This special episode with Dave Savage of Mortgage Coach talks about his experience interviewing loan originators who are successful in today’s market on his podcast. What are they doing to thrive in these challenging times.
Mortgage Coach and Success Stories from Top Loan Originators with Dave Savage of Mortgage Coach
Listeners. So glad to have a friend of mine joining me on the podcast, Dave savage. You all know who he is, if you’re in the mortgage industry and don’t know Dave Savage is where have you been? Mr. Savage? What a great joy to have you here, my brother from another mother?
Yeah, it is good to be here. David. I think the last time we created content together, we were talking about just how long we have both been interviewing people and creating video content. It’s been a long time then.
We both been doing it over 15 years. And then we got into it not sure which one got it first, it doesn’t matter. But we’ve been doing a long time you’re a veteran edit. You do a great job. And recently you’ve been talking about Moneyball, I want to go in and just go right back to that because it’s such an important thing. What are we doing in the way we evaluate the business? Talk a little bit about some of your Moneyball series because I want to do a promo on that. So people go out and listen to that interview that you did talk about that?
Yeah, came from an interview I did with Jim date. And I did that interview primarily for mortgage executives. It’s interesting are following on our YouTube channel, the mortgage coach YouTube channel is probably 70% loan officers. But that Moneyball interview because I’m writing an article right now, on our 10, most viewed interviews that I’ve done, it’s going to be in the top 10. I think it’s like number four, or five. And I think being profitable is not only on the the mind and hearts of mortgage executives, it’s on the mind and hearts of loan officers, and top producers. In fact, I’ve had a lot of top producers that had a whole new level of empathy, a whole new level of understanding that wow, price exceptions really matter. And I had no idea what the cost of withdrawn loan was when I walk in a loan in the company hedges and I have to do a concession or we lose that loan. Like they just didn’t realize just how expensive that is, and especially when you add it all up. So Moneyball mortgage has been one of the biggest most watched interviews I’ve done this year.
Well, kudos to the loan originators that are watching that, David, because I think we need to get more serious about the business and mortgage originator, that is a true professional needs to understand what goes into making the sauces the cost and all of the activities and the better educated they are, the better they’re going to do to perform for their borrowers that they’re working with. So kudos to you on doing that. Another thing that you’re doing that I want to get a promote on right away, is what you and Kristin measurably are doing about financial education and getting out financial responsibility getting that out. I just really applaud you for that. Talk a little bit about what you and Kristen are doing.
Yeah, I don’t think it’s a secret to anyone in America that there is a financial literacy crisis. I don’t think it’s a secret to anyone that there’s an affordability crisis. And affordability is one of the biggest challenges for everyone in housing, whether your mortgage, whether you’re a realtor, whether you are a renter, and you want to be in housing, or whether you’re someone in a mortgage, and it’s two or 3%, but yet you want to move up, you’re like this household hostage. And so it’s a big issue. But what we want to do with first home IQ is turn mortgage, and realtors loan officers and realtors into the first responders of this financial literacy crisis. And so we’re building content. We’re building community, we’re building platform, and we now have over 65 loan officers that are ambassadors. They’ve donated at least $1,000. And they’re taking some of the content and they’re going out to high schools, colleges, Boys and Girls Clubs, all types of local community organizations, and making sure that parents know how to help their kids. And the kids can realize you know what you can achieve homeownership, maybe you need to house hack and have roommates. Maybe you need to get a duplex or a triplex. Maybe you need help. Maybe you need to partner with other students. So you need help from family members. Or you know what, there’s never been more downpayment resources available in the history of America. So there’s just a lot of ways that people that want to achieve homeownership can achieve homeownership. And our goal is to turn the loan officers and lenders into the heroes
That’s outstanding kudos to you for the vision for doing that. It’s a give back and it’s just outstanding. The reason I wanted you to come on the podcast David, is you are talking to loan originators as you said your podcast, your mortgage coach is is still referred to as mortgage coach. Are you have you rebranded that now that’s the same.
Yeah, no. So the actual YouTube channel is the mortgage coach YouTube channel, it’s got a brand. It’s for loan officers, we’ve got 22,000 followers, it’s had millions of views trust engine is the company, but it’s still the mortgage coach YouTube channel, and we still have a product called mortgage coach, you guys,
I wanted to make sure that I’m making sure that we have that covered. But you’re interviewing all these loan originators. And as we’re looking at the challenges that this industry is going through right now, a lot of people say, nobody’s doing well out there. And we’re finding out that’s not the case. And I wanted you to come on the podcast and I want to start showcasing and create an awareness of the interviews that you’re doing with some of the top professionals so those that are mortgage executives or originators that we have listened to our podcast, will go out and start paying attention to watching those videos that you’re doing to water the secrets that are working. Today’s interview, David is let’s talk about your podcast and who you’re interviewing. Tell me about some of the stories that you’re hearing success stories of people prospering even in this market and what are some of the tricks anyone come to mind off the top of your head?
Yeah, there’s lots of people I have interviewed a number of folks that are the number one market leader in the markets. They serve Shayla Gifford who you know, is a leader of the Reno Nevada market. And I interviewed Jeremy for CA, who actually yesterday, it was an incredible interview. And he’s not having a record breaking year, you know, he’s used to doing over 200 million, and he’s gonna do 120 or 130 million this year. But he was like feeling so Hey, am I missing something he went, and he looked in what his market share is in Sonoma County, and he’s the number one loan officer in Sonoma County still, and he’s actually gained market share. So he’s winning, I interviewed Daniel saw with NFM, lending us in Columbus, Ohio, actually, this year. For the first time in history, that market is typically the number one lender that markets, usually Huntington Bank, and sometimes rocket will be number one, sometimes they’ll be number two, rockets down number three, Huntington Bank is number two, and NFM. Lending and Daniel saws branch of 35 loan officers is number one. And that all happened this year. And I get people all the time. But what’s he doing? First of all, he’s not doing any one thing. He does have a branch where the average loan officers doing six loans. Actually, the first time I interviewed them, they were averaging six loans per loan officer 35 loan officers averaging six loans loan officer, that is incredible. And it’s not a direct marketing strategy. There’s not a silver bullet or a magic pill. There’s a commitment to doing the right things. And I’m gonna say a quote from my interview with Shopbot, OSHA and the number one loan officer America when I interviewed him in May, and I’m like, Shawn, what are you doing? And how’s this market impacting you in his first thing was I’m not I don’t pay attention to the interest rate economy. I’m focused on the activity economy and controlling what I can control. And when I interviewed him the first time it was in May, and he said, You know what, it’s May, and I’ve had more conversations more meeting with realtors. And it’s May than any year that I’ve ever been a mortgage professionals. So one thing that all these market leaders have in common. They’re getting after it. They’re having two to three times the amount of conversations with realtors and home buyers and influencers. And yeah, they’re making half as much money. But they’re working. They’re having conversations, they’re being more thoughtful about who are the realtors that they’re calling when I talked to Jeremy’s Hey, the people that did business in 2021, real estate agents aren’t necessarily the real estate agents that are killing it now. So they’re being more thoughtful about which realtors are they’re calling. They’re calling people that are successful in doing business. And then they’re having a lot of conversations and they’re getting after it.
It’s really interesting that you’re saying activities because the three things we’ve been talking about a lot on our podcast is mindset, skill set and activities. And a lot of it is just getting out and being a going after getting after it as you said in a big way. I love our friends at rewire. Thank you again so much for introducing me to Steve and Jason. And there was an amazing team. They talk about mindset so much. We focus on that some but also skill set as well as activities and a lot of what’s going on as you need to increase your activity or reach in a market like this. But sometimes it is skills that they are employing different skills or tactics to that. So if you could talk a little bit about you’ve explained that they’re all stepped up their activities, but how are they doing that through skill set and mindset what’s going on in their headspace? Are you seeing any new tools that they’re employing or is it pretty much the same game? I’m really talking about?
Let’s let’s really go through that. And first of all shout out to Steve and Jason and rewire I interviewed them as well this year, and couldn’t agree more. And in that interview I did was shot but OSHA and he said, Hey, I’m having conversations with realtors more than ever. And I’m, and I’m focused on mindset, like they need mindset leadership. He in that interview, he told me that he had read a book called The gap in the game, literally while I was talking to him, I was ordering the book. And that was my Book of the Year. Like I read it earlier in May and totally focused on mindset. So that was part of Schatz approach was meeting with realtors, talking about the book talking about mindset. And I think it’s going to continue to be the case, I do think hopefully in 2024, we truly get into a more growth market. And it’s not like as hard of work to work on mindset. But here’s my thoughts. And here’s where I’ll tie it is there are some new skills like I have been most of my career focused on advice versus price. But there has been a seismic shift in mortgage that is 63% of all mortgages, start with two or 3% and an 80% percent or less. So there’s a new skill set that lenders need to have like you need to be able to, whether it’s a first time homebuyer that you’re having to pre qual with something that starts with a seven, hopefully soon will be pre qualifying, and it starts with a six, you need to help them understand like, Hey, here’s how you can afford to buy a home, you need to have skills around house hacking, you need to have skills to help realtors who want to still get listings, but 63% of the people that want to list their home that have a mortgage, have a two or 3% mortgage. So you need to have a skill to say you could rent out the house to buy a new home. Let me show you the numbers. I know you got a two or 3% mortgage and I know they’re seven, or whatever the number is when people listen this interview. But let me show you the long term impact of move it up. So there’s a new skill of advice that lenders and loan officers need to have. And then there’s also a whole lot more data capabilities in the market where loan officers and lenders need to be more predictive, and leverage their CRM, understand who are the people in your database that you can help. It might be a debt consolidation loan, it might be a home improvement loan, it might be Hey, did you know that we could finance a home improvement and an adu and we could help you get more income out of your home, it requires a new level of creativity and a new level of advice. And I do not believe that’s going to go away. I do believe by 2025 there will be the haves and the have nots, and the loan officers that are the haves will use data to be more predictive, and they will be advisors and the lenders that have tools. And their loan officers are using these tools, this technology to be data driven mortgage advisors, they’ll be gaining market share, they’ll be moving up in the markets they serve in market share. And if their loan officers and their lenders, and they just know how to close loans on time. That’s not enough going forward, like data driven lenders, data driven, advice driven mortgage professionals. Those are the skills that the winters are gonna have a
dive in a little bit more to the data driven mortgage professionals, the loan originators that are out there doing that if you could talk a little bit more about what does that look like? And then I also have another question. You mentioned mortgage House House, talk back to that. That’s a great term. I’ve heard you use it before. And I want people to gave all that aside. But let’s go back to the topic of data driven. What do you mean, or what are you hearing people use? I hear something I’m understanding tools in my mind. I’d love to ask here. What are you seeing?
You’re one of the things that we’re doing is first of all, monitor a database?
Are you talking about a database of a consumers that you
you monitor a database, and I would say data monitoring of 2015 is Oh, listing alerts. Oh, someone just ran a credit with another lender, and they’re cheating on you. And an inquiry alert? Those are all things that were innovative in 2015. But that’s not what I’m talking about. I’m talking about literally a combination. And by the way, those are still important. Oh, yeah, absolutely alerts. But what’s more important is to start predicting, oh, there’s a first time home buyer in this house. Oh, this looks like someone that wants to move up or move down being more predictive. So what does that look like in our ecosystem? It looks like one you have a relationship in your database is being analyzed to it’s being updated in the CRM. Three, there’s some strategic consideration on how do we put the right message at the right time in the loan officers inbox. And then we also have a mobile app. We think it was like Tinder for low and officers so that when there is someone in your database that between non credit and credit data looks like alone, you’re stepping into it, we’re sending a message, we call it a borrower creative, where we’re sending the right message at the right time to a consumer, you could optimize for financial freedom, but you could pay off your house faster, you could move up if that’s what you want, but it’s monitoring and data, and it’s taking action on a data. And then it’s doing it in a multi platform way CRM inbox mobile app. So that’s the data driven part. When I say data driven mortgage advisor,
one of the other tools that’s out there, and it’s a plug for one of our advertisers, there’s AI emergent, which is does a brilliant job of not only telling you what MMI does, and modex, both of which are also sponsors of our podcast, but also then predicts what activity is going to be going on in which neighborhoods, which statistical map areas of what sales activity is going to be happening, and who’s going to be doing it. It’s phenomenal the amount of data that we have available to us. And so very exciting tools. So check out a merchant for that.
Yeah. And that’s a fantastic piece of data. And those are definitely actions you need to take. But also real estate agents. Remember the platform’s you just mentioned, loan officers should know Hey, how are the realtors that you’re working on? You’re spending time on what kind of production are they doing. And like Jeremy actually called it out, I did an interview with him, called separation CS. It was just a couple of weeks ago, said our YouTube channel. It’s all our TEDx microsite. But he was like you don’t want for the first time because I wasn’t happy with my production, I’m not hitting my goals. I went in and realize that what I’m the market share later. So I was like, Cool. And then he goes, and I went and looked up all the realtors that I’m doing business with. And all the realtors that I’m prospecting. And you know what I’m going to deprioritize some of these, that’s an example of being data driven, is making sure that the people you’re calling on the people that you’re working with, have the ability to help you achieve your goals, and then using data to target the right consumer at the right time with the right message.
That’s excellent. I love what Jeremy does, he’s a winner. And I’ve listened to him speak and it is always inspiring. Shayla said same thing. Shayla just is sheer guts and determination to make things happen. Give us some other examples, David, of what you’re hearing stories on out there that really stand out that’s making a difference or while they are succeeding, or at least prospering probably not to the level that they all would like but at least prospering even in these markets.
Yeah. So I started in August, doing a series that I called TEDx, the mortgage TEDx strategy. And actually, there’s a webpage. Anyone listen to this, you go to trust engine.com, forward slash 10x. And there’s now over a dozen at the time, I just said, You know what, for the month of August, I’m going to identify these market share leaders, like the people that I’ve told you about so far. And I’m gonna interview exactly like, how are you winning in this market? I knew they were all winning, because I know their data and other results that are all market share leaders. I know that they’re all data driven mortgage advisors, like what do you do and how you doing it? So first of all, go and check out that webpage. But Dan Keller, as mentioned earlier, I’m in the middle of writing the most viewed and most valuable interviews that I’ve done this year. He actually has multiple top 10 interviews that I’ve done, Dan Keller out of Seattle, Washington, and he’s got this goal that every realtor in that market will know Him. And so what’s he doing? He’s doing social media. Now, by the way, just about all of the people that I have mentioned so far, have a social media presence. They have a strategy with how they’re building audience and how they’re delivering education in the marketplace that Dan Keller out of the Seattle Washington market is doing fantastic. He’s gaining market share all the social media that he creates, he’s got more distribution. He’s got more eyeballs on that. So that’s another strategy he’s doing. first time homebuyer events. He’s also a first home IQ ambassador, but it’s all about education. He’s all about like, how can I use my platform? How can I build a platform to be an educator so that in the Seattle Washington market, one Realtors know him? And two, they see him as a valuable source of trusted content. So another story, another strategy that’s outstanding.
I love these stories. I love stories about people that are just knocking the cover off the ball and these times, David, any other stories? I’m looking at the time. I’m gonna share it on.
I want to share a few more Sean Herrero out of the Bay Area, and he’s always been a very successful loan officer. But there were multiple months this year where he was like, he works for cross country mortgage, and he was one of the top 10 loan officers across country, killing it having record level, not the most loans he’s ever closed off the highest production he’s ever had. But he hasn’t been one of the top five, what loan officers across country, one of the largest lenders in the country. And he’s gotten super clear on I’m an educator, I’m a teacher, one of the interviews that I did in the TEDx was presenting to 165 realtors. So this year, he got really serious on, you know, what I want to get in front of large groups of realtors. And he put a focus on that I want to deliver messages, one to many. And he actually put on his own event, but he found a local title person, he found a local real estate professional, and they put on an event and had 165 realtors in it. And I did a whole interview like, why do you do this? How do you do this? So that’s a story Cody to share, who is one of the top producers with movement mortgage, and he’s also at the Seattle Washington market. And Cody, one of my takeaways every time I interview, Cody is there’s riches and niches. And he’s always had this niche that I help real estate investors, and I turned people into real estate investors. So I did a whole call on House hacking with him. And talking about how loan officers and lenders need to stop waiting for the phone to ring, stop waiting for someone to say, oh, I want to buy a home. Or I want to become a real estate investor or hey, I want to buy a second home. No, you need to be the adviser and you need to show people how they can create wealth with real estate. And he’s doing fantastic. I think he’s actually on a vacation right now with his life in Japan. So again, he’s doing well because he has a niche. He’s become exceptional at that niche. I am seeing a trend of mortgage professionals and real estate professionals that are investing in real estate themselves. So he’s Kettler, exactly how many homes he owns. But he’s invested in real estate. He is a real estate investor. And in the market of Seattle, he is helping people become real estate investors. And he believes in in message actually go on. I literally interview top performing loan officers multiple times every week, like at least two interviews a week, I’m interviewing someone that is winning in this market.
How do you find that David? How do you hear about do they reach out to you? Or are you just in the market and searching databases? How do you find out about these people?
Yeah, first of all, I’ve been doing this for a few years and and our platform mortgage coach has 34% of the top 1%. Use our platform to deliver advice. Yeah, I have access. I know who’s delivering fee worksheets, because I use a mortgage coach. And I know who is giving a total cost analysis to family. And so I’d say early on, it was me reaching out to people like hey, because I know their production, I have access to their production. I know how much advice they’re giving. And I would reach out. But now that we have over 22,000 followers, hundreds of 1000s of views per month, I have people that want to for me to interview. But by and large, I’m always looking for top producers that are doing things the right ways. And when I find those books in my head, I’d love to interview you and hear what you do and hear how you’re doing it and then shine a light on you in the industry. My My mission is to change how people get into debt in America. And so I’m looking for people that are doing that in the marketplace, loan officers, mortgage professionals. And then I’m interviewing them on like, how are you doing this? And it’s pretty straightforward.
It’s outstanding. You’ve mentioned several times on this interview house hacking, explain what you mean by House hacking.
Yeah, anytime that you’re using outside income to either qualify for the home or to make the payment. It’s house hacking examples of that. And one of the things we’re doing at first of all, my cue is teaching kids that hey, you could buy a three bedroom house, rent out two of the bedrooms. That’s house hacking in today’s market. You’re seeing kids written out sofas, there’s apps now that’s already be started out there. Airbnb would be an example of renting out a bedroom of house hacking, buying units duplex and triplex that’s not technically house hacking, but that is using income other sorts of average increase. Yeah, but the most typical house hack strategy would be renting out bedrooms doing Airbnb is doing an adu in the backyard. Those would be house hacking strategies. By the way, every first time homebuyer in America needs to become a ninja on House hacking because it is hard to qualify for a home at 7%. You need help but you know what? There are strategies there ideas, there are best practices to do it.
That’s outstanding. David, I love your podcasts. I love your passion to help. mortgage professionals do better and now you’re even going beyond that and that’s helping homeowners get educated or future homeowners in the marketplace that are coming up and growing up and getting them educated on how to be fiscally responsible and create a vision for owning a home kudos for what you’ve done in the industry and what you are doing. It’s good to see you doing so well. And thank you so much for taking time to get on podcast. Tell everybody where they can find your podcast, you are talking about the TEDx, but mortgage coach, and also as far as how they can get involved in the program that you’re doing with Christopher.
So my cue so here’s some I will not so the mortgage coach YouTube channels, pretty straightforward, put it in mortgage coach in YouTube, and you’ll find our channel and there’s new videos code in there every week. And there’s playlist what were the best ones this year? What are the all time best ones? Scripta Palooza was a big I was great. Yeah, it was an incredible success. I would go to our TEDx page, trust engine.com forward slash TEDx, where I have really curated some of the most tactically educational like how to be an advisor, Cody to Shay on House hacking, and he’s sharing sales strategy, he shared his scripts, and he showings how he’s delivering advice. So check that out for First of all, my cue is first home iq.com We have a quiz that you can take in get your score, we really created that quiz for Gen Z. And first time homebuyers to like a take a 10 minute test. And by taking that test, you’ll one know where your gaps and knowledge are. In two, you’ll actually learn something taking the test, I would push all mortgage professionals. While I’ve had a number of people get 100%, I’ve had a lot of people miss a couple of questions. So I would just push on mortgage professionals to not only take that test, but share that test. We’re even having a lot of loan officers saying you know what, just like I’m going to pick it up on everybody. I’m gonna take all my first homebuyers and have them take the first home IQ quiz. So check that out. And then if you want to become an ambassador, there’s a link at first home IQ where you can apply to become an ambassador. And then of course, trust engine.com If you want to learn more about mortgage coach or how to be a data driven mortgage advisor,.
outstanding So David, thank you so much for being here. Appreciate all that you’re doing. And listeners go in. We’ll put the links to those websites, our notes today on the website. And so check them out. David, thanks so much. Merry Christmas to you and look forward to having you back. I want to hear more.
Yeah. Hey, I appreciate everything you do. David, you’re an amazing gift to the industry. And looking forward to interviewing you on my channel. Again, I did a Moneyball interview with you as well from the NBA. So if you want to hear David Lykken on Moneyball, check that out. It’s in our YouTube channel as well.
It’s something I’m passionate about. I love what you’re doing Moneyball Thank you, David. Appreciate it.
All right, take care everybody.
And listeners, this hot topic would not be possible without our sponsors. I want to say a special thank you to our sponsors Total expert, Finastra, Byte software, Lender homepage, Angel AI, Truv, The Mortgage Bankers Association of America, Lender Home Page, The Mortgage collaborative, iEmergent, Modex, Mobility MMI.io and knowledge Coop. There’s so many good sponsors here and we’re so grateful for each one of them. Be sure to check out each of those sponsors and their spots on our website Lykken on Lending under the sponsorship page. Thank you
Dave is the founder of Mortgage Coach, is now Chief Innovation Officer of Mortgage Coach and Sales Boomerang, which together created the industry’s first BORROWER INTELLIGENCE PLATFORM that helps all borrowers achieve financial freedom and empowers lenders to become lifelong champions for borrowers. As an innovator, he founded Mortgage Coach in 1996 and cofounded SmartReply, the nation’s largest mobile marketing company, in 2000. Dave is dedicated to sharing best practices and has conducted more than 1,000 interviews with top loan officers and industry leaders, making the Mortgage Coach YouTube channel a “Netflix” for loan officers and mortgage executives. He’s a nationally known speaker on database optimization, mortgage advice, and financial literacy empowerment, and he recently received the 2022 Vanguard Award from HousingWire.