Loan Officer Sales Training 5/3/24: Loan Officer Success Stories Part 5

In the fifth installment of "Loan Officer Success Stories," we continue our journey of inspiration and empowerment by showcasing the triumphs of loan officers who have achieved remarkable success in the mortgage industry. Join our host as they share captivating narratives and insightful interviews with individuals who have overcome obstacles, seized opportunities, and made significant impacts in their careers.

Discover the unique strategies, innovative approaches, and invaluable lessons learned by these accomplished professionals as they recount their most memorable successes. From closing challenging deals to building enduring client relationships, each story offers valuable insights and practical takeaways for loan officers aspiring to reach new heights of achievement.

Whether you're a seasoned veteran seeking fresh inspiration or a newcomer eager to learn from the best, "Loan Officer Success Stories: Part 5" is sure to leave you motivated and equipped with the tools and knowledge needed to thrive in today's competitive mortgage landscape.

Tune in and be inspired by the stories of perseverance, resilience, and triumph that highlight the limitless potential within the world of loan officers.

For more episodes visit:
https://themortgagecalculator.com/Page/Loan-Officer-Sales-Training-Podcast

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The Mortgage Calculator is a licensed Mortgage Lender (NMLS #2377459) that specializes in using technology to enable borrowers to access Conventional, FHA, VA, and USDA Programs, as well as over 5,000 Non-QM mortgage loan programs using alternative income documentation! 

Using The Mortgage Calculator proprietary technology, borrowers can instantly price and quote thousands of mortgage loan programs in just a few clicks. The Mortgage Calculator technology also enables borrowers to instantly complete a full loan application and upload documents to our AI powered software to get qualified in just minutes!

Our team of over 350 licensed Mortgage Loan Originators can assist our customers with Conventional, FHA, VA and USDA mortgages as well as access thousands of mortgage programs using Alternative Income Documentation such as Bank Statement Mortgages, P&L Mortgages, Asset Based Mortgage Programs, No Ratio CDFI Loan Programs, DSCR Investor Mortgages, Commercial Mortgages, Fix

The Mortgage Calculator is a licensed Mortgage Lender (NMLS #2377459) that specializes in using technology to enable borrowers to access Conventional, FHA, VA, and USDA Programs, as well as thousands of Non-QM mortgage loan program variations using alternative income documentation!

Using The Mortgage Calculator proprietary technology, borrowers can instantly price and quote thousands of mortgage loan programs in just a few clicks. The Mortgage Calculator technology also enables borrowers to instantly complete a full loan application and upload documents to our AI powered software to get qualified in just minutes!

Our team of licensed Mortgage Loan Originators can assist our customers with Conventional, FHA, VA and USDA mortgages as well as access thousands of mortgage programs using Alternative Income Documentation such as
Now I've gone through some ofthese before just because some
of these I'm pulling out for anexact, you know, purpose.

(00:22):
Right.
But obviously tons of othersuccess stories not to take
anything away from any of theother loan officers who are you
know, doing great right now.
Right.
Then if I didn't pick yourscenario to talk about, that's
totally No guess nothing againstyou, right?
So, okay, let's do this here.

(00:42):
Let me change my screen here.
All right.
So, MLO success stories.
Now, the MLOs who have successparticularly at the mortgage
calculator, right, obviouslyI've been at other companies,
but within our framework and ourmodel and our team and our

(01:03):
company the people who havesuccess, they do one thing more
than anyone else.
Which we talked about yesterday,which is make calls.
That's, that's typically thedifference, right?
You can really usually look atthe activity there on the
website.
And if we look down the list atwho's making the most calls,

(01:27):
they're typically the people whoare closing the most loans is a
direct correlation, right?
So that's how they're gettingthere in the first place.
For the most part, right?
And a couple of our loanofficers are very realtor
focused.
And so they do well, but most ofour loan officers are pretty
interested in leads becausethat's what we do here at the
mortgage calculator.

(01:47):
So we don't have as many kind ofrealtor based loan officers as
most companies may.
We have a lot of lead based loanofficers.
And so very important to justknow that the ones that are
having success.
Are the ones that are makingmore calls.
It's really not too crazy of aformula, right?

(02:09):
We all know what we need to do.
We just got to get out there anddo it.
We what we don't want to do isspend a bunch of time trying to
do whatever else we can to getaround it.
There's some like funny memesand stuff of.
You know, but both loan officersand realtors, funny, you know,
memes out there about it of youknow, trying to make a hundred
tick talk videos that instead ofjust picking up the phone and

(02:32):
making calls, right, like tryingto do this and that, and find
these ways to circumvent nothaving to pick up the phone and
make calls, but there's nothingthat's ever going to certain
picking up the phone and makingcalls.
So when we talk about these MLOsuccess stories, just, these are
just examples of.
like some deals so that I cantalk about some lessons for
them.
But just know the reason whypeople got the deal to this

(02:55):
point is typically because ofmaking more calls.
Okay.
First one, if you've been at themortgage calculator, you've
heard about this story, but Icannot do a little success story
training without talking aboutthe best example, maybe ever in
the mortgage industry.

(03:17):
Of an incredible success storythat anybody can accomplish
that, that, that our loanofficer, Mike Vasquez went
through.
Right.
So he's, he's still a loanofficer here.
And back a couple of years ago,when Mike first joined our
company, he was brand new,right?

(03:37):
Never done a loan before we, wewere the first company he ever
worked for.
In his first three months as aloan officer of working for us,
he closed almost 5 million, 4.
8 or whatever it was, almost 5million in production and in 90
days, right?
Which is just absolutely insane.
Now.
Keep in mind, this was not whenrates were super low.

(03:59):
It's, it wasn't, you know, ratesweren't as high as they are now,
but this was not during like theCOVID heyday of, you know, super
low rates.
Right.
And so, you know, rates hadalready started to rise and
stuff.
So it wasn't like a gimme,right.
But the biggest lesson here withthis, and I try to hammer it
home all the time.
If you've heard this examplebefore.

(04:20):
Remember that like whatever itwas 3.
5 million or something like thatof that 5 million was from one
client and he had to call thatclient eight times before the
client gave him a shot.
Right.
And so he just kept followingup, followed up eight times on

(04:42):
the eighth time he called thegentleman said, Hey, another
lender just fell through today.
I'll give you a shot.
He ended up doing the loan.
He ended up consulting with youknow, his team leader, which was
actually Jose himself at thetime.
And he did the meetings.
He went and looked at theguidelines.
He, you know, did all of thework and he did a great job.

(05:03):
So then the gentleman used themtwo more times.
And that gentleman owns like 12properties.
A bunch of them are like multimillion dollar, but they were
like really expensive Airbnbproperties.
Right.
And so he ended up doing a fewmore loans, which equaled, like
I said, maybe 3.
5 million or something like thatof that.
Almost 5 million.
The other two clients that heclosed were our leads too.

(05:28):
So keep in mind, these were allcompany leads.
So Mike came in as a brand newloan officer, never done a loan
in his life, never workedanywhere.
First 90 days, closed almost 5million in three months with
zero business of his own.
100 percent company leads.
Company business, right?

(05:48):
Now, if you, if he didn't followup eight times, he wouldn't have
any of that money, right?
He wouldn't have any of thatproduction.
And so it's extremely importantto make sure that you follow up.
We talked about that justearlier this week on the follow
up training.
It's just, you would, you neverknow what you are missing out

(06:08):
on, right?
Like Mike could have never knownthat he would have done millions
from this one person.
If he only followed up seventimes.
So when we talk about a lead isforever on all these lead
trainings, that's exactly whatwe mean is you never know what's
going to happen or what's goingto change.

(06:29):
So Mike's calling the person.
They're not answering.
Oh, well, this person must notbe interested.
I'm not going to give them acall again.
But something changed when hehad called him, Mike, didn't do
that.
He said, I'm going to keepsetting a reminder task to call
him every week, you know, givehim a call.
And it paid off big timebecause.

(06:52):
Again, things change.
So even people who may say notready or don't want to do it or
people that just aren'tanswering, whatever it is, you
never know what changes andsomething changed that exact day
that Mike called him.
So if Mike had set a task for amonth out to call him 2 months,

(07:12):
3 months.
Then this wouldn't happenbecause the gentleman would
already done these transactions.
It was because he kept setting afollowup task for like the next
week and just following up, youknow, pretty aggressively in
until he ended up calling him atthe right time.
Another great example here, fiveloans from one Facebook comment.

(07:32):
We talk about this on theFacebook groups training that we
did.
You know, one comment on a groupPost 1 person saying, hey, this
is my loan scenario and then uscoming and saying, hey, you
could use a loan for this, butsupernatural and then didn't put
a business card and didn't put aflyer or link or anything.

(07:56):
Just genuinely commented saying,hey.
This would be a DSCR loan wouldbe perfect.
And then the woman, you know,messaged us and said, Hey, well,
can you do a DSCR loan?
And how do we do it?
And we ended up getting fiveloans from that one person.
And then now that, that personis still referring us deals from

(08:17):
other people.
We literally are still gettingdeals from them.
They're now Hooked up with oneof our loan officers and they're
referring the loan officerdeals.
So one genuine Facebook commentturning into five different
loans.
And then now a bunch ofreferrals, five loans from that
one person.
Now we're getting referrals fromthat person.

(08:39):
And then another example here,two referral loans from a non
customer, right?
So we have loan officers thatare getting multiple.
referrals of loans that theyclosed that were referred to
them by customers they neverclosed.
This is the flywheel we talkedabout, right?

(09:01):
We talked about this on theflywheel training.
You can turn non customers intopromoters is what the flywheel
calls it, but essentially refersto us.
That's what that means, right?
So That's real life examples ofthings that are actually
happening of the same loanofficer from the same customer.

(09:21):
That's a non customer, the sameperson that they didn't do a
loan with referred them topeople that they did do a loan
with.
So that also goes back to whatwe talk about on the flywheel
training.
Nobody is wasted.
You're only wasting your timemaking calls if you're choosing
to waste your time.
You could talk to a thousandpeople.

(09:43):
Well, let's make it realistic.
You could talk to a hundredpeople that day and nobody's
ready to go.
And you think, wow, I justwasted my whole day.
Well, no, you only wasted yourwhole day if you were throwing
people away and not, you know,trying to talk to them and form
in relationships and you know,providing knowledge to them.

(10:04):
And these, these are the typesof things where they're not only
going to remember you and cometo you when they're ready, but
they're going to.
Refer people, right?
So we got to make sure that westay on top of that.
It's only a waste if you wastedthe time, but if you went
through, you did your thing, youdidn't throw people away or
throw them to the side again,this, this, however much 50, 60,

(10:29):
000 in his pocket or whatever itwas that Mike made.
You know, he, he could have notmade it if he didn't you know,
stay on top of it.
Right.
So if he had thrown the guy awayand said, oh, the guy said he's
not ready, you know, and thereason why I keep harping on
this is because I see so manyloan officers out there that are

(10:49):
just, you know, Just trying topick the low hanging fruit,
right?
And they throw everyone elseaway when this, in this scenario
here, Mike would have lost outon a bunch of money if he threw
the person away, cause hewasn't, you know, answering the
phone or wasn't ready to win thefirst time he talked to him or
whatever, and then now he'smissing out, you know, on 50

(11:10):
grand in his pocket or whatever,just because he was looking for
the low hanging fruit.
But that's not what Mike wasdoing.
Mike was going through themotion.
And going through the system andworking the system and if you
work it then It works and thenthe same thing here with the two
referrals You know if we takethat non customer and we're just
like, oh, whatever they're not acustomer i'm moving on to the

(11:31):
next one Then we don't end upgetting two referrals which are
layups Right.
The referral of referral from acustomer or non customer is a
layup.
And so, again, that's it's soimportant to make sure that we
do our job time and time again,day in and day out, and we do it
the same and we do it happilyand respectfully.

(11:56):
And we treat everyone the sameand with respect, and we don't
ever just kind of like throwpeople away or, you know, just
move on quickly.
I just want to get rid of thisperson.
Cause they're not going to putmoney into my pocket right this
second.
You know, that's not what we'redoing.
And then just the other daysomebody closed a million dollar

(12:17):
loan that was their.
First loan.
And it was from a company lead.
And so that's just a greatexample of, you know, here at
the mortgage calculator, youdon't necessarily need.
And when I say first loan, Imean, first loan as a loan
officer, not their first loanhere.
Right.
So that's one of the thingsthat's great.

(12:38):
I hope that, you know, peopledon't take it for granted that a
brand new loan officer couldcome in with zero contacts or
business of their own.
Take a company lead, do amillion dollar loan for their
first loan ever, you know, makea 15, 000 commission for their
first loan ever.
And, you know get that, thatconfidence going as well, get

(13:01):
that experience.
And that's not going to happenat any other company, right?
Other companies are not givingmillion dollar leads to brand
new loan officers who've never,Even going through a low, but
the mortgage calculator, we havethe support that you need so
that when you get those leads,just make sure to use the
support, the knowledge center,the training center, the team

(13:22):
leader, the sales manager.
And at the end of the day, we'llget the thing across the finish
line, just like it was here,right?
When again, when Mike did allthat volume, he was brand new.
So not only did he do all thatvolume and make all those calls
and the follow up calls andstuff, but he was meeting.
To actually do the loans.
Right.
So he met with Jose over andover learning how to do the

(13:46):
loan.
Right.
Cause at the time Jose was his,his team leader.
So, you know, it's, it's justreally important that you take
advantage of the leads and workthe leads and just know that,
you know, you're not going to.
Get other opportunities likethis to close your first loan

(14:07):
ever to come into a company withno contacts of your own with
without any business ofyourself, right?
Other companies are onlyinterested in whatever business
you can bring them right out ofyour network.
You're not going to find a placethat's going to let you come in
and give you a million dollarlead that ends up closing for
your first loan ever as a loanofficer and provides enough

(14:28):
support to get you through thatfirst loan.
Actually originating that loan,which again, we did up here with
Mike.
I mean, imagine how much supportMike needed for a brand new loan
officer knew nothing about loansto close 5 million worth of
loans in three months, and we'retalking about, you know, short
term rental DSCR loans and stufflike that, while, while the DSCR

(14:49):
loan is easy, a short termrental DSCR loan is usually not
as easy.
So especially for like a refi,which he was doing.
So.
Very important.
And with that being said, I, Iwant to keep these short again,
cause we do them every day.
So just a couple of greatexamples there to go through
hopefully some motivation andremember this million dollar

(15:10):
loan here.
This is right now.
In this climate.
So I, I keep trying to preach.
There's deals going on, there'sdeals to be done.
And remember, most of our leadsat the mortgage calculator are
investor leads anyways, which isa totally different game.
Investors at times are sittingon the sidelines, but a lot of
the times when others aresitting on the sidelines and

(15:31):
rates are higher, investors arebuying even more stuff, refining
stuff to buy more stuff.
So just keep in mind,especially.
Especially at the mortgagecalculator, there's still
business being done.
There's still business to do.
There's still leads to call.
There's leads to convert and thepeople are doing the

(15:52):
transactions.
And so, you know, again,somebody just did their first
loan ever million dollar, 15,000 commission, first loan ever
in this climate.
With these rates but it didn'tmatter because they hit the
phones, they got the lead.
They did what it takes toconvert the lead.
They met with their team leaderand did what it takes to close
the lead.

(16:12):
And you know, now they are offand on their way to, you know,
becoming a Experience loanofficer.
So thank you everybody fortuning in.
I, I don't see any questions.
I appreciate it though.
Remember we do this at 12 p.
m.
Eastern every weekday where wego through the front end and the
sales end of the mortgagebusiness.
So we will be back next week.

(16:33):
Everybody have a great weekend.
We'll see you Monday, 12 p.
m.
Eastern for the next episode ofthe loan officer sales training
with the mortgage.