Episode 94: Loan Officer Training
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- čas přidán 21. 08. 2024
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As a loan officer, you’ve taken your course and aced your exams - but you’re clueless on where to start. In this episode, D.O. and JC give tips and suggestions on where loan officers can learn the basics of Loan to Value (LTV), Debt to Income (DTI), Conventional, FHA and VA Financing. They also give advice on how to collect this information from homebuyers and mortgage borrowers.
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This podcast is designed to educate, motivate, entertain and inspire all. Don’t let the name fool you - this is everything you should have learned in high school but were never taught. While there are episodes geared specifically towards mortgage professionals - the overall content will encapsulate the world of personal finance, career advice, sales training, business mentorship, paying off debt, increasing your credit score and much more.
Whether you’re a loan officer looking for training, career advice, a graduate looking to pay off debt or a C-Level executive looking to expand your business - this podcast has something for you.
So tune in, like, subscribe and share. By the way, we love your feedback - hit us up LinkedIn, Facebook, Instagram or CZcams.
ABOUT THE HOST
Dustin Owen is a Certified Mortgage Banker and a 15+ year veteran of the mortgage industry - who started his career as a loan officer - and now helps run one of the largest regions for Waterstone Mortgage. In addition to working as a mortgage professional, Dustin also owns a real estate investment company and is a venture capitalist.
John Coleman is an Emmy award-wining content creator and producer with over 12 years of experience in digital media, social media and marketing. JC has collaborated with the largest brands in the world of sports and entertainment including, EA SPORTS, NFL, NBA, NHL, FIFA, Xbox, PlayStation and Nike.
The reason we don’t add groceries and utilities to the back end DTI is very simple: unlike student loans and credit cards, they are not debts
This was such a great episode, even after a year in the mortgage industry I learned so much here. Thank you
I joined the industry a year ago in November. This is by far my favorite channel to learn from and I love the content! Thanks for providing VALUABLE information and not just talking points!
Thanks for the feedback Joseph! Let us know if there are any topics you'd like us to cover in future episodes!
How is it going now?
Good stuff. I've been binge researching everything possible about MLO training, lingo, terminology etc. before I even take the course and get my license. I'm already an expert when it comes to finance & how credit works. But I won't learn anything until I get in there and learn by experience.
LFG! Make sure check out www.TLOPonline.com for more helpful information on your journey!
Where did you find the training or the course because its hard find mlo course online
This was a badass podcast/content. I’m a new MLO and I dug up so much gold for the conversation. I joined a brokerage right away when I got licensed. I had a trainer and she was very knowledgeable but my training was just here and there. Nothing made perfect sense. After watching this video all of the puzzles I’ve been trying to put together is now on the table with step by step instructions. Thank you!
We got you Meena! Make sure you check out the website too: www.TLOPonline.com!
This was money for a new guy. ( former car guy ) Love it! Thx Dustin
I actually just started as an assistant today. This is helping me with going about my day learning this business! Thank you for this channel
Got you Peyton and welcome to the industry! Make sure you check out www.TLOPonline.com for more helpful content! 👍
As a soon to be LO, this podcast has been helpful and informative. Keep up the great content! $$$$$$
Hey Sergio - welcome to the family and thanks for the feedback! Be sure to let us know if there's anything you'd like to hear on future episodes!
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Thank you Dustin.
This episode helped me a lot to understand what I should be focused on learning as a person who just passed the NMLS test.
Glad we could help! Make sure you check out www.TLOPonline.com for your next steps - and join the Newsletter!
Literally love this channel. Thanks so much for taking the time to create valuable content.
Thanks for tuning in and supporting us - be sure to spread the good word! 👍
Been in the industry 2 years and had a lot of failures. Everything you said is so true and I feel like I got so much value from your video! You guys got a sub and I hope to learn a ton from you
Appreciate the feedback! Make sure you peep the website for even more content: www.TLOPonline.com 👍
Happy birthday Coleman 🎂.
Thanks for the tips 👍💪💪
Happy Birthday Mr. C! thank you Gentlemen as always for your insight and honest guidance. Amazing!
Appreciate it Gaston!
Xinnix is definitely the way to go. It changed my life!!!
@@jorge-villanueva hey . I took both
@@jorge-villanueva ground school goes into detail on the history of lending. The why’s. The basics. Once you take your test online. You graduate to flight school which goes more case studies. Income Calc scenarios. Loan program scenarios. More math. Xinnix will help you be good at your job.
Dustin the PAIL process is very helpful. I think I am going to adopt that Thanks!
Thank you for this video! I have been following you for about two months while transitioning from construction management to Jr Loan Officer. Your content is so helpful and I look forward to seeing what you have in store for the future.
Thanks for the feedback and support Travis! 🙏
I just started watching your videos and I love them. You guys are honest and give out great information. I’m a truck driver by day but Being a loan officer is my passion, I’ll be working on getting my license next month. Keep it up guys!
Hey Don - we do it for folks like you - thank for the feedback and support!
How’s the MLO business going? Did you get your license?
Thank you John and Dustin. I am on my way.
We'll meet you at the top!
Thank you so much for your knowledges. I am starting using pail as new LO.
Newly licensed LO! 🙋🏻♀️ Extremely nervous, but ready!
Welcome to the industry Kiki! Let us know if you have any questions that we can answer to help you start off on the right foot!
Me too OMG.
Thank you for this video! I just learned the answer to many of my questions all in one video. Honestly, great work you guys! So excited to get the party started in this business!
Hey Jessica - glad we could be of assistance and welcome! Let us know if you ever have any questions or topics you would like to see on future episodes!
Great video definitely thinking about joining the industry. You guys to a great job keep up the great work!
Appreciate the love Kody! Check out www.TLOPonline.com for even more content to help you on your journey!
Just finished this episode. I learned so much. PAIL is definitely amazing.
Glad we could help!
Just listed to Episode 123! Way to stay true to your word D.O.!
czcams.com/video/fntVlUlx6x8/video.html
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First of all, shout out to JC for representing all of us rookie LO’s listening in 💪🏾! Second, big shout out to DO making sure we get off to a great start! Also shout out to us rookies telling people that we are loan officers and we haven’t done one loan yet😂😂😂😂 (🤦🏾♂️Now I have to rewrite my LinkedIn headline 😂😂)
This video was gold guys 💪🏾💪🏾! The other videos you all have of successful people in general are inspirational as well.
Definitely looking forward to the underwriter video!
Thanks Robert - we do it for folks like you and this feedback is the inspiration that fuels what we do!
How have you done now that a year has passed?
@@Nick_Loans Hey Nick,
It's been tough, really tuff. I am working with my third company 🤦🏿♂️ since I got my license; I just didn't have the right fit. The company that I'm with now, things are rocking and rolling. I decided to join this company as an assistant, so that I can see the whole process - that has paid off tremendously. Everything they talk about on this podcast is accurate.
@@robertmccallum4370 interesting. I’m thinking about pursuing an MLO license. Did you try starting off doing commission only?
@@Nick_Loans Yeah at first I was commission only. With my learning style, I need to have an example close by to see what the process looks like. Now I'm ready to go back into the commission world.
I would highly recommend you go for that license. This field is one that allows you to control your time and money, as well as other benefits
Excellent content! Thank you for doing this! Visionary to task yourselves with this goal knowing there is not an immediate financial reward.
Happy Bday JC!
Amazing training!
Looking to get in the industry so this information is gold.
Thanks Ram!
Great video at a great time. 2 weeks from becoming an LO. This helped a lot.
Hey Sina - appreciate it! Be sure to check out the 'New LO' Playlist we have curated on our channel - should help you out: czcams.com/users/TheLoanOfficerPodcastplaylists
@@TheLoanOfficerPodcast thank you Dustin , I will definitely check it out
You've provided a lot of wonderful information. I'm studying for the exam and haven't decided what I want to do. I have a certification with NAMP as a loan processor.
That's awesome to hear! Make sure you check out www.TLOPonline.com for more content! 👍
@@TheLoanOfficerPodcast Will do. If you haven't already, can you talk about situations that can go wrong for loan officers. Or like nightmare cases so we know what to look out for. How to avoid making those mistakes. If you already have, please direct me to the episode. Thank you
I had to pause and rewind at 5:10 because you were for sure referring to me and my comment on the last video lol.
Good catch Joshu! Good to know folks are listening past the 2 min mark haha.
Absolutely love this episode; great content!!!
This has been super informative. Thank you for all this information!
Hey Heather - glad we could help you out!
Good episode for sure!
This is my favorite vid yet! Just finished it hahah do you guys have tiktok? this would do super well on it chop up some of the good lines you’ve said like the mindset portion around 8:50 could be great exposure !
Hey Myles - thanks! We are on Instagram and Facebook (@TheLoanOfficerPodcast) - check us out there - we chop up shorts like you're talking about. GREAT MINDS THING ALIKE haha!
Thank you for the amazing content
Thanks for the support, Amin! 🙏
Great Content!!!!!! P.A.I.L.
🙏
Amazing.
At first it seemed as if the SAFE act nmls exam was quite similar to what's covered in Xinnix and MBS courses. After listening to this podcast it seems the exam is about the WHAT while Xinnix, MBS etc seem to be about the HOW and WHY?
Just subscribed! Looking into getting In this field soon! Wish me luck!
Thanks for the sub - sending good vibes your way!
Great show
Thanks John! Check out www.TLOPonline.com for even more great stuff 👍
Hi, I’ve learned lots about MLO thru your videos. Feels like I’m getting a REAL education…so thank you 🙏🏾 Question: which training platform(s) do you recommend for the initial 20 hr course? There are quite a lot to choose from with varying product offerings but your recommendation(s) would be greatly appreciated.
Also, in our current state of inflation, and threat of a housing crash looming, is becoming an MLO still ideal at this time? I’m seriously looking at switching to this profession and am excited to do so but would appreciate your honest perspective on this. Thank you!
Sorry for the delay in our response - and we appreciate the support! We recommend Xinnix Ground School to get started. Also, there is NO threat of a housing crash - so now is a great time to hop into the industry. Also, check out www.TLOPonline.com for more helpful content, and let us know if you have any additional questions. 👍
Listening from North East Ohio I laughed at the Youngstown shoutout!
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This show is great! It's fun, educational, and really motivational! I started October 2020 and I wanted to take the Xinnix courses after I'm able to close a couple more deals(taxes, paying off credit, and future monthly expenses will need to be secured first), but I was wondering how they are with scripting? Are there any Loan Officer resources that have good base scripts or are helpful in writing them? Thank you for taking the time to make these podcasts!
Thanks for the feedback Bidal! We actually did an episode on scripting - check it out: czcams.com/video/Bwz1CU8jTx4/video.html
@@TheLoanOfficerPodcast Thank you! I'll listen to it today
I’m a construction worker in the Bay Area and I’m looking to become a loan officer. Before I take my 20 hour I’m thinking of taking the courses at xinnix or affinity. Once I get through the courses and pass nmls what jobs would I want to apply for.? Any advice is greatly appreciated.
Newly licensed MLO currently working with a company who’s main niche is investment properties & commercial, however we also do residential as well. Would you say that as a newbie I should take this route being that I’m learning about so many different products but only down side is it’s commission only.
Hey Mrs. Fredrick - welcome to the industry! You should make decisions based on your career path based on where you can obtain the best training, coaching and mentorship. 100% commission can be scary, but it can also be motivating. We suggest you have 6 months reserve before venturing into something that is 100% commission. 👍
I would love to see you guys collab with bigger pockets real estate podcast
Hey Dereck - great suggestion - do you have any connections over there you could put us in touch with?
18:27 because you technically dont have to keep your cell phone on or your lights on or buy groceries or pay into your 401k...theyre not actual "debts" that you are obligated to pay regardless of your situation
At least thats how my mentor explained it to me!
Great podcast!! One of my favorites from you guys!!! I have been an LO for 9 months, closed 17 loans so far. Do you think Xinnix would be necessary for me or MMA coaching?
Thanks Aimee! We always recommend Xinnix if you're looking to take the next step in your LO career.
Hey Aimee...DO here...I just reread your question and then our answer. After further review, if you have already structured and closed 17 loans Xinnix's Ground School might be more of a refresher for you. You may be at a point where coaching is next on your horizon. This coaching can be done with a company like MMA or Next Level LO or The CORE etc.
If you haven’t found the trainer to do the show yet i have someone who would be great
Thanks for reaching out Keegan! We actually have an episode on that coming up...Stay tuned! Just curious, would your contact be in the Central Florida area?
@@TheLoanOfficerPodcast no eastern Michigan lol just finished my 20 hour and he was excellent
Good
I am Maria Martinez. I have a question,Do you know wich Bank has bether treining for Loan Originator wester Union or Bank of America? Than you for your classes.
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I am very interested in this but my credit is very poor. I don't know if I should just do a bankruptcy and approach everything with a fresh start or try to get into doing the test anyway. Any suggestions?
Sorry. We are not in position to best answer this...
Can I be Loan Officer and Realtor at the same time?
It's best to focus on one and dominate. Can you do both - sure. Will you be good at either one of them - doubtful. 👍
So would you suggest getting your nmls license if your going to get hired by a depository bank? I’m assuming a mortgage lender you need to have one? It threw me off when said you don’t have your license
Hey Leon - thanks for the question. While it's not always required to have it - it's always recommended that you do.
Only 20min in but great video !
Thanks Myles! Feel free to binge...
@@TheLoanOfficerPodcast haha I have been man love your guys videos dude shows my LO the other day ( currently LOA)
It’s like you read my mind with this podcast! I’m going to look into the programs you mentioned! Appreciate the hard work guys!
@@Meowmeowmeow19 Look out! We might have just read your mind…(J/K). Thank you for checking out our channel. Please check out some of the other episodes and don’t be shy about sharing our content. Let us know if there is a topic you’d like us to cover…Good luck out there 😊
@@TheLoanOfficerPodcast Have been watching, will continue to, and will definitely recommend. ❤️
Hello everyone, which ones are the best books and trainings out there to be the best technician in this business?.. I'm starting in this business and I know it takes time, effort and Sales/marketing skills , but from a technical POV, which are your best books and courses to ger ahead in this business?
Hey Victor - check out Atomic Habits!
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❤
John “Added Value” Coleman
Haha ALL DAY!
The birthday guy don’t speak wow….. self8sh guy he don’t let the guest speaker speak😄😁😄😁😅😄😃😃😊
Can you chapter/table of content your videos?
How often do loan originators need to use Microsoft Excel?
Is xinnix a class to get your license? Or for training after your licensed?
Hey Carlos - training for after you get your license.
I got 200 to go
How many are you at?
Hi, new subscriber here! I have been in the mortgage servicing industry for 9 years. I have been wanting to move over to origination and have been applying for LOA and processor positions for the past two years to try to get my start, but I am either not getting the interviews or am being told I don't have enough experience. Would getting licensed make a difference or does it still not equate to experience?
Get your license, I’m not in the industry but passed my exam and I’ve gotten offers. Hope this helps!
Having you license shows initiative. Even with your license you are still very green and don't really know much. You need to get out there an network like crazy within your local mortgage community and convince someone to take a chance on you.
I want to be mlo but don't know where to start i mean do you have any website to learn this course
Absolutely - www.TLOPonline.com!
Mind linking me those courses ?? I can’t seem to find them u talked about it at like 54.00
I met a guy on offer up and he told me to get my NMLS and come work for him. Any thoughts?
Hey Damian - thanks for the question. Unfortunately, without knowing your whole situation, your career goals, what type of position, what company etc. we would not be able to confidently share our thoughts or opinions.
Any thoughts on Xinnix Phase III Officer school?
Hey Bidal - Personally, I don’t have much experience with it...Where I work our sales leaders solve for what is taught in Officer School. However, I am a fan of any coaching as long as the person being coached is fully bought in and emotionally invested. Xinnix is one of my preferred institutions for a loan officers to be coached, mentored and held accountable. The other two are The CORE and Mortgage Marketing Animals. I’m sure there are a couple others out there as well. I am just not as familiar with them as I am the three I have mentioned.
Maybe let your guest talk more.
I like the podcast, but I miss the other person talking, chatting... only he talks, always. gets a little tired...
So I used to look up to this channel but after going through my safe exam pre licensing I feel like this guy is gate keeping, dropping "key/vocabulary words"
Elaborate?
Waste of time! You said no teaching how to pass the nmls test but the first 30 min is you explaining dti and ltv??? #FAIL
Thanks No Name for the feedback. Have you seen this episode - it's called Study And Pass Your NMLS Safe Test: czcams.com/video/qgfkNLjn-3M/video.html
Jesus Christ Justin you Hager a guest and the first I litraly turned off your podcast after I didn't hear him say one word after thirty freaking minutes on the show. Why have a guest man?
great podcast. chill with the language... it degrades your brand.
I really don't like to listen to people who have guests on, but they do all the guest talk. I am halfway through the video and I haven't learned anything. No thank you I don't want to subscribe