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    • #7914
      austinrwilliams16
      Participant

      Love the LO podcast! I wanted to ask your advice on where I should obtain solid mortgage data. I do follow the GSE stuff which is nice. I’m looking to see if I can find the recent percentages or purchase to refinance ratios for call centers like Rocket Mortgage. I’m about to get hired there and try to get some loans under my belt. I figured I should really see if there is still room for success in the call center. How the heck am I getting hired when Loan Depot just let all those people go?

    • #7917
      Dustin Owen
      Keymaster

      Over the past 12 months Rocket has funded roughly 1.3 million transactions. Only 10% of these were purchase. In the same time, Loan Depot funded 343,000 transactions and 60k were purchase. Wells ran about a ratio of 78% refi / 22% purchase. Better was only 5% purchase. I hope this helps. All of these lenders will be making a push to do more purchase business. But know that historically they all are refi heavy. There is nothing wrong with working in call center. You will earn at-bats and develop skills. However, if your goal is to one day become a self-sourced MLO who is more of an advisor who focuses on being an expert in your community and focuses on the purchase business then understand that working in a call center delays the inevitable. If it is experience you are seeking, have your considered working on a team, under a top producing MLO who is more of you want to become professionally and working for 1-2 years as his / her Loan Officer Assistant, Loan Partner, Jr. LO?

      By the way, I pulled that data from a service I subscribe to called MMI

    • #7920
      austinrwilliams16
      Participant

      Thanks, I think you’ve mentioned that in the podcast before. Yes I have considered it, but I’m not sure how to exactly track a top producing loan officer (in hopes of being their assistant). Everyone wears nice clothes, but I’m not sure who’s really putting in smart hard work. So I decided that if I can’t find a mentor, I’m going to study overcoming certain objections while grinding in the call center for 6 months or so. Now rates are going up, and I might be forced to go self-generated if Rocket Mortgage doesn’t make the phone ring.

      I have an offer from a branch at Homestar who says he’ll send me to Xinnex ground school at 16$/hr till I earn a higher commission. We’ll be communicating via zoom meetings/calls. But for some reason I just feel a bit safer going to a call center first. Am I crazy for that? Maybe I should just go for the damn thing head first with Homestar.

      • #7957
        Dustin Owen
        Keymaster

        In your market, network with and reach out to the folks at Cornerstone, Hometown Lenders, Supreme Mortgage and Loan Depot. Waterstone has a branch in Ft Walton and that branch is run by Sue Botelho. Call Sue! Maybe she knows of some opportunities. No to Homestar. Okay to ride out with Rocket for 6-12 months.

      • #7958
        austinrwilliams16
        Participant

        The last time I reached out to the local mortgage companies I didn’t have my license. Maybe now they might consider me. And sounds good I will reach out to her and see what she thinks.

        And real quick if you have time, why no to Homestar but yes to loan depot? Rates?

        Thanks for the reply.

      • #7960
        Dustin Owen
        Keymaster

        They have no local presence. Sounds like they want you working from home. I am a firm believer that to give someone with little to no experience the best odds for success is when that person has an office to go, where their manager works and they are around other professionals. Iron sharpens iron. Work from home works with Rocket because they provide leads and well…they are Rocket. Never take a a job because of rates or programs or comp…at least not in the beginning. In the beginning it is about support, training and mentorship.

    • #7962
      austinrwilliams16
      Participant

      I understand. Thank you for the great insight. I just finished my final interview with rocket yesterday so I should start next month if everything goes right. I’m going to do some networking with the contacts you mentioned earlier.

      And for the record this website is dope. Thanks for your time once again.

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