Episode 89: Rookie Loan Officer Closed $23 Million

[@DRendon12]

This guy is killing it! Not to take anything away but having a network of Professional Athletes definitely gave him a huge advantage.

[@Officialerikledezma]

Just hit my first 90 days as an MLO. Let’s go!

[@TheLoanOfficerPodcast]

Congrats Erik - how has your experience been thus far?!

[@yourstrulymarig3373]

How are you liking it

[@xioamezquita4482]

In due time! I just came across this podcast and have been plugged in for the the last 2.5 hours. In the process of reinventing myself after 23 years of working for a major telecommunications company. As I am praying and deciding on my next move, becoming an MLO came to mind the last few days and now I found this channel. What a blessing! Thank you Dustin for your content and for providing so many great resources. Who knows I might just take you up on that offer of calling you up and seeing if there is any chance in working alongside Waterstone Mtg once I get my license.

[@pope03]

Anyone else noticing you never find ONE video where they give an example of what they actually say to new connections, how they open a cold call, etc. Everyone gives the what and why, but no one ever gives the how

[@aguilar1210]

Great content, Dustin! I am taking my SAFE exam next week, coming from the P/C insurance business in Texas. Blessings to all like-minded individuals, grinding to change your life in the mortgage industry!

[@TheLoanOfficerPodcast]

Appreciate it Michael! 🙏

[@clientelllc2003]

Hey Michael same story. I wish you the best

[@Niko-1004]

Hey, it's a year later, rates are higher.. what's it like in TX? Has business taken off?

[@Dean-b8e]

This is awesome man! This whole series is incredible!!!! TLOP is where it’s at! I intend to be a SPONGE and I can already tell that I am becoming obsessed with gaining as much MLO knowledge as possible! Thank you for doing these podcasts and gifting us FREE knowledge! 👊🙏

[@joshuagootkin4960]

Great content Dustin, I recently got an opportunity to join a friend of mine who recently jumped into the wholesale broker world. He too found immediate success and closed 22 Million in its first full year. No assistants. He came to me in July while I was working selling Jeeps 8-8, 6 days a week and said " Hey brother, You looking for a new opportunity? ".. I thought about my 5-year-old at home and the rest is history. Love seeing these stories, really encouraging.

[@TheLoanOfficerPodcast]

Appreciate the feedback Joshua - thanks for tuning in! 🤙

[@robertmccallum4370]

This podcast has helped me out in my new journey as a MLO. I just got licensed this past December! I stumbled across this channel looking for MLO content. Instead of getting up from the stumble, I’ve decided to find a chair and subscribe! Thanks for your expertise Mr. Owen, Waterstone, and JC for the nice production! 💪🏾

[@TheLoanOfficerPodcast]

Hey Robert! Firstly, thank you. Be sure to remind yourself that this is a two year process. But if you can survive, the industry will give you more than you can imagine!

[@robertmccallum4370]

@@TheLoanOfficerPodcast awesome! Thanks for this guidance. Looking forward to more videos 💪🏾!

[@Niko-1004]

​@robertmccallum4370 hi Robert. It's 2yrs in, how's it going? Trying to find real stories of new LOs

[@staryknight9697]

Very cool! Crazy that he did 87 units at ~23m, I did 187 exactly my first year (9months) but it was only ~30m. My units are so much smaller by this math! But still a crazy good first year.

[@NMEofdaST8]

wow where you get your leads?

[@NMEofdaST8]

what company?

[@jimmymartin1164]

I’m a new loan officer basically 6 months in and enjoy the job so much. I get to meet a lot of new people and learn from different techniques to get more realtors and such. Can you do more topics on setting the foundation (year 0-2) on how to get more realtor partners and grow the pipeline?

[@TheLoanOfficerPodcast]

Hey Jimmy - GREAT SUGGESTION! We will def. do an episode on how to grow your realtor network. In the meantime - checkout episodes 3, 5, 7 & 53!

[@jimmymartin1164]

The Loan Officer Podcast I’ll check them out. Thank you!

[@TheLoanOfficerPodcast]

@@jimmymartin1164 We are about to record your episode - stay tuned - it drops next week! Thanks again for the suggestion!

[@jimmymartin1164]

The Loan Officer Podcast can’t wait!

[@Niko-1004]

Hi Jimmy. How is it 2yrs in? I'm looking to make a move but with high rates I'm thinking it's bad timing

[@adamvital5433]

I just started on my MLO journey , about to take the test and this podcast has helped a lot, keep up the great work!

[@TheLoanOfficerPodcast]

Appreciate it Adam! Let us know if there are any topics or subject you would like to hear us cover to help you along in your journey!

[@Niko-1004]

Hi Adam. Two years in, how's business? I'm thinking of making the move but maybe bad timing with the high rates and no refi business

[@anilshaji7378]

I really like the visual and audio quality of these podcasts. I’m not even in the mortgage industry, but yet here I am coming back to hear more. Keep up the great work!

[@TheLoanOfficerPodcast]

Thanks for the feedback Anil! What industry are you in? We'd love to make some content that might help you out in your field!

[@anilshaji7378]

@@TheLoanOfficerPodcast I am actually in IT! Thanks for the reply, looking forward to all future content!

[@Bthustles_]

dam, im taking my SAFE exam in a week. This is my inspiration

[@TheLoanOfficerPodcast]

Thanks Bart - you got this!

[@donnaperras8044]

Hi Bart~ how did you do

[@Bthustles_]

@@donnaperras8044 hi! I passed ! I just changed companies where I have to create my own leads. I started in a call center

[@subconsciouslyinyahead7977]

@@Bthustles_ that’s great buddy.

[@Bthustles_]

@@subconsciouslyinyahead7977 🙌

[@Sweetie-le7ld]

I love this. I am facing this now.. spending a lot of time on clients that aren't qualified or interested. I need to give my energy to those who do.

[@TheLoanOfficerPodcast]

Make sure you sign up for the FREE newsletter: tloponline.com/#weekly-newsletter

[@candyrock8766]

My first 3 in two months but easy refi,s I had help of course , but got rid of the mentor snake I had and want to do it my way and be in control and study the way I want

[@1992xGeo]

Motivating episode, I myself being 28 looking for that change in careers and seeking it with being a part of the mortgage world and becoming a LO myself its amazing and motivating to hear Casey’s story

[@TheLoanOfficerPodcast]

That's awesome to hear!

[@donnaperras8044]

Great information, I am studying right now to take my MLO test!!! This was great information thank you

[@TheLoanOfficerPodcast]

Glad we could help Donna and thanks for the feedback!

[@soussou1977]

I love your videos/podcasts. I'm glad I stumbled upon your Chanel

[@TheLoanOfficerPodcast]

Thanks for the support Sarah - we're glad you found us as well! Be sure to share and spread the good word! Just curious...how did you stumble upon our channel?

[@soussou1977]

@@TheLoanOfficerPodcast , I just put MLO career on KZbin search bar and your videos came up on top of the page and I started watching you.

[@TheLoanOfficerPodcast]

@@soussou1977 Nice - thanks! Hope we can help you on your journey!

[@angelbenitez8035]

Super useful! He mentioned how it took him 4 months to get his first loan approved (and paid), so what would be the best advice for someone who wants to hit the ground running & getting paid? Maybe start as an assistant? Work at a bank call center with leads?

[@Y.A.K.]

Huge 💎! Making my NMLS account as soon as the website maintenance is done. Thanks for this!

[@TheLoanOfficerPodcast]

Glad we could help!

[@marcalexander6450]

I love the videos. I just got hired as a entry level MLO and I love to see the professionalism you and your guests exude. Thank you for the encouragement!

[@TheLoanOfficerPodcast]

Thanks for the love Marc! Spread the word and let other folks know! Also, let us know if there's anything you'd like to hear on future episodes.

[@Niko-1004]

Hi , two years in.. how's it going now that rates are up? I want to make the move but think my timing is off

[@linleyvanacore3036]

Wow that is freakin amazing man!! way to go!!!

[@TheLoanOfficerPodcast]

Appreciate it! Hopefully this can help inspire others to do the same!

[@obangalyons2491]

Hope he is still killing it. Great content.

[@TheLoanOfficerPodcast]

Oh yea he is!

[@ThePitchingPage]

Dang I am in the same boat as this guy. Have played 10 years in pro ball and tore my Achilles this year. Now looking for my next career.

[@TheLoanOfficerPodcast]

The mortgage industry is a GREAT career if you're looking into Brooks!

[@abrahamberg1240]

2 weeks in and love it, can’t wait to close my first deal!

[@TheLoanOfficerPodcast]

That's awesome to hear Abraham - let us know if you ever need any help along the way! 💪

[@Niko-1004]

Hi, I'm looking to make a move but nervous with the high rates and no refi business. How is it 1yr in?

[@stephanieretzinger6717]

This is so inspiring especially during a pandemic. Thank you for sharing your story of success.

[@donnaperras8044]

How often do you do this podcast? I am so glad that I found this, what an inspiration!

[@TheLoanOfficerPodcast]

Hey Donna - we release at least one new episode every week - Monday & Thursday!

[@kknaan]

I started 4/5 can’t wait to be a beast!!

[@TheLoanOfficerPodcast]

WELCOME TO THE CLUB - YOU'RE GOING TO CRUSH IT!

[@emylperalta2077]

If you guys ever want a listener on the podcast I would love to! I was an LOA for two years, studied at ucf, i am in real estate now (licensed during quarantine last year so it has been interesting) in Orlando and kissimmee and studying to be an LO. Your episodes are truly so inspiring!

[@TheLoanOfficerPodcast]

Hey Emyl - Thank you for the offer. Stay tuned as we will 100% take you up on your offer.

[@JesusGarcia-us9hi]

Orlando & Kissimmee in the house!!!! We should Definitely connect Emyl, I am looking for someone in our area within our industry to help with some marketing ideas I have in mind, this time around the idea is to stay on target with the Latino Market due to the demographic in these areas, Get back with me whenever you see this!

[@Farmer_Nurse72]

S a newbie MLO What should we look for in a mortgage company As a starter

[@VState60]

No longer a candidate-the rookie of the year!!!

[@TheLoanOfficerPodcast]

Yesssir!

[@krs1738]

Great content as always. I don't know if this has been answered but do you still recommend Xinnix for new mlos in the industry?

[@TheLoanOfficerPodcast]

Indeed 👍- also check out www.TLOPonline.com for more helpful content!

[@davehusnay2618]

Sheesh, should of had me as a guest. Started mortgage origination in October of 2019. 300+ units, $46M+ closed in 2020.....

[@mortgagesbymel]

How???

[@KetoKevin]

That’s nothing. I started Friday and I’ve done 500+ units and 80~ million.

[@ALItm1]

@@KetoKevin thats nothing. Im only 85% done with my prelicensing class and im going to close 1000+ units, $150M+ funded in 2022.

[@dustinowen1191]

I think the key is understanding how many of those leads YOU generated and how many were leads provided to you because you work in a call center or for a credit union where the clients are not yours but those of the credit union. Also, what was the purchase / refi mix? Casey stands out because 100% of the leads generated were generated by Casey. Less than 25% of his business was refi during a time where it was common for a bank / credit union / mortgage company to be 80%-90% refi. Also, units and volume should be celebrated but we all must understand that ultimately it is the money you earned, the money you saved and the money you donated that matter most.

[@dustinowen1191]

@@mortgagesbymel Casey did it the old fashion way. He got out and networked his butt off with Realtors, Builders, CPA's, Financial Advisors and Heads of HR Departments. He worked his COI as well.

[@AuroraCash]

Hello I'm newly license but took the refinance loan specialist with only base pay just to enter the door. What to expect as an RLS? I will start on march 5. I'll be working at home. What is there i need to learn fast? I'm nervous. Please calm me down.

[@TheLoanOfficerPodcast]

Hey Aurora - Deep breath. It is okay to be nervous. The good news about refinances is that they are really hard to screw up. Meaning, you won’t leave a person homeless and out a few thousand dollars if you screw up their refinance. Treat ALL people like you expect to be treated. Don’t be afraid to politely tell someone you don’t the answer but that if they give you 30 minutes you’ll get the answer and get back to them. I really hope you have a great support system within your company. By support system I mean: mentors, coaches, instructors etc. Expect to know nothing and let that bother you just enough you crave the answer and the “why”. Play the long game. It is not about where you are but where you are going.

[@AuroraCash]

@@TheLoanOfficerPodcast thank you. I am so get ready. Leaving my 13 years old stagnant job. I'm actually excited and looking forward to start this new career.. ty

[@TheLoanOfficerPodcast]

@@AuroraCash Anytime and best of luck!

[@RandomProduce]

Really great content. I would love more content focused on helping new loan officers. Thank you!

[@cuban1ta]

How much is xinnix? I can’t find an amount on that

[@steelboy31]

Can you break down the difference between consumer direct and regular loan origination?

[@TheLoanOfficerPodcast]

Consumer direct means your employer is spending money on ads to make the phone ring - and you deal directly with the consumer when they respond. The opposite of this is an LO who spends time networking, marketing themselves, and their services within the local community - for the sole purpose of generating their own leads. 👍

[@annathomas8569]

Well I mean lol... He was in an industry where his network obviously would have been quite significant.

[@purepassionfx]

Let's get it, Real Estate and Forex... #Limitless

[@promostockampm3701]

This is not common... But it does put things on perspective about the reach of this type of Business

[@dustinowen1191]

Correct. He was the Rookie of the Year. The winner of the ROY the year after him came from the same branch. he did over $30 million.

[@hannguyenusa]

Wow!! Awesome work

[@TheLoanOfficerPodcast]

Yea, Casey is a BEAST!

[@Bigredd217]

I wish I could ask this Guy what was the exact name of that book he read..I can’t find the book he mentioned

[@TheLoanOfficerPodcast]

We'll ask him for you and get back with you!

[@TheLoanOfficerPodcast]

Hey Bigredd - the books Casey referenced were "How To Be A Great Salesperson..." by David R Cook & "The Mortgage Marketing Manifesto..." by Andrew Pawlak. Hope this helps!

[@saedyespinal]

Your office is in winter park florida??? What are the requirements to work for you?

[@DemiGodFitt]

Professional baseball player, that helped a lot. I’m going for it too🤣

[@meditate365]

What training is xenix? Zenix?

[@TheLoanOfficerPodcast]

Xinnix 👍

[@aaronvalure178]

Where can I find the Zenx course

[@TheLoanOfficerPodcast]

Hey Aaron - just Google Xinnix Course and you'll find everything you need!

[@ashleybeth951]

I’m starting in 2 weeks and would love to know other books you and your colleagues recommend for someone new to the mortgage banking industry! Thank you for all the interviews and helpful tips, I’m loving the podcast 😃

[@TheLoanOfficerPodcast]

Thanks for tuning in AshleyBeth! There are some great book recommendations in this episode, check it out: kzbin.info/www/bejne/joXMdXSgrtefgKc

[@jayrichh1265]

On 23 million in fundings what would be his income for the year? Ballpark #

[@TheLoanOfficerPodcast]

Hey Jay - a solid 6... 💪

[@jayrichh1265]

@@TheLoanOfficerPodcast 600k?

[@TheLoanOfficerPodcast]

@@jayrichh1265 6-figures.

[@jayrichh1265]

@@TheLoanOfficerPodcast got it! Sweet.

[@dustinowen1191]

Between $225k and $250k if the LO self-sourced his/her leads.

[@jheanpaucar2052]

I want a second opinion and asking the experts. I want to get into the mortgage industry possibly a loan officer in the future. I’ve been told right now is not a good time to get in because of the market. I want to because I want to work with the best in the times of crisis. In your opinion what would be an entry level job with no experience that could get my foot in the door?

[@alisonroae5426]

Hey hey!! Love the podcast!! I too am doing 75Hard & I’m a brand new MLO 🥰 I have not gotten in with a company yet, but how do I find out what company partners with xinnix? I would love to get that training & work with a company that is on this same wavelength 🤗

[@TheLoanOfficerPodcast]

Hey Alison - Thank you for tuning into our shows. Good luck with #75Hard. It is totally worth it. You could reach out directly to Xinnix to ask them for direction on which mortgage companies they partner the most with. You’ll most likely hear Waterstone Mortgage, HomeBridge, CrossCountry, Movement and Fairway to name a few. You also can do Xinnix on your own. Imagine how desirable you would make yourself if you interviewed after completing both Ground School and Flight School?

[@busscosby2083]

You know

[@Nasty408]

You should definitely stop interrupting people when they are talking.

[@chad1607]

Would have liked more information on how he built those realtor relationships. If he already knew a bunch of realtors than it’s not much of an accomplishment

[@dustinowen1191]

He worked his COI and ask them for Realtor referrals.

[@JohnnyAU97]

War Eagle Casey!

[@Niko-1004]

Pretty much it's not for a person who owns a home and has a family.. need 6months to a yr to make some money.. even at 100%... so have 50k-70k to blow thru or live at home with parents till you make it

[@jeffbulnes2449]

Well with that mentality you won’t make it anywhere… you have a pessimistic way of thinking.

[@jeffbulnes2449]

If you believe you can achieve it you will. If you don’t you also won’t

[@Niko-1004]

@@jeffbulnes2449 it's not pessimistic.. it's fact you need to blow thru 50k so you can make 100k+ a yr later. So maybe 2yrs to see real progress. It's reality.. but if you dont have a family to feed and you have low overhead you will make $ much faster. Something to consider

[@TylerJenkins]

I did roughly $22-23m in my first year and I’ve lived in my own for years prior without getting money from anyone. Started with $1200 in my account. But I was willing to bet on me. Some of it was luck and timing of the market (which was unintentional tbh) but I also worked hard and went at it head on. All about how you approach things and your level of self belief dude.

[@promostockampm3701]

This is an exceptional case. People getting into this Business believing that this is common is a misconception of reality. I respect these other comments for keeping it real. God bless

[@AmirGTR]

You're getting 1% commission?? People would be lucky to get 0.4 points

[@dustinowen1191]

If you self generate your own leads then 1% - 1.5% should be your comp plan

[@myhomeloanmate5395]

Great to hear how putting in the work yields the results.

[@Bella-Bella888]

Great interview🔥! But , Casey next time - please stop repeating 1 million times - U KNOW, U KNOW, U KNOW🙉🫠

[@TheLoanOfficerPodcast]

@@Bella-Bella888 lol facts