Senior Mortgage Loan Officers, books and coaching

[Jacob Thorpe]

What books do you recommend for syndication, financing, and lending? 

For those who are senior in their career as a mortgage loan officer, what books helped you get where you are today? 

Who are the current top dogs doing coaching who are more than just gurus? 

What was the tipping point in your career where you went from closing one or two loans a quarter to crushing it every month?

[Patrick Roberts]

Quote from @Jacob Thorpe:

Quote from @Erik Estrada:

Quote from @Jacob Thorpe:

What books do you recommend for syndication, financing, and lending? 

For those who are senior in their career as a mortgage loan officer, what books helped you get where you are today? 

Who are the current top dogs doing coaching who are more than just gurus? 

What was the tipping point in your career where you went from closing one or two loans a quarter to crushing it every month?

 No books needed other than learning each lender's guidelines. 

You do however need the following traits to survive. 

1. Patience

Realtors blowing up your phone, title companies not doing their job, and underwriters wanting to be spoon fed every bit of information. There is a lot of lazy people that do not work at the same pace as you and sometimes you just have to toughen up and get things done that you normally wouldn't do. You have to be patient and bite your pride ALOT. 

2. Ethical

As an LO, you have a lot more power than you think. Once you have the "know how" in the industry, it will be very easy for you to do some shady things. Don't do it. It's not worth your license and reputation. Use this skill instead to help people get financing, that absolutely need it. 

3. Ability to build relationships with lenders and clients

Your lenders are your money supply. Keep them happy and well fed and they will help you out a lot. A lot of novice brokers/LOs treat their reps like garbage and expect them to close in 10 days. You are just a needle in the haystack. Make sure your reps love your business and treat them kindly. 

Your clients are your survival. Don't think with your greed. Sometimes you have to do some loans for free. Especially if you messed up. Sometimes the lender will drop the ball on you, and you still have to "take the hit". It is what it is. You have to think long term, as if you really show your clients you are not in it for just for a paycheck, they will respect you and provide more business or referrals. 

4. Ability to wake up Mon-Fri at 5am 

You HAVE to wake up early if you want to be successful. Sometimes you have to do the extra work early, so your workflow is smooth sailing throughout the day. 

5. Do not rely on processors. 

They are great help, but do not rely on them to do all the work for you. You should process your own loans when you start out so you can have a thorough understanding of the process itself. Your clients will love you for it. 

6. You have to think like a stoic

Whatever happens, the market changes, your rate lock expires, the closing date past, your client is angry at you, you are not getting any updates from the lender, etc.. you have to remain calm. If you easily get mad or frustrated, you won't survive. 

 I understand what you are saying on the Ethos of operating as an MLO, what I am in search of is the Logos, or the logistics and details of the operating procedure. 

 There are a couple books, podcasts, and youtube channels that provide some insight. That being said, you really need to pick a particular area that youre trying to improve in - sales, lead gen, processing, structuring, etc. Resource recommendations for lead gen wont be of any use if your trying to improve underwriting. 

Lastly, a lot of this stuff is learned by doing, as the others have said. There really isnt a book that will help you get better at processing or underwriting or whatever unless you already have some context and experience so that the more detailed info can make sense. Im not sure where youre at experience-wise, but a mentor is probably youre best bet. 

There is a series of books called "Be the Better Broker" written by a Canadian mortgage broker that I thought was particularly insightful for me. It will help with mindset, philosophy, etc. 

Most MI companies offer free training that is "in the weeds" when it comes to Ops stuff like processing and underwriting that is available to all MLOs. MGIC, Essent, and National MI have a ton of stuff if youre looking for technical things like this. 

Most of the paid coaching programs are inspirational guru shops whose training ultimately boils down to "cold call fifty realtors an hour every hour for the rest of your life." That being said, Mortgage Marketing Animals and Core seem popular.