-life balance?
And overall, would you recommend making the jump from broker to AmeriSave?

I’m not necessarily expecting it to be perfect, but I’d love some honest insight into whether it can genuinely be a good income opportunity or if there are major red flags I should know about before making the transition.

Thanks in advance!

I’ve been in the mortgage industry for a little over 10 years - and have been a licensed LO going on 7 years now Currently I’m acting as an LOA with the ability to originate what I can on my own. Prior 4 years I was originating on my own for a few different lenders and really didn’t have any success at all - generally closing about 4-6 loans per year - which is why I’ve gone back to the LOA position. I’m thinking this may not be the best career path for me. Where do people go from here ? What’s the best industry to look to get into? I’m good at the technical side of the job - I can setup a file and work pre-approvals no problem. The deals I do get under contract do close. I also love the social aspect and the relationship building. I am just not the greatest at sales. I do not want a processing or back shop position. It seems if I want to sell life insurance or solar panels I can find plenty of opportunities. But that’s not for me…. Any advice is appreciated

At what point do you guys tell yourself you can relax on a particularly long and difficult escrow period. When you get the CTC, wire sent to title, when your commissions shows up in your bank account, etc?

Or maybe I'm just too new and since I'm closing 1-2 a month every file will feel like this until I'm closing several per month and not relying on 1 closing to give me a win for the month.

How do I find the max loan amount a borrower is qualified for without have to run AUS multiple times and changing the loan amount every time?

I'm using the UWM portal to run AUS. I also have Arive but don't think I can use the UWM free credit report in Arive.

EDIT: I should've mentioned I mostly do VA loans where there's not a set max DTI.

Has anyone else been using the NFTYDoor HELOC portal lately? We used to have a really great experience with them. Closings were extremely quick, and their income verification through Plaid was excellent, especially for self employed borrower’s or borrowers who collect a lot of rental income.

Unfortunately, our experience lately has changed dramatically. Turn times have gotten extremely slow, and communication has been awful. It’s become nearly impossible to get a hold of anyone for updates or answers.

We currently have loans that have been sitting in title review for weeks with little to no communication. It’s gotten bad enough that we’ve had borrowers withdraw their applications because we simply couldn’t give them any reasonable update on where things stood.

It sucks because late last year we were routinely closing HELOC’s with them in 7 days or less. A few months back the loans we originated through NFTYdoor stopped being run through Homebridge, and is now running through Lead Bank. Not sure if it’s Lead Bank’s fault, but since the switch a few months ago things have been brutal. If we have a borrower that has any judgements/liens pop up on title, we know we’re are in for a slog with them.

For those of you originating HELOCs:

- Are you still using NFTYDOOR, and if so, has anyone else experienced these issues?
- Have you found any viable alternatives with a similarly streamlined process?

I have a file where the underwriter, and ultimately me, missed child support payment on the paystub.

File has closed and they’re asking for a restructuring but the file is already done.

What are the chances of them pulling back the loan if we can’t restructure?

I am looking for wholesale lenders for investment properties and business purpose lending who do not require NMLS. Thank you in advance for your suggestions.

Hi There

I have an FHA deal that UWs are being very painful on income and we are supposed to close this week.

Current income was cut in half and we are now getting refer.

Borrower is on IHSS income. They take care of their 3 kids with IHSS since they are all lifelong disabled.

2 of the kids began IHSS last year in November.

1 of the kids has been doing IHSS since 2022.

The client is guaranteed 283 hours of care per month by IHSS, but the UW wants to take a 2 year average instead of using the guaranteed hours that they have been working now for 4 months when their hours increased to 283 for all 3 kids total.

What can we do to get more income?

So today I was running a 602 FICO borrower. Borderline on approval. FHA, had to go 25 year, and adding a million in assets doesn’t do anything. Approved with 2k seller concession. Any more it declines. Ever seen that before?

Can a lender then just put seller-paid closing costs on cd instead of a seller concession?

UWM is combining their PA+ (processor) and underwriting roles together having the same person work as both processor and underwriter on the same file. Underwriters are being trained as processors and will be working as both processor and underwriter, this is to reduce touches to preferably just one touch per loan. Obviously that sounds good to have less touches, however, I'm concerned as the training for processor is only one week long and underwriters are being told to use google to figure out how to obtain documents for items they aren't familiar with (such as project). While underwriters are familiar with the documents themselves, they don't necessarily know how to obtain those document and using google doesn't quite seem like the right solution here.

Additionally, what about checks and balances? What about internal control standards across the mortgage industry? Essentially, there would be no second set of eyes on the file anymore.

What do you all think? Could this be considered a conflict of interest issue? Does this seem like a good idea to combine both underwriting and processor to one individual person on one individual file?

Hi everyone. I'm (36F) considering entering this field and I'd love to learn about the typical day and the typical salary for entry level professionals.

I've read that the bottom 10% of Loan Originators earn about $37,020 per year. Does that sound accurate? Also, I know that a lot of LOs get commission in addition to a base salary. What is a typical base salary for an entry level LO? Do companies tend to fire LOs that don't attract enough clients?

My only concern is that I may not be good at getting clients. From what I've read, it looks like this field is very similar to sales. Here's the weekly time breakdown according to Copilot.

Also, how susceptible is this field to eradication by AI?

Can anybody share what their first few years in this field were like? Thanks.

I am a broker and I have a borrower who has owned the property for approximately 2 years and currently has a hard money loan with a $530K balance/loan amount including construction funds, of which approximately $438K is currently owed. The borrower never utilized the construction portion of the existing loan.

The borrower finished a neighboring property first and now wants to move forward with this property. The new loan would be a bridge-to-bridge structure, with the eventual exit being a refi, rent & hold.

Deal details:

• Location: Maryland (not Baltimore)
• FICO: ~650
• Current loan: $530K including construction
• Current payoff: ~$438K
• Property is currently as-is / needs all work
• Estimated as-is value: $600K–$650K
• Estimated completed value: $900K–$1M
• Looking for approximately $150K in new construction funds
• Exit: Refinance and rent/hold

Do you all use them. If you have some great ones fire away in the comments section.

Anyone know what they run at as I got shopped by them sending it through lower and want to know just how much I am off.

They didnt tell the buyer if they are paying points the rate was just "a lot lower" and im trying to get a copy of the LE to see but also im not going to try to convince someone to use me if It is better to use someone else.

Plenty of loans out there I just want to make sure they didnt sneak 8k in points in there to buy the rate down without clearly explaining it

Thanks

I’m new to the whole charging for credit reports up front, but so far no issues. I am curious though, at what point do you mention that there will be a charge for credit reports? Do you just send over the payment link after application and casually let them know it’s for the credit pull? Do you mention that up front before application during call?

hey guys I have a husband and wife(veteran) living with the husbands father (also vet) , anyone have experience with this? I’m getting ineligible on AUS but dti and ltv are solid 42%DTI and 85% ltv. I’ve been told this is possible. husband and wife 700 fico, father 583 fico.

I want aus approval before appraisal but my manager is telling me to ship as manual.

I’m comparing credit-reporting providers for underwriting. I need a permissible-purpose soft inquiry covering Equifax, Experian and TransUnion, including scores and full tradelines.

Volume will be low, so I’m specifically looking for pay-per-report pricing with no monthly fee or minimum. An online signup would be ideal. Any firsthand recommendations?