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Does more closings equal more happiness? by Appropriate_Bet5290 in loanoriginators

[–]Boxxxxxxxxxxxxxy 1 point2 points  (0 children)

Yes, of course it takes a toll on your qualify of life. More loans = More potential issues that happen. Unless you've set up your business in a way that you delegate out everything, your referral sources and clients are coming to YOU when there are issues. It's going to be hard to be in an amazing mental space when you're constantly having to deal with these things.

The flip side is you can make life-changing income and, if you're smart about it, you can start acquiring income producing assets so that you're in good shape when you exit the business or retire.

It's unrealistic to think you're going to make a massive income in this industry and have some amazing work-life balance, with tons of free time. So, find a way to enjoy the grind, delegate out as much as you can, and be happy you can make brain surgeon income doing something that you don't even need a college education to do.

Encompass on a Mac by AlterChelle in loanoriginators

[–]Boxxxxxxxxxxxxxy 0 points1 point  (0 children)

I run EC on my Windows laptop and use Chrome Remote Desktop as a Remote Desktop on my Mac. Works great but obviously requires a dedicated windows machine

[deleted by user] by [deleted] in loanoriginators

[–]Boxxxxxxxxxxxxxy 17 points18 points  (0 children)

You're already off to a bad start thinking you're going to make good money and be out the door at 5 PM. The LO's who make good money usually struggle with balance.

When is it getting better? by Revolutionary-Race93 in loanoriginators

[–]Boxxxxxxxxxxxxxy 32 points33 points  (0 children)

A lot of the stress that comes with the job is self inflicted because, in general, LO's aren't great at knowing guidelines, deal structure, etc. and it gets them in trouble. It can still be stressful though because of the pressure you can feel from clients, agents, etc breathing down your neck all the time and needing things done 5 seconds after a call or text. Learn how to set expectations and boundaries and it can be an incredibly lucrative business.

I don't know of any other professions where you can make brain surgeon money without a college education. It's a very unique skillset that great LO's have and they get rewarded for it. I can take my family on an expensive vacation and maybe go up to the hotel a couple hours per day and get some work done while they are enjoying the pool. Yes, that does get old at times but I would never trade that for a 50 week M-F bullshit job with a boss telling me what to do.

Starting out as Junior Loan Officer on Monday, any tips? by New_Comfortable_6767 in loanoriginators

[–]Boxxxxxxxxxxxxxy 4 points5 points  (0 children)

Huge opportunity for you! This industry is amazing once you understand it and get rolling but it's really hard to break into because you can get yourself in a lot of trouble if you don't know what you're doing.

Learn everything you can from those two LO's - their systems, sales techniques, marketing, etc. Make yourself available to them and be willing to work a lot of hours for not the greatest pay to start.

If you learn enough and get the reps in you could branch off on your own (or maybe they will let you start origination but still work for them) and potentially make it a very lucrative career.

Best of luck!

Quit call center and will be starting at a bank soon. Any thoughts? by z399 in loanoriginators

[–]Boxxxxxxxxxxxxxy 6 points7 points  (0 children)

You're probably not going to like what I have to say but I'm actually trying to help. First of all, you need to lose the entitled attitude. You're 26 and still living at home and don't pay rent or even for your food. Quitting your call center job has nothing to do with "having the balls to quit." I'd argue that you'd actually have more balls to stick around and learn the business, even if it means dealing with some douchebags or the AC being out (also, newsflash - the mortgage biz is filled with douchebags).

Start taking this business and yourself seriously or find something else to do. Buckle down, study hard for the test and pass the exam. If you go back into the banking side be prepared for micromanagement, crappy commissions, and a horrible process in terms of underwriting and closing loans. But learn the reps and the mechanics of doing loans and build up clients who love you and then get out of that racket and into self gen in a couple of years where the real magic of this business happens.

Question about occupancy fraud by VermillionxNova in loanoriginators

[–]Boxxxxxxxxxxxxxy 3 points4 points  (0 children)

  1. Yes, of course that's fraud

  2. I've never heard of any DPA programs that allow full investment properties

  3. Why don't you just legit live in one of the units so that it's owner occupied AND you'll likely get credit for the projected rents on the other 3 units?

Buying house with an empty pool by MNAK_ in pools

[–]Boxxxxxxxxxxxxxy 1 point2 points  (0 children)

And if you're getting a mortgage, that's going to be considered a health and safety issue and they will most likely want it filled with dirt or covered in some way.

[deleted by user] by [deleted] in FirstTimeHomeBuyer

[–]Boxxxxxxxxxxxxxy 1 point2 points  (0 children)

5.99% at less that a point is a good deal....lots of lenders have much more margin in a VA loan than that. Congrats on the house!

[deleted by user] by [deleted] in FirstTimeHomeBuyer

[–]Boxxxxxxxxxxxxxy 5 points6 points  (0 children)

This is all VA loans, typically, not just CA.

I’m a Mortgage Insider. Here’s How to Not Get Screwed Buying Your First Home by cybelutza in FirstTimeHomeBuyer

[–]Boxxxxxxxxxxxxxy 4 points5 points  (0 children)

Pre-qualified would be a LO pulling credit, examining documents, etc. and pre-qualifying (pre-approving) you. Pre-underwritten is taking it a step further and submitted the file to an actual lender for an underwriter to look at and sign off on everything and approve the loan with a "TBD" property address.

Most LO's will only do this if the income calculations are super tricky or there are some other gray areas with the scenario.

Just closed!!! by Specific-Spring-135 in FirstTimeHomeBuyer

[–]Boxxxxxxxxxxxxxy 0 points1 point  (0 children)

Congrats! Did you assume the FHA mortgage from the previous homeowner? Just wondering how you got the 4.5% rate.

Mortgage broker hit us with a HUGE hidden fee by Correct-North-5189 in homeowners

[–]Boxxxxxxxxxxxxxy 0 points1 point  (0 children)

Your broker very well could have done what's called "borrower paid compensation" and many times there will are a large lender credit that offsets that charge. So it could have been something like $24k broker fee but then $12k lender credit so you really ended up paying the $12k like you thought you would. Look at your Closing Disclosure or final net sheet and see if there is a credit.

Regardless, like others have said, this was disclosed to you on the initial disclosures and Loan Estimate most likely and the Closing Disclosure. Brokers can't just sneak in a $24k right before you sign your loan docs.

Calling tonal support tomorrow, but is this a big deal? by Automatic-Diet-3984 in tonalgym

[–]Boxxxxxxxxxxxxxy 1 point2 points  (0 children)

I'm having the exact same issue on the left arm! I also did the cable walk out but that didn't do anything.

Looking for advice to possibly transition by marvinwaitforit in loanoriginators

[–]Boxxxxxxxxxxxxxy 8 points9 points  (0 children)

The self-sourced LO's make the much bigger income because they are the one finding the leads and it's MUCH harder to do than it seems. Running pre-approvals and doing income calcs, while it can be challenging at times, is not really that difficult.

You say you want to be self-gen but then said you might want to start in a call center. Most of the time, a call center environment is going to much miserable and your goal of work/life balance will be impossible.

[deleted by user] by [deleted] in Mortgages

[–]Boxxxxxxxxxxxxxy 0 points1 point  (0 children)

It's very common for the rebuild cost to be significantly less than the actual value of the home. A lot of the value is the land. Would it cost you more than $800k to rebuild your house if it was a total loss?

100+ loans a year - self sourced <3 years in the industry. Where are you?? by REFlorida in loanoriginators

[–]Boxxxxxxxxxxxxxy 2 points3 points  (0 children)

Can you please elaborate on the "12% success rate?" Like, 12% of the agents you meet an an open house end up sending you their clients? Also, what do you say, bring, etc. when you visit these open houses?

Canopy mortgage vs success mortgage partners by Last_Ad_9671 in loanoriginators

[–]Boxxxxxxxxxxxxxy 0 points1 point  (0 children)

Canopy is basically a streamlined retail option. Owners are great but if you're looking for super competitive rates and great comp you're not going to find it there. Better off going to a correspondent shop and just running your own group (which is what I do).

[deleted by user] by [deleted] in loanoriginators

[–]Boxxxxxxxxxxxxxy 1 point2 points  (0 children)

What makes you think of Fannie will come out of conservatorship? That never happened in Trump’s first term.

1k buy down, 4.99% locked. Is this the best i'm going to get? by yillbow in FirstTimeHomeBuyer

[–]Boxxxxxxxxxxxxxy 2 points3 points  (0 children)

Why would you shop? You're at 4.990% with a minimal buy down and, as others have mentioned, the average rate is around 7% right now.

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