New Mortgage Loan Originator - 3 Challenges to Understand

I'm taking you on my journey as a new mortgage broker, it's been a roller coaster so far but I'm learning. If you're a new mortgage loan originator, these are some things to look out for.
Mortgage Loan Originator Classes & CE:
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Apply for a mortgage loan here:
1752164.my1003app.com/2096424...
Real Estate Rebate:
miamirebaterealestate.com/

[@MortgageMike305]

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[@BuySellWa]

I'm a realtor turned MLO also! Thanks for the video. It's definitely a different learning curve but I love it! Best of luck to you!

[@youme1614]

Hey friends! Video starts at 1:33 Enjoy! For all of you who are coming back to the video to watch again you can skip through watching Mikey drive? Best of luck to all!

[@AliciaCoxMedia]

Thanks for your video, I too am a real estate broker and a mortgage broker. It is challenging to learn the other side, you are so right. You touched on a big nerve.

[@MortgageMike305]

Thanks Alicia, how’s it going for you?

[@AliciaCoxMedia]

@@MortgageMike305 To be honest, I wanted to quit but if it were not for my low overhead, I would have done it. So I'll stick around to see what comes. On the lighter side, I have done a few deals with the wholesale lenders help. I found it more beneficial to work as a mortgage broker (my own shop) as opposed to working as an LO under someone else's brokerage. Harder to set up and run but well worth it.

[@moniquehassell8307]

Good afternoon, I agree about support. I have been licensed for almost a year. I was with one of the top companies in the industry., and was promised not only a sign on bonus, but all the support that I would need..........none of that happened. I have been eager to get into Originating, but I don't have a clue as to how to begin. My career has always been in the medical field, and I want to transition into something that is more flexible for retirement.

[@naturallynirvelli]

Congratulations! I just got my license a week ago, so I’ll be following you!

[@MortgageMike305]

Thanks Nirvelli! Hopefully I can provide some value for you 😎

[@thatmortgagechicfye8674]

Congratulations!!

[@1Donwave]

Have you closed a deal??

[@w0lf864]

Such a great synopsis for beginner MLOs…thank you!!

[@MortgageMike305]

Anytime ‼️

[@debbiethomas2622]

I'm glad I found your site. Git my license a couple of months ago. Thank you.

[@MortgageMike305]

You’re welcome, Debbie🙏🏽

[@judiecollins7128]

Wow..... refreshing video. I've got over 30 years in real estate (broker/owner, sales, sales management, etc etc) but moved from Vegas to TX and decided to not get my RE license but instead my MLO. Passed a few months ago, first time, but YIKES! Finding a company with .... as you said.... both technology AND human support is not easy. And doing it all remotely is another challenge. The company I'm with has great technology (although they are using Encompass & I use a Mac.... I had no idea a Mac wasn't compatible !) but so far there's not a lot of human assistance. Thanks for this video. I wish you the best in your endeavor!

[@MortgageMike305]

Hey Judie, it's a grind.. especially right now! Let me know if I can ever help you!

[@gypsybrowz]

Great info. The company i was just signed with uses compass but i have began… I’m glad you mentioned to explore other companies first. Thanks for awesome feedback

[@MortgageMike305]

Anytime! Good luck 👍🏼

[@debbie6533]

Yes, precision is everything. Most of all, don't get mad as you will have frustrating days

[@ScottyMedina]

Good info buddy. I’m studying for my NMLS and this is good future knowledge.

[@MortgageMike305]

Thank you, Scotty! Good luck on the exam, study hard.

[@dsrtbeauti1977]

This is great info. Thank you 🙏

[@MortgageMike305]

Anytime🙂🙂

[@sunnydays3155]

Very Informative. Thank you

[@MortgageMike305]

You're welcome!

[@annierivera9008]

Hi Michael! Great video 😊 I am a newly licensed MLO in NY (2*22*2023) I took my exam back in September 2022 and passed it the first time😊 Can’t wait to get my first deal

[@MortgageMike305]

Congrats, Annie 🥳🎉

[@LissetteLissie]

Thank you for this video.

[@MortgageMike305]

You’re welcome 😎

[@keeshametcalfesouthwestflo4540]

I am also a Realtor who was recently licensed as an MLO. I agree with you regarding the support....it's very important!

[@MortgageMike305]

Thanks Keesha‼️How’s it going for you?

[@keeshametcalfesouthwestflo4540]

@@MortgageMike305 still waiting to make my first loan. Getting support has been like pulling teeth. However, I don't want to jump ship too soon. Perhaps I'm just having teething pains. Hopefully after my first deal, I will feel better.

[@scottlauraosborn2615]

@@keeshametcalfesouthwestflo4540 Hi Keesha! You shouldn't have to struggle to learn this industry. We are located in Florida and would love to connect with you to possibly sponsor you!

[@jordanmartinez4633]

Great tips but I especially like tip #2

[@MortgageMike305]

Thanks Jordan!

[@aarongriego3802]

Wow great Video. I had a similar experience with a California company.

[@MortgageMike305]

Thanks Aaron🙏🏽

[@user-vf5ff5jp2p]

I really appreciate you sharing your journey before you found great success. It's nice to see someone kinda going through some of the trials and tribulations that are out there in this market. I'm a real estate investor still studying for my MLO exam and this was refreshing and informative. I see all the success stories but never the journey and some of the hiccups one might run into on their way to the top. Thanks for sharing. I will be sure to vet my company as much as possible when I get licensed.

[@MortgageMike305]

Absolutely, glad I could help. Good luck and much success 🙏🏽

[@apriljoixrush]

I just got licensed as well. Good advice

[@MortgageMike305]

Thanks April, what state?

[@apriljoixrush]

@@MortgageMike305 Texas / Located in Houston.

[@UniversalMysticsOfChrist]

Do you have to have good credit to get a MLO license?

[@andrewyanni278]

How are you doing with the mortgage market? Are you able to do 3-4 a month doing both the real estate and loan portion. It can get hectic when you're the contact for everything. I work with people like you and they have an issue scaling. Most I know are just doing it to make the extra money but if you're working with a good LO its worth it to drop being the LO as there is more money in real estate.

[@paultexasusa1366]

What type of bank or direct lender should I work at just to learn the business? I just wanna gain experience I don’t want to source any deals right now.

[@ScholarHTX]

Thanks for the video! I’m a social worker but looking to get into a side hustle what do you think? I don’t think selling homes right now is a good spot for me!!

[@MortgageMike305]

Always a good idea to get licensed. But it does require a lot of work to generate consistent business 🙂

[@June-cr2xb]

How can I take my name of a refinance loan???

[@VenV]

I’m 19 and making a decision early on to escape the rat trap and I need to make the most money I can to escape. I’ve already worked a couple normal jobs from 16/19 years old and know it’s just a cycle of getting a check and reneeding it again because you don’t make enough. but this is an investment in my time and money, If I want to escape and get financial freedom I have to go through with it. I know you can make a lot of money with loan origination, do you think it’s smart to go all in from a young age or work in the meantime

[@SuccessMediaSolutions]

Absolutely! You'll be way ahead of a lot of your peers professionally and in life 😎 Go for it‼️

[@MortgageMike305]

Absolutely ‼️ Go for it.

[@VenV]

@@MortgageMike305 im tryhing to buy the course to learn to take the test and pass it, do you know the best course or the link to it?

[@Caribbean_King]

Nice to see a fellow black man putting himself out there! I'm gearing up for my test soon. I'm located in Pittsburgh but I eventually want to make my way into Florida and the Virgin Island markets. I'm going to take the bank route first. I need that stability before I run with a commission only brokerage. I appreciate your visibility and hope to work with you one day! ✌️

[@MortgageMike305]

Thank you, brother! Best of luck with your test, study hard.

[@kcluke]

Hi Michael. I am also a real estate broker in GA, got my MLO in 2021, reached out to a couple of companies and they insisted that I inactivate my real estate license. I wasn't prepared for that response. What mortgage brokers are there that don't view the two licenses as a conflict? Do you have a video discussing that issue?

[@MortgageMike305]

Hey Karen, great question. I never had that issue with any of the companies I worked with. But I might do a video discussing it, do a search online and I’m sure you’ll find many that don’t have a problem with your realtor license 😎

[@KennethMarohn]

mike can u share the name of the CA company in worked with. I am new mlo and was approached by CA company that I don't have a great feel about

[@georgelopez16]

5 star video

[@MortgageMike305]

Thanks George ‼️

[@thatmortgagechicfye8674]

I just subscribed!! Your content is good!! I’m a new KZbinr with a common interest.

[@MortgageMike305]

Excellent 🙏🏽 Thank you

[@Yakster27]

What advice do you have for someone wanting to become an mlo in 2024-2025?

[@MortgageMike305]

Get the license, interest rates are getting better.

[@melissadavis5137]

Hi , Im still trying to understand the company, Got my license a year ago and been with 3 companies, no deals yet. But I agree its very confusing to get the support

[@MortgageMike305]

Hang in there, Melissa. The most important thing is to advertise so you can get deals coming in.

[@melissadavis5137]

@@MortgageMike305 how do u advertise?

[@MortgageMike305]

@@melissadavis5137 KZbin, Facebook and IG advertising campaigns, they're very effective for generating leads. I also run a marketing firm.

[@apriljoixrush]

Do u have any recommendations on companies that start you off salary based ?

[@MortgageMike305]

Most brokers won’t offer a salary, you can try a bank or credit union for salary positions 😎

[@rhondacrowe2342]

Summit financial. My start date is 6/25 Minimal base salary then .25 basis points per every $100,000.

[@sutenTaHotep]

If you could do it all over again which license would you have pursued first?

[@MortgageMike305]

Great question! MLO without a doubt.

[@UniversalMysticsOfChrist]

😍

[@19Mackie]

Can you still get your MLO license if you charge with Domestic Violence ?

[@MortgageMike305]

Depends on your state, I think it's case by case. Apply and disclose everything.

[@JeffHronchek]

Its been a year since you posted this. How is it going? Are you still with the same company? How many did you close that first uear?

[@MortgageMike305]

Great questions, Jeff. With the same company, they’ve helped tremendously in my growth. I’m approaching $5M in closed loans and in the process of launching my own mortgage brokerage 🙌🏼

[@1Donwave]

Have you closed a deal?

[@MortgageMike305]

I have, including this one : kzbin.infozyGopplKf-w?si=ojVd64rjHOOFHI8m

[@jrheller]

Hey man let’s talk! I just started a mortgage brokerage. I own a real estate brokerage and I am a investor and Wholesalor. Would love to chat and pass info back and forth.

[@MortgageMike305]

Sure Josh, get in touch brother 👍🏽

[@octaviabell4775]

I just got my license and i need all the information i can get im in South Florida.

[@MortgageMike305]

Congrats, Octavia!