What's the Point?!?

I recently became a loan officer in December, and it’s so hard to find customers. I meet with real estate agents, only to find out they have their preferred lender. What’s the point? Why would anyone want to use me? I regret leaving my 9-5 for this. Will it get better? Woe is me.

P.S. I got into this industry after buying my house. My lender recruited me because she needed a bilingual loan officer and promised to pass me leads. So far, she’s too busy to train me, and anything she gave hasn’t worked out. I feel like she gives me all the crappy leads. I was hired as a transaction coordinator first, which is why I quit my job.

Save your ‘what did you expect’ comments. I expect to be successful and help people. I just wanted some advice and maybe encouragement.

I’m not sure what you expected by taking a job as a loan officer when data clearly shows new mortgage loans are declining.

Hayden said:
I’m not sure what you expected by taking a job as a loan officer when data clearly shows new mortgage loans are declining.

You mean, like looking at readily available charts with current data on mortgage originations?

Are your rates competitive? What’s your specialty niche? Unless you can match/beat current market conditions, it’s tough to break in.

Koa said:
Are your rates competitive? What’s your specialty niche? Unless you can match/beat current market conditions, it’s tough to break in.

I guess I was sold a false dream.

It won’t get better anytime soon. Why did you quit your 9-5 for the MLO business?

You quit your 9-5 to work in an industry that’s on a major downturn? Did you expect to be busy?

If it was easy, everyone would be doing it.

Be better than their preferred lender in a way they can’t resist or go back to your 9 to 5.

Try the Real-Her-Talk podcast. It features women in the industry sharing how they operate.

Why would you leave a 9-5 to start a business without a client stream? Cart before the horse situation.

Perseverance is key. Figure out your unique selling proposition and keep pushing. It takes multiple attempts to close a deal.

Building relationships is crucial—hustle, be good, and help someone.

You’ll need to spend money buying leads. Focus on refi leads and work your personal network.

Adair said:
You’ll need to spend money buying leads. Focus on refi leads and work your personal network.

Absolutely do not spend money on leads. Generate your own leads or get out.