Frustration: My two months as an LO

[Enigmatics]

I've worked over here at Nationstar Mortgage for nearly 2 months now. I closed 2 loans in my first 24 days, but since then it's been nothing but frustration after frustration after frustration. We work mostly with sub-prime borrowers and I gotta say they are the most irritating people in the world. They insist on 5% fixed loans all the time, something which they don't qualify for. They can never get documents to you in a timely fashion. They're more than hard to reach.

I could go on and on about these irresponsible, procrastinatory borrowers........but the reality is my leads stink as well. I swear I recieve at most maybe 1 fresh lead a day (LendingTree.com, etc.) and the rest are stale leads that swept out of a fellow LO's system. So I spend nearly 9 hours of my day calling resolicit sheets from people we've spoken to in the past and sometimes getting calls from various telemarketing lead systems (most of which are a waste of time).

I'm getting frustrated. I have a buddy who's absolutely killing it working for Flagstar. Am I just with the wrong company?

[Rondelu]

Hang in there........

[Kontradictive]

When I started in this business I realized right off the start that it was going to be what I considered a "thinking man's game". You probably have not heard much about them, but I started my mortgage career at Ameriquest (insert grunts and groans here)

I spent most of my days making about 400 + cold calls everyday. Our pitch was that we were following up on a letter we sent out, yet I learned we never sent out a letter. It was tough. Really tough.

I don't know how to tell you what I believe, but the saying about the grass being greener applies to the 'loan officer' extremely well. It will always seem at one point or another that there is a better place to work, either that has better leads, better management, or better splits. Eventually, you'll get to the right place (and probably become a Broker if you stick it out long enough). Otherwise, you have to focus on how to maximize your time. Try to out-think your peers, and find what it is that they are doing that is making them money and do it a little better.

If you really want some great marketing ideas that don't break the bank and generate top quality prospects; shoot me an email. Generating business for loan officers has been my sole job for the last 4 years, and I was able to successfully do it for an office of over 30 LO's. I'll be glad to point you in the right direction.