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

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

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

Restream recording May 03, 2024 • 04:01:22 PM: 0:00

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 p. m. Eastern. Today we're going to be talking about MLO success stories. Now I've gone through some of these before just because some of these I'm pulling out for an exact, you know, purpose. Right. But obviously tons of other success stories not to take anything away from any of the other loan officers who are you know, doing great right now. Right. Then if I didn't pick your scenario to talk about, that's totally No guess nothing against you, right? So, okay, let's do this here. Let me change my screen here. All right. So, MLO success stories. Now, the MLOs who have success particularly at the mortgage calculator, right, obviously I've been at other companies, but within our framework and our model and our team and our company the people who have success, they do one thing more than anyone else. Which we talked about yesterday, which is make calls. That's, that's typically the difference, right? You can really usually look at the activity there on the website. And if we look down the list at who's making the most calls, they're typically the people who are closing the most loans is a direct correlation, right? So that's how they're getting there in the first place. For the most part, right? And a couple of our loan officers are very realtor focused. And so they do well, but most of our loan officers are pretty interested in leads because that's what we do here at the mortgage calculator. So we don't have as many kind of realtor based loan officers as most companies may. We have a lot of lead based loan officers. And so very important to just know that the ones that are having success. Are the ones that are making more calls. It's really not too crazy of a formula, right? We all know what we need to do. We just got to get out there and do it. We what we don't want to do is spend a bunch of time trying to do whatever else we can to get around it. There's some like funny memes and stuff of. You know, but both loan officers and realtors, funny, you know, memes out there about it of you know, trying to make a hundred tick talk videos that instead of just picking up the phone and making calls, right, like trying to do this and that, and find these ways to circumvent not having to pick up the phone and make calls, but there's nothing that's ever going to certain picking up the phone and making calls. So when we talk about these MLO success stories, just, these are just examples of. like some deals so that I can talk about some lessons for them. But just know the reason why people got the deal to this point is typically because of making more calls. Okay. First one, if you've been at the mortgage calculator, you've heard about this story, but I cannot do a little success story training without talking about the best example, maybe ever in the mortgage industry. Of an incredible success story that anybody can accomplish that, that, that our loan officer, Mike Vasquez went through. Right. So he's, he's still a loan officer here. And back a couple of years ago, when Mike first joined our company, he was brand new, right? Never done a loan before we, we were the first company he ever worked for. In his first three months as a loan officer of working for us, he closed almost 5 million, 4. 8 or whatever it was, almost 5 million in production and in 90 days, right? Which is just absolutely insane. Now. Keep in mind, this was not when rates were super low. It's, it wasn't, you know, rates weren't as high as they are now, but this was not during like the COVID heyday of, you know, super low rates. Right. And so, you know, rates had already started to rise and stuff. So it wasn't like a gimme, right. But the biggest lesson here with this, and I try to hammer it home all the time. If you've heard this example before. Remember that like whatever it was 3. 5 million or something like that of that 5 million was from one client and he had to call that client eight times before the client gave him a shot. Right. And so he just kept following up, followed up eight times on the eighth time he called the gentleman 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 you know, his team leader, which was actually Jose himself at the time. And he did the meetings. He went and looked at the guidelines. He, you know, did all of the work and he did a great job. So then the gentleman used them two more times. And that gentleman owns like 12 properties. A bunch of them are like multi million dollar, but they were like really expensive Airbnb properties. Right. And so he ended up doing a few more loans, which equaled, like I said, maybe 3. 5 million or something like that of that. Almost 5 million. The other two clients that he closed were our leads too. So keep in mind, these were all company leads. So Mike came in as a brand new loan officer, never done a loan in his life, never worked anywhere. First 90 days, closed almost 5 million in three months with zero business of his own. 100 percent company leads. Company business, right? Now, if you, if he didn't follow up eight times, he wouldn't have any of that money, right? He wouldn't have any of that production. And so it's extremely important to make sure that you follow up. We talked about that just earlier this week on the follow up training. It's just, you would, you never know what you are missing out on, right? Like Mike could have never known that he would have done millions from this one person. If he only followed up seven times. So when we talk about a lead is forever on all these lead trainings, that's exactly what we mean is you never know what's going to happen or what's going to change. So Mike's calling the person. They're not answering. Oh, well, this person must not be interested. I'm not going to give them a call again. But something changed when he had called him, Mike, didn't do that. He said, I'm going to keep setting a reminder task to call him every week, you know, give him a call. And it paid off big time because. Again, things change. So even people who may say not ready or don't want to do it or people that just aren't answering, whatever it is, you never know what changes and something changed that exact day that Mike called him. So if Mike had set a task for a month out to call him 2 months, 3 months. Then this wouldn't happen because the gentleman would already done these transactions. It was because he kept setting a followup task for like the next week and just following up, you know, pretty aggressively in until he ended up calling him at the right time. Another great example here, five loans from one Facebook comment. We talk about this on the Facebook groups training that we did. You know, one comment on a group Post 1 person saying, hey, this is my loan scenario and then us coming and saying, hey, you could use a loan for this, but supernatural and then didn't put a business card and didn't put a flyer or link or anything. Just genuinely commented saying, hey. This would be a DSCR loan would be 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 five loans from that one person. And then now that, that person is still referring us deals from other people. We literally are still getting deals from them. They're now Hooked up with one of our loan officers and they're referring the loan officer deals. So one genuine Facebook comment turning into five different loans. And then now a bunch of referrals, five loans from that one person. Now we're getting referrals from that person. And then another example here, two referral loans from a non customer, right? So we have loan officers that are getting multiple. referrals of loans that they closed that were referred to them by customers they never closed. This is the flywheel we talked about, right? We talked about this on the flywheel training. You can turn non customers into promoters is what the flywheel calls it, but essentially refers to us. That's what that means, right? So That's real life examples of things that are actually happening of the same loan officer from the same customer. That's a non customer, the same person that they didn't do a loan with referred them to people that they did do a loan with. So that also goes back to what we talk about on the flywheel training. Nobody is wasted. You're only wasting your time making calls if you're choosing to waste your time. You could talk to a thousand people. Well, let's make it realistic. You could talk to a hundred people that day and nobody's ready to go. And you think, wow, I just wasted my whole day. Well, no, you only wasted your whole 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. And these, these are the types of things where they're not only going to remember you and come to you when they're ready, but they're going to. Refer people, right? So we got to make sure that we stay on top of that. It's only a waste if you wasted the time, but if you went through, you did your thing, you didn't throw people away or throw them to the side again, this, this, however much 50, 60, 000 in his pocket or whatever it was that Mike made. You know, he, he could have not made it if he didn't you know, stay on top of it. Right. So if he had thrown the guy away and said, oh, the guy said he's not ready, you know, and the reason why I keep harping on this is because I see so many loan officers out there that are just, you know, Just trying to pick the low hanging fruit, right? And they throw everyone else away when this, in this scenario here, Mike would have lost out on a bunch of money if he threw the person away, cause he wasn't, you know, answering the phone or wasn't ready to win the first time he talked to him or whatever, and then now he's missing out, you know, on 50 grand in his pocket or whatever, just because he was looking for the low hanging fruit. But that's not what Mike was doing. Mike was going through the motion. And going through the system and working the system and if you work it then It works and then the same thing here with the two referrals You know if we take that non customer and we're just like, oh, whatever they're not a customer i'm moving on to the next one Then we don't end up getting two referrals which are layups Right. The referral of referral from a customer or non customer is a layup. And so, again, that's it's so important 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 happily and respectfully. And we treat everyone the same and with respect, and we don't ever just kind of like throw people away or, you know, just move on quickly. I just want to get rid of this person. Cause they're not going to put money into my pocket right this second. You know, that's not what we're doing. And then just the other day somebody closed a million dollar loan that was their. First loan. And it was from a company lead. And so that's just a great example of, you know, here at the mortgage calculator, you don't necessarily need. And when I say first loan, I mean, first loan as a loan officer, not their first loan here. Right. So that's one of the things that's great. I hope that, you know, people don't take it for granted that a brand new loan officer could come in with zero contacts or business of their own. Take a company lead, do a million dollar loan for their first loan ever, you know, make a 15, 000 commission for their first loan ever. And, you know get that, that confidence going as well, get that experience. And that's not going to happen at any other company, right? Other companies are not giving million dollar leads to brand new loan officers who've never, Even going through a low, but the mortgage calculator, we have the 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 leader, the sales manager. And at the end of the day, we'll get the thing across the finish line, just like it was here, right? When again, when Mike did all that volume, he was brand new. So not only did he do all that volume and make all those calls and the follow up calls and stuff, but he was meeting. To actually do the loans. Right. So he met with Jose over and over learning how to do the loan. Right. Cause at the time Jose was his, his team leader. So, you know, it's, it's just really important that you take advantage of the leads and work the leads and just know that, you know, you're not going to. Get other opportunities like this to close your first loan ever to come into a company with no contacts of your own with without any business of yourself, right? Other companies are only interested in whatever business you can bring them right out of your network. You're not going to find a place that's going to let you come in and give you a million dollar lead that ends up closing for your first loan ever as a loan officer and provides enough support to get you through that first loan. Actually originating that loan, which again, we did up here with Mike. I mean, imagine how much support Mike needed for a brand new loan officer knew nothing about loans to close 5 million worth of loans in three months, and we're talking about, you know, short term rental DSCR loans and stuff like that, while, while the DSCR loan is easy, a short term rental 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, I want to keep these short again, cause we do them every day. So just a couple of great examples there to go through hopefully some motivation and remember this million dollar loan here. This is right now. In this climate. So I, I keep trying to preach. There's deals going on, there's deals to be done. And remember, most of our leads at the mortgage calculator are investor leads anyways, which is a totally different game. Investors at times are sitting on the sidelines, but a lot of the times when others are sitting on the sidelines and rates are higher, investors are buying even more stuff, refining stuff to buy more stuff. So just keep in mind, especially. Especially at the mortgage calculator, there's still business being done. There's still business to do. There's still leads to call. There's leads to convert and the people are doing the 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't matter because they hit the phones, they got the lead. They did what it takes to convert the lead. They met with their team leader and did what it takes to close the lead. And you know, now they are off and on their way to, you know, becoming a Experience loan officer. So thank you everybody for tuning in. I, I don't see any questions. I appreciate it though. Remember we do this at 12 p. m. Eastern every weekday where we go through the front end and the sales end of the mortgage business. So we will be back next week. Everybody have a great weekend. We'll see you Monday, 12 p. m. Eastern for the next episode of the loan officer sales training with the mortgage.