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billcreative
65 Posts |
 Posted - 04/08/2005 : 10:41:44 AM
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| I have only been a loan officer for 2 weeks now. I am still training. I was wondering what to expect when I get out there. I know I won't be any good at first, but on average how many loans is reasonable to get when starting out? I don't need a concrete answer but I was just wondering what to expect since I want to make a career out of it, I am in it for the long run. |
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midas
4409 Posts |
Posted - 04/08/2005 : 11:10:51 AM
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| 15 closed per month is a good start, move up from there. |
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billcreative
65 Posts |
Posted - 04/08/2005 : 11:19:58 AM
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| wow, that is awesome. I don't want to get my hopes up, becuase I don't think I could do 15 in a month...but I also don't want to have a negative attitude at the same time. Thank you Midas for the response and I hope I can that many, that would be great. I went on Wed. to see Ron Vaimberg on Philly and I got a lot of tips from him. I hope I can use them effectively. |
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billcreative
65 Posts |
Posted - 04/08/2005 : 11:55:08 AM
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| What are some of the marketing plans that people used when starting out in order to generate business? I need some ides on how to start out getting leads or referrals. Thanks everyone |
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midas
4409 Posts |
Posted - 04/08/2005 : 12:57:41 PM
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| sell 24/7, i eat, drink, sleep, and party selling loans. |
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billcreative
65 Posts |
Posted - 04/08/2005 : 1:05:43 PM
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| yeah but I don't want to make my job my life. I have to take care of myself also by doing things other then work...plus to be honest my girl would be pretty pissed off, lol. But I am going to put a lot of time in this while starting out and learning the business. Plus I just bought a new softail so I like to go riding at nights and on weekends, lol. |
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midas
4409 Posts |
Posted - 04/08/2005 : 1:23:36 PM
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| if you want to be good you have to buy into the product and business. this trade is not a job it is a life style. i have a road glide, a sportster, and a shovel head. i ride plenty and play with my kids all the time. but loans are my life and my personality. do you need a loan, i would be happy to help you out with a free mortgage analysis. |
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billcreative
65 Posts |
Posted - 04/08/2005 : 1:41:35 PM
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| I had a sportster but I traded it in for a nighttrain, which I would up adding chrome to becuase I don't like too much black but I like the stlye of the night train compared to the softail standard. I ike this job becuase of the lifestlye that I can enentually have after I bust my ass, but I don't want to make my life this job. But the more I think about the more I get excited to do this job and make money. I think eventually I will have a mindset like you and make it my life ya know. I could see that happening. |
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midas
4409 Posts |
Posted - 04/08/2005 : 2:28:44 PM
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| right on man, keep on truckin. |
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jeffg
1031 Posts |
Posted - 04/08/2005 : 3:32:29 PM
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Can't help, but, Bill, if you want to be successful in anything, it will take a 100% effort! Just like your girl, don't put in time with her, and the relationship is headed for disaster.
Unlike Donald Trump, the trick to life is BALANCE! I, like Midas, got in this business for the lifestyle of freedom. I NEVER had that at a job. There are too many loan officers, just like realtors, "waiting for their ship to come in." Usually never does!
I wasn't blessed with any money from a rich relative, grew up relatively poor, and won't inherit much from anyone. So, where do you want to spend your retirement? According the the Social Security Administration, you have a 95% chance of being dead or broke at age 65. I'm not going to be broke!
This business is no different than any other. You have to work independently to bring on the success you desire. It comes through Desire!
If you're making all the money that you want, and living the life that YOU designed, then you're successful in my book! The media only focuses on money, but there are other forms of capital----health, spiritual, family, etc.
I have 2 kids and a wife of 19 years----happy every single one of them! Some people make more money than me, but I make what I want and enjoy my life. This winter, I've skied 18 times---ALL during the week, and NOT on "holiday weekends." It's what I wanted to do. This summer---- I'll be doing deals down at the water park in my bathing suit-----why? Because I'd rather sit down there then in an office. Fortunately, this business provides you a chance to be in business with a legal pad, 12-C, and a cell phone----that's all I need!
If one is "getting ready to get ready to get ready," my suggestion, do us all a favor, and read "DO What You Are," by Tieger and Tieger and read "What Color is Your Parachute?" Then, maybe you'll see if this is the right business for you!
Thanks,
Jeff Gruhler
Broker
American Fidelity Mortgage |
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mortgageoffice
34 Posts |
Posted - 04/09/2005 : 4:39:36 PM
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| Determine your Income Goal. Work off of the average $ you think you can make per closing and go from there. Your first month - close 1 loan and build from there. It's great to be motivated and want to close 15 loans per month, but you won't close them until you've learned more about the business: the process, the lenders, the terminology. Suggest you eat, sleep and drink mortgages the first few months: immerse yourself in it- the rest will take care of itself as long as you are sincere in your desire and willing to work a little harder that the norm. Good luck! |
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midas
4409 Posts |
Posted - 04/10/2005 : 10:25:00 AM
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| i dont believe in setting up for failure from the start. i closed 15+ loans per month from the day i started and can prove it with hud-1 and check stubs. if this is the right career for you decide what level you want to be at and go for it right out of the gate. www.getmoremoney.biz |
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billcreative
65 Posts |
Posted - 04/11/2005 : 06:20:21 AM
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| thank you all for the replys, they were great. And thanks Jeff, what you said really made me want to do this job even more. I do want the freedom, and I don't want to make all the money I can, I also want to have a GOOD life...and that doesn't mean make a ton of money to be happy. What good is money if you have no time to spend it? |
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Darin Ferraro
7813 Posts |
Posted - 04/11/2005 : 08:21:59 AM
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I love the saying 'When will you ever HAVE time if you don't TAKE time.'
No matter how hard you work, how much money you make, how many loans you do a month, the above will always be true.
So go for it! |
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mrc
10 Posts |
Posted - 04/13/2005 : 5:58:00 PM
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quote:
Originally posted by midas
i dont believe in setting up for failure from the start. i closed 15+ loans per month from the day i started and can prove it with hud-1 and check stubs. if this is the right career for you decide what level you want to be at and go for it right out of the gate. www.getmoremoney.biz
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kkofl
35 Posts |
Posted - 04/14/2005 : 1:46:16 PM
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Bill,
I have to montras I keep in mind throughout my daily work life:
1. Be Fearless - talk to anyone, anytime about what you do and have cards on you always!
2. Remember the Law of Asking - Never be afraid to ask if you can help someone with their next loan. You may be surprised how well this works.
I'be got two great kids, I study martial arts, I plan on riding again once I get my next Harley bought (that's why I'm in this business perks and great cash).
Have written goals and keep a journal. Find a number in your head that sounds like good income ($200,000 per year). Now take the average $ figure you make on your average loan, if it's $2,500 for instance how many loans will you have to close to earn your dream income (80 per year 6.6 per month). The average loan officer makes approx. $90,000 per year. But that's nothing compared to what rain makers earn.
Refuse to be average. Anyone can get by and pay the bills. But few enjoy life's little pleasures. Remember success breeds success, so stay positive about your business and let people know you are doing well even if you have a slow month. People work with winners!
No is never No, it's simply not now. Never discard a lead simply bacause you get a No. Keep that lead, market to them consistently over time via snail mail and email. Be there everytime they consider refinancing and you'll eventually earn their business.
Market, market, and market yourself. Everywhere you can that makes sense, online, offline at the mall in your gym etc...
Network you butt off. Attend Real Estate professional luncheons. Cold call CPA, Attorney's and financial planners. Market to ten a week for three months you’ll get results.
Keep training. Attend every free seminar form Title and mortgage companies that you can. Find the good ones and get their once a year. The energy in those rooms will do you good and you’ll get plenty of new marketing, sales training and advice. Don’t forget to bring a journal. The last seminar I attended I took seventeen pages of notes in addition to their free handout booklet. Never miss the opportunity to capture a good idea when you hear it.
Never think you are in this business part time. What are you going to do the next time you go to Sturgis and five guys end up talking to you about their current mortgage, say “not now man I'm riding”… Forget about it. Take the business with a smile and keep in touch with them.
ABC - Always Be Closing. Ask for the sale! Most sales require the rep to ask an average of seven times. So ASK!!!
Good luck and welcome!
KK
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philleto
1631 Posts |
Posted - 04/16/2005 : 10:39:01 AM
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Steer clear of the LO's who don't produce. They'll bring you down.
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loanpro
361 Posts |
Posted - 04/25/2005 : 5:51:50 PM
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| Better yet steer clear of negative people period, they'll bring you down! I got a lot better things to do with my time then listen to someone else complain. Unless they want to open up the ATM (take some equity out). |
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jduval2168
1 Posts |
Posted - 04/26/2005 : 08:03:35 AM
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| Hi everyone. My name is Jan and I work for a Mortgage Co in Salem NH and currently in training to become a loan officer and was wondering where I can get free handbooks and materials on what basics I need to know! I want to start preparing myself and not wait for my boss. |
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latunle1
12 Posts |
Posted - 04/30/2005 : 3:26:28 PM
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| greeting everyone, I'm in the same boat as jan and need some good training material. can someone send me some at juanlenoir@successmortgagebrokers.com or point me in the right direction...............juan |
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Darin Ferraro
7813 Posts |
Posted - 04/30/2005 : 8:52:53 PM
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| Checkout out new files section, it has some great information for new los! Click the FILES link above any of these pages. |
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midas
4409 Posts |
Posted - 05/02/2005 : 08:50:44 AM
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| if anyone needs a better job environment pm me, i am currently looking for people in several states to operate above the rest. |
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