Good morning Brett,



My name is Jim and I am a new loan officer. I was a finance manager and ran a car dealership for many years but was not passionate about what I was doing. I enjoyed finance but was looking for something new that would allow me to get outside of the dealership. I came across an opportunity to get into the mortgage industry and jumped on it. I love the company I am working for however their training leaves something to be desired. I have enjoyed your podcast and have been reading your books from the recommended list. I am a bit of a perfectionist and feel a lack of confidence in my knowledge of types of mortgages and my abilities to navigate a client scenario without the help of my trainer. I am going to be attending my first open house as a lender this weekend and am nervous about my skill level should I come across a difficult situation.

I have been looking into online education. I have limited means so I want to make my investment in my education count. I am state licensed and have passed my exams. What I am looking for is somewhere to go to get a real grasp on the different mortgage programs and possibly scenario based training. I was wondering if you have any recommendations. Appreciate any help or thoughts. Thank you Sincerely,

Jim B.

PS: 5 Star review left on iTunes

Response from Brett McDonell:



Hi Jim,

Thanks for your email and for your support of MBU and the podcast.

First off, congratulations on making the jump to the mortgage industry.

As much as we’re in the finance business, I view it more of a problem solving and marketing business. I say that because the majority of this business is not so much structuring loans, rather it’s getting noticed, adding value and finding solutions to people’s problems. Instead of knowing each and every program, you need to shift your focus to how you will succeed, grow your business, generate leads, add value to others and differentiate yourself from other lenders.

Don’t get me wrong, knowing your programs and what is best suited for your clients and prospects is a no brainer, but you will find that there are only a handful of program and products you will use. Without knowing your specific market, it’s hard to say exactly what to focus on. But the main loans you will be doing will be: 30 year fixed and arm loans like 5 year fixed, 7 year fixed and 10 year fixed. Get to know the basic guidelines, DTI, fico requirements, LTV limits, print them and carry them with you for the first few months or make a 1 page cheat sheet that has your most used or best programs that you always have with you.

Don’t allow paralysis from analysis to slow you down or limit what you do to get business. Get a lead, then figure out what to do with it. To be totally honest, there is not much out there from a learning products standpoint and getting a basic grip of the industry. You just need to read the guidelines and start getting your hands dirty, after a few applications you will be good to go. If you don’t have a lead to work, make one up. Create hypothetical scenarios where you have someone buying for x amount with x down, does it fit, plug it into your LOS (loan operating system – calyx point, encompass, etc... whatever your company uses) and start running scenarios and using your printed guidelines and crutches. If you have the ability to, shadow a loan officer in your company or in your area for a day. Pay them if you need to or offer to dome some data work or any other work they need done in exchange for allowing you to watch them structure, ask questions to prospects, etc…. Reach outside your company of you need to.

Know that you won’t have an immediate answer to every question or issue you will run into in the beginning, know that’s ok and is normal. Simply say, that’s a great question, I want to insure I answer than correctly so I’m going to make a note and get back to you shortly with that. Not having an answer is better than having the wrong answer, in time you will have an answer to everything. One thing that stood out to me about your email that most others overlook is that you led with value. You left a podcast review prior to asking me for help, that’s huge, great job. Take that same approach to every Realtor, financial planner and client you encounter and you will be very successful.

Mortgage sales is a contact sport, you MUST go out and shake the tress, ask for the business, add value and know that loans do not show up on your doorstep, you MUST prospect daily. Even if you have 3 new deals you have to work on, schedule time to prospect every single day, that is the most important trait, habit and must do if you want to have long term, consistent success.

I could go on for days about what else to do, what to say, etc……but I do not want to overwhelm you as this is enough to start.

Keep listening to the podcasts, apply what you learn and strive to get better every day. If you improve just 1% everyday, in 100 days you will be a mortgage monster with all the confidence in the world.

Please keep me posted on your growth and successes. If you need advice from time to time please reach out with specific questions or situations and I will do my best to help.

Thanks again for your support and I am wishing you tremendous success in the mortgage business!! Sincerely,