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Youre def right there.

I think you can slow down the video to .75 speed or pause it at intervals. That might help a bit more.

How has it been working out so far ?

Its definitely a challenging field for sure!!

Where did you get your sales license and how much was it. Thanks!

@@CullenGandyIt will be better this year as it’s being reported interest rates may plummet twice at least Cross fingers

⁠@@marjn1030IEvery state has its own requirements but California is Mortgage Educators for MLO and for Sales the State of California has its own approved vendor list approved by them. Best wishes

@@marjn1030 i got my first license in illinois and while I dont remember what the license fee was off the bat I think it was in the 100 something dollar range. You should be able to see at nmls.org

My fiancee had to take it three times before she passed. Look over the score sheet and hone in on those subjects.

@@CullenGandy Thank you for reaching out. I'm stressed out, but doing my best to keep a clear mind and stay the path. While your fiancé did fail 3 times, I'm truely happy for her and you that she passed! I'll do what you recommended. My brother told me to obtain a proper study guide and study that than the "mortgage lending practices and principles" textbook. Nonetheless, thank you for your video and your effort to help us

Yes I responded to this question in the other video but you don’t necessarily need the strenuous licensure to work outside of the regs/matrix of a traditional lender.

Sure an mlo can work for a private money lender if they want to. But private money isn’t really going to have the same kind of regulatory expertise needed so you don’t really need to go to all the trouble.

I’m not sure I understand the question but the company where I took PE was mortgage educators and compliance. The first company I worked for was Interfirst.

You’re welcome!

How close are you to 1000subs and 4k watch hours for the year? What’s your posting schedule?

@@CullenGandy I have almost 5000 views in tik tok and you tube 2 videos w 2000 views and more

Happy to help!

Well, now might not be a bad time to reevaluate.

I dunno about that. I think he’s got a lot of heat over him.

lolol

XD

Thank you!

Good luck!! Let me know how you do.

I passed it 🙂

@@SK-nw8fz congrats and good luck on your work. Keep swimming.

ily

Never happening man!

Haha thanks bb

You’re welcome,!

Ya I mean it has definitely been a wild/hard year for mortgages, but the market can be cyclical this way. Getting the foot in the door and building your network in sales will eventually bring a payoff, but the timescales on that return won’t be as immediate as during the refi boom. The good news is, I think we are on a trajectory towards a better market atmosphere than we have been having fairly soon, and there will be some opportunities if you are primed for them.

@@CullenGandy thanks for your reply appreciate the information! Blessings

You’re welcome!! I have had my license for about three years on now.

Hi there! So right now is a very tough time to sell money as you might know as a realtor or if you watch the fed. That being said I think now is always a good time to get licensed and start working on soft skills and making sales. You can throw down that ABA and cross sell your clients on both ends of the spectrum. When the markets cycle back to easing you be perfectly and easily situated to make great money.

Being able to be coached is really valuable especially when you are new on a job. I see a lot of people struggle just because they haven’t been able to equip themselves with the ability to take and adapt to new instruction easily. Thanks for watching!

Yaaaaa it wasn’t great.

Hi there Ronaldo! The material that I used the most to prepare for mortgage industry work was the preparatory material from Mortgage Educators and Compliance, affinity, and reading the guidelines set about by FNMA and Freddie Mac. However for sales etc, I found work like atomic habits, meditations by Marc Anthony, and the Psychology of Money got me in the right mind space for productivity.

Hi there. So right now the mortgage industry is experiencing a down cycle in applications so the best thing to do imo is to get in where they are hiring just to get your foot in the door and get your feet wet. Obviously you want to avoid scam companies like nexa and the like, so get them. If I had to choose I would either choose a community depository or an all in one shop like a fairway or independent outfit. That way you get yourself started doing EVERYTHING an LO needs to do and not just fielding inbounds when the iron is hot.

Hi Jim, that's an interesting question. If you work for a depository or are a representative mortgage banker somewhere, you will have the opportunity for that cross flow with respect to leads that the bank will have access to. The only thing is, you will be subject to the comp of whatever that institution is, and I have had a weirder time trying to negotiate advantageous comp at banks. Brokers are going to have access to an exceptionally wide array of products, and individual brokerages or one person shops can get you in the door with some nice comp. Lead-flow can be dependent on your/the broker/brokerage's book of business though. The comfy but less glamorous choice I would say for right now would be mortgage banker, but I myself like the idea of end-gaming with or becoming a broker.

@@CullenGandy either way I’m trying to get 500 a week + 40% or about 60 basis points and deals, pre-approvals, and on the weekends open houses. I’m going to have to learn calyx or encompass and possibly relearn eating out because I have social anxiety so eating out with a real estate agent will be an interesting experience. Funny story I can tell u privately some day. ❤️

@@jimrhee5229 haha I feel you. That comp should be totally doable most places I would think. I know that a lot of outfits do a tier bps commission structure on top, I haven’t worked for a depository so I don’t know what their comp structures might look like.

@@CullenGandy do you have to do compliance and ce?

@@jimrhee5229 just have to re-up on ce every subsequent year.

That can be true especially if you are doing a lot of inbound stuff. That’s because with the rates being less attractive, you are only going to be getting clients who are more motivated but generally less qualified to close on purchases or pull cash out to settle debts. Because of this you kinda have to wade through everything.

@@CullenGandy I was always an outside loan officer. From 2001-2007. Just got my license when the rates went up. This big agent in the city Andrew klima is an opera singer. I’m trying to work for a team and get a small salary plus some deals for a reduced split. Like 50 basis points

@@jimrhee5229 oh I’ll have to look him up!

@@CullenGandy I think he’s a tenor too. He works for serhant. 👍

Hi Stephen! So I know a lot of folks that are having a hard time transitioning from full time on Regis to now trying to build networks and be less transactional and more relational. It’s definitely tougher, but the mortgage game can be cyclical. Find a good mentor in whatever company you end up choosing and lay the groundwork on your network, you will see really good medium to long term returns on that if you do. If you want to get more into a faster pace with higher volume of loans earlier on, you can also join a team for a higher producing lo as well. That’s what I have been seeing new lo’s doing lately.

Hi Steve. So I don't know anyone who hasn't had to majorly shift their expectations and practices during this period in 2022. Home prices, while they appear to be in the beginning stages of going down, haven't gone down by too much writ large, and some places they haven't at all. Rates, because of QT, are continuing their upward trajectory, and this, as expected, has really hit the consumer refinance market. That being said, folks are still buying houses, and I am still consulting on a Loan Estimate for friends or by appointment every couple of days. The LOs who have set themselves up with networks are continuing their course, and the larger online outfits are going to struggle to keep up unless their LOs get solid referals, or already enjoy larger portions of the money market share. It is going to be very difficult for a new LO to make the kind of money they were making a year or two ago, and they will have to manage expectations and take the fastidious slow and steady approach. This is, in part, why I have held off on some of my LO content for the times being. I still believe that this is a great business to cut your teeth in, and the money market will always be relatively inelastic when compared with almost every other kind of industry.

Fantastic, thanks so much!! Good luck out there!!

Ya it’s a process definitely.

You’re welcome!!!

Hi there. There aren’t any specific credit score requirements, however I know that the licensure does want to see that you are “financially responsible”. That being said, I don’t believe there is a minimum credit score for licensure or anything like that.

Thank you so much!!

Awesome dude! Strap in for a hard few months, we have apps down from the fed hikes but once you get set up, you’ll love finding those deals.

Congratulations man!

He’s born now. How are you doing now what did you end up doing?

Hi there, I use an old Qualifier Plus 3fx, like my manager uses, but to do amortization etc you can use any number of online resources, such as the one's provided at bankrate.com. I highly suggest getting a physical, RE/Mortgage based calculator though and learning how yo use it offhand. You can still pick up those qualifier plus 3's on ebay et al. and they come with instructions in the back.