Senior Mortgage Loan Officers, books and coaching
Lender · Lake Geneva WI, USA · Member since 2023 · 141 posts · 72 votes
Senior Mortgage Loan Officers, books and coaching
Most Popular Reply
Lender · Charleston, SC · Member since 2019 · 1k+ posts · 1k+ votes
1yQuote 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.
10 Replies
- Lender · Nashville, TN · Member since 2024 · 700 posts · 284 votes1y
Are you licensed NMLS?
I would go work for a broker/direct lender on a volume basis.You learn by DOING.
Get a job in the industry and put in the work.
- Lender · Lake Geneva WI, USA · Member since 2023 · 141 posts · 72 votes1y
Quote from @Brandon Croucier:
Are you licensed NMLS?
I would go work for a broker/direct lender on a volume basis.You learn by DOING.
Get a job in the industry and put in the work.
A truly inspiring response Brandon, thank you for your insight.
- 1yErik EstradaBusiness MemberLender · Member since 2022 · 6k+ posts · 1k+ votes
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.
LuxePrivate Investments LLC 572 Reviews- Lender · Charleston, SC · Member since 2019 · 1k+ posts · 1k+ votes1y
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.
Very accurate.
- Lender · Lake Geneva WI, USA · Member since 2023 · 141 posts · 72 votes1y
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.
- 1yErik EstradaBusiness MemberLender · Member since 2022 · 6k+ posts · 1k+ votes
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.
Shadowing definitely helps. Maybe starting out as a Loan Officer Assistant. This is very much a learn as you go style of business and you are constantly learning and improving.
LuxePrivate Investments LLC 572 Reviews - Lender · Charleston, SC · Member since 2019 · 1k+ posts · 1k+ votes1y
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.
- Lender · Lake Geneva WI, USA · Member since 2023 · 141 posts · 72 votes1y
Quote from @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.
Thank you for your recommendations
- Lender · CT · Member since 2023 · 21 posts · 8 votes1y
@Jacob Thorpe most of my training came from the trenches. Go to your local REIA and chat with the true investors there, you may not get deals but will gain knowledge.
Go to the industry conferences and seminars too.
If you work with others collaborate. I have two strategic lending partners, we each have different skills, share most, but not all deals, and learn from each other almost daily.
- Lender · Lake Geneva WI, USA · Member since 2023 · 141 posts · 72 votes1y
Quote from @Marc Walowitz:
@Jacob Thorpe most of my training came from the trenches. Go to your local REIA and chat with the true investors there, you may not get deals but will gain knowledge.
Go to the industry conferences and seminars too.
If you work with others collaborate. I have two strategic lending partners, we each have different skills, share most, but not all deals, and learn from each other almost daily.
Marc, thank you for the solid reply. I thrive in the trenches, but here is the thing.. you've had to read at least ONE book that helped you out?
Here is one I just bought on amazon "Millionaire Real Estate Agent"
So, yeah.. obviously that is not lender specific... but if I can glean knowledge from this book about the agent side of the industry surely I can apply SOMETHING to MLO? At least in terms of agent networking, understanding their needs, and how to fulfill them.
Just as well, I will admit, I have found pretty much no books regarding MLO!! I have though, all the PDF's for RESPA, fed regs etc and the various loan types and regulations, and then my sales and marketing background and background running investments already can apply to matching leads, understanding their wants and needs, with available loan products... etc..
I like to read, I like knowledge, I almost like it more than money.. I come from a tech background. Maybe I am wasting my time and should just be building Ai robots for world domination or food delivery.
Answer me this.. do you find any satisfaction being in a state of knowing? A customer walks in, a potential investor passes you their card, you get to talking, and you have the answer that can fulfill this persons financial needs. You can make them big bucks, you can get them their house, their loan, whatever... You can make them big money or change their life in the way they've been dreaming, and get a piece along the way. For me, I am almost just as satisfied having this person be "wowed" than the commission and I will fanatically spend more time arguing methods than I will fighting for deals. Maybe I am just strange
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