Loan Officer Sales Training 04/05/24: Embracing Change in the Mortgage Industry

In this episode of "Loan Officer Sales Training," we explore the dynamic landscape of the mortgage industry and the importance of embracing change. Hosted by Kyle Hiersche, this episode offers valuable insights and practical strategies for loan officers seeking to adapt and thrive in an ever-evolving market.

Join us as we discuss the key drivers of change in the mortgage industry, including technological advancements, regulatory updates, and shifting consumer preferences. Our expert guests share their perspectives on how to leverage change as an opportunity for growth, innovation, and success in the lending business.

Tune in to "Loan Officer Sales Training" and discover how to embrace change as a catalyst for professional development and business advancement. Whether you're a seasoned veteran or new to the industry, this episode will empower you to navigate change with confidence and achieve your goals in the mortgage market.

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

About The Mortgage Calculator:

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 and Flip Mortgages and thousands more!

Our Mortgage Loan Originators are trained to be loan consultants to guide borrowers throughout the entire loan process. A licensed Loan Officer is only a phone call or zoom meeting away and always available to assist borrowers throug

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 Bank Statement Mortgages...

Transcript

0:02

So welcome everyone. My name is Kyle Hiersche. I am the COO of the mortgage calculator, and this is our loan officer sales training that we do every weekday at 12 PM Eastern, where we go through the front end. And sales in of the mortgage business. Today's topic is going to be embracing change in the mortgage industry, which is ever so more prevalent right now. Right. So first off the entire industry is constantly changing, and this has been the case from the beginning, right. For the most part or at least since, you know, banks started getting creative and different products started happening, right. It's a. It's, it's, you know, something that's been constantly changing and this is somewhat of a boom or bust industry, right? Hopefully we have a boom coming up. We just had somewhat of a bust, right? Because the real estate industry in general is somewhat of a boom or bust at times. And then so is this industry. specific industry with inside there. Now, here's the thing at the Mortgage Calculator, we deal so much in non QM. Non QM is constantly changing on a daily basis. So not only is the landscape of the entire industry changing, but the non QM loans and programs and guidelines and all that kind of stuff are constantly changing. Well, now we want to embrace that change, right? Especially with non QM. So I was talking to a loan officer earlier this week, and I think this is a great example of one of the loan officers I was talking to said, you know, it's just, everything's so complicated. There's so many places to check the guidelines and see if we can do a deal somewhere. This is like so much like, why can't it just be easier? Well, the fact is, if it, it could be easier, we could only have one place for you to take the loan. And if it didn't fit those guidelines, you just have to tell your customer, sorry, I can't help you. Right? Embrace the fact that we have all of these different options, hundreds of different options. So while yes, it is time consuming to, you know, size up a scenario, check all the guidelines for all the different possible investors or lenders that we can take it to different programs that we can do. But the alternative is to just not be able to do that deal at all. Right. And so that's what I was trying to explain to them. And it, and it made them understand that and be happy about it instead of mind you, this was a new loan officer. Right. And so they were just a little overwhelmed that like, wow, this is crazy. Like there's so many places I have to go and check. Well, you know, it's not that you have to, it's that you can, that there's so many places That you can go right to, you know, to try to make this happen. So it's a, it's a blessing, not a curse. And that's how we want to look at all these different changes going on in the industry is their, their blessings. If we embrace them, right. Now this industry is also something where it, you know, our jobs and this industry is changed by factors that are out of our control, right? Interest rates are the number one change, the number one cause of change in our industry, right? Interest rates are directly, immediately going to affect all of our business, and that's not in our control, right? Also things like the recent NAR lawsuit, the National Association of Realtors. So for those of you that don't know, there is the change where they're not listing the buyer's agent commission and not requiring a buyer's agent commission now on real estate transactions. That's going to fundamentally change this entire industry as far as real estate, and it's going to have effects on our industry as well. And we are not clear on exactly what that is, that's going to play out, but that's a perfect example of a real time. Thing happening here. That's going to change our industry and we're going to have to just study it as it happens. Right. We don't really know exactly what's going to happen, but it's going to bring about some changes and we need to study those changes and adapt to those changes. And so the next bullet point here is technology. That's really what a lot of people think of when we're talking about change and embracing change. Of course, the easy thing off the top of your head is technology because it changes everything so quickly But that nar lawsuit is just a perfect example something that's out of our control something that doesn't actually have Anything to do with us at all. It's all about realtors, but it then in turn affects us Our business and we're not sure how it's going to, but we want to make sure that we pay attention and we want to make sure that we embrace that those changes as they come. And then, of course, technology changes everything, obviously changes the game obviously something that we're big here on at the mortgage calculator and AI is obviously going to change everything in all aspects of life over the next, you know, 5, 10 years, including mortgages, which is why we are trying to stay in front of it and we integrate our AI into every place that we go. That we can, we just upgraded our AI engine and you know, we're constantly implementing more AI. So for those at the mortgage calculator, the technology is. You know, going to continue to be cutting edge and continue to embrace things like AI, right? We have a traditional CRM, but then AI infused all the way through it. And that's what's necessary in this business is to embrace the change and implement it and fold it into what you're already doing. Keep doing the good things and then start doing the new things. Great. Now let's talk about embracing change. So we need to learn all the new loan programs. So here's a perfect example here. Now, these DSCR loans that make up, you know, 60 percent of our business or something at the mortgage calculator. These loans didn't actually exist until recently, right? This form of that loan. Now, of course. You know, when Jose, our sales manager 28 years ago was starting, there were all kinds of, you know, crazy stuff and just stated income loans and all that kind of stuff. Right? But this, you know, obviously there was a long time of just everything was kind of regular products, but this is so amazing, especially to people like. Jose that had been in the industry because they're like, wow, this is an amazing product. You know, newer people are like, Oh, that's cool. But they don't understand how cool it really is or how special it really is and how new it actually is. This form of DSCR residential, you know, single family or one to four unit DSCR loans for individual investors. Right. And so my point here is that. When Jose found out about this, right, he embraced it and loved it and said, wow, what an amazing opportunity. So somebody with 28 years of experience. You know, still had to adapt and change and embrace it, and learned all the programs and learned all the guidelines to all the, the programs that he is still learning every day, because guidelines change every day, but at the end of the day, you're never too experienced or too into it to continue to embrace the new changes. If Jose wasn't embracing the new changes to amazing programs like the DSCR, we wouldn't be here today because it's because that Jose and Nick really embraced DSCR loans. That's what powered this entire company to get to where we are, right? And, and empowered us to be so big in the non QM space and all that. And so, again, that's, you know, something where even a super experienced person has to do this and it can change the game for them. Right? And then, of course, learn the new technology. What's great at the mortgage calculator is that the technology you're actually using on a day to day basis. We have plenty of trainings on and we do trainings on it all the time. So make sure to embrace the technology. And again, we continue to update it. Actually, in our team meeting yesterday, we were just mentioning to the team where to leave the feedback to request new features in the CRM and all that kind of stuff, which is in the community. And so, you know, we always are embracing change and making the technology more cutting edge and implementing into it more. So, at the end of the day, if you learn our technology, we kind of make it simple for you. Right? You don't have to go embrace all kinds of new systems and softwares and all kinds of stuff. You really just got to learn ours inside and out. Use ours and we'll take care of adding all the cutting edge stuff to our technology. You just need to take care of learning our technology and staying up to date on it and up to date on all your trainings. Now, another thing here that's always changing is regulations. We have to be mindful of regulatory changes. Every year there's new changes. Most of the time you're continuing education will focus on those changes. I'm sure a lot of you remember from your continuing education. There's a couple of things that they pointed on this year that they get suggestions from. Shoot, I forget the name of the board, but the board makes suggestions and says, hey, we're seeing a lot of this. We need to remind everybody to not do this, or we need to change this rule and implement this rule this year. So you gotta be careful. You gotta make sure to always, you know, obviously you have to do your continuing education just to stay licensed. But make sure that you're just having a good grasp on the regulatory changes. Make sure that when you're doing your, your continuing education, you're not just like sitting there to click the button, right? We need to really pay attention to what they're talking about, what applies to us as loan officers. And then the last bullet point here is just embrace the growth mindset, right? That's really what this all is about. It's about a mindset because everything else will come. But if we embrace that mindset of. change equals growth, right? That's what we need to be doing. So, you know, for people like, for example, people that aren't that big on technology, understand that learning the technology is growth and also understand that it's a job, right? So, you know, you're making money to learn this program. So even if you're not the biggest tech person. You know, you're think of it as you're getting paid to sit down there and learn how this thing works, right? You're all plenty smart enough to figure out any kind of technology, even if you're not into technology or maybe older and not used to using it, whatever it is, if it's your job to sit there and learn the actual technology, right? I mean, you guys are all more than capable of that. Anybody that's a loan officer is beyond capable of of doing that, right? If you got your license and pass your tests and all that kind of stuff. So learn to embrace it, learn to love it, get in that mindset of, you know, the more you do, the more you learn, the more you grow, the more you're worth. Right? And so we want to embrace all of the changes. Always. We don't want to be left behind because this industry is changing. Also good point here that it's a more of a boom and bust industry and hopefully we're going into a boom industry. So you want to embrace all these changes now, make sure that you're all set up for when rates go down, your business is ready to explode, right? You don't want to be still getting your stuff together when the action starts really happening. And then again, non QM is always changing. So just make sure to stay on top of everything and embrace it as a positive thing. That story I talked about with that loan officer, that, that act, that was acting like it was a bad thing that they had so many lenders and investors that they had to check with to see if they could do this deal. They don't understand, you know, the more experienced people understand, well, That's a positive thing, right? If you get denied at one place, cause it's not going to fit their guidelines, you either lose the money or you have another 120 other places to check their guidelines, right? And so, you know, things like that, make sure to look at it as a blessing, as opposed to something that's like, Oh, wow, this is complicated. I have all these places I have to go look up this stuff or whatever. That is a positive thing that you have 120. Plus outlets to take something and there's, you know, probably 50 non QM lenders who would do that actual loan and they all have different guidelines and, you know, 1 of them, you're going to find is going to allow you to do what you're trying to do for your scenario. That is a, a blessing. That's not a like something to do, like a, a burden, right? That's an absolute blessing. So definitely embrace that as well. So, like I said, I want to get everybody out of here early today. Don't want to take too much time. It is Friday. Remember the best time to make calls is the weekend. So, you know, hit it hard today and then hit it hard this weekend as well for loan officers. The best time to make calls to clients is the weekend. So, of course, you should be calling all week, but don't sleep on the weekend. It's very important because a lot of the people that don't answer the phone during the week because they're at work or whatever will be able to answer on the weekend. So you gotta make sure you call everybody on the weekend, call everybody during the week, right? You want to make sure each client. You call them on the week. Maybe they're not available. Call them on the weekend, right? So let's get out there and make some calls this weekend remember we do this at 12 p. m Eastern time every weekday where we go through the front end of the mortgage business I appreciate everybody tuning in we will see you Next week on monday at 12 p. m Eastern for the next episode of the loan officer sales training with the mortgage calculator