Can you imagine just how disastrous things would turn out if police officers were left to patrol on their own immediately upon graduating from the police academy? From their first day out of the academy, rookie police officers are partnered with field training officers who teach them how to become successful and effective members of the law enforcement community.
Similar to rookie police officers, freshly-licensed rookie mortgage loan originators need intensive training in order to venture down the pathway to a successful career. Unfortunately, historically, the mortgage industry has assigned a much higher value on mortgage loan originators being out in the field originating loans and learning as they go versus, “learning when they could otherwise be earning.” It’s hard to teach an old dog new tricks.
Notwithstanding federal law requiring mortgage companies to appropriately train their origination personnel, not even touching upon how ignorance of the rules is never a viable excuse for a new loan originator who intentionally or unintentionally violates a state or federal law, and without considering how the legal doctrine of “Respondeat Superior” holds the employer responsible for the actions of its employees, a mortgage loan originator who enters the mortgage origination arena unprepared and untrained does so with two strikes against him.
Without question I understand how newly-licensed mortgage professionals often struggle financially. They’ve just changed careers, they’ve been preparing for the NMLS exam instead of earning income, and they’re entering the mortgage industry often because things were not faring well for them in their previous professional life. And I’m aware that spending money on training is not always practical or even affordable.
Ideally, the rookie loan originator should pursue sponsorship with a company that values training and starts all new hires off engaged in a comprehensive training program that includes the shadowing of a seasoned mentor. If you’re lucky enough to find such a company, you’re off to a great start. But if the position you’ve accepted is with a company that lacks the foresight to understand how immediate training is directly proportional to their MLOs’ future success rates, the MLO may have to take matters into his or her own hands. In this case, I encourage that mortgage loan originator to consider personally investing in training and viewing that as an investment in him or herself as well as in his or her career.
At the very least, try to befriend a seasoned mortgage professional who is willing to take you under his or her wing. At the most, consider hiring a mortgage coach to help set you off on the right footing.
Visit www.nmlstraining.com to see how we, at AxSellerated Development, can help you achieve the success you desire through professional mortgage coaching on topics such as:
• Mortgage fundamentals;
• How to accurately assess your customers’ needs and wants;
• How to identify the appropriate mortgage product for your borrower;
• How to take an effective mortgage application;
• How to get referral sources to want to refer to you; and
• So much more!
Start your mortgage coaching journey today and launch your career to the next level!
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