Latest / Mortgage Marketing Radio / How To Help Your Clients Eliminate Student Debt

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How To Help Your Clients Eliminate Student Debt · Mortgage Marketing Radio

• 0:00
  In today's highly competitive mortgage industry, building profitable relationships with
• 0:04
  the real estate agents is essential for success.
• 0:06
  However, finding effective ways to secure agent relationships can be a challenge.
• 0:11
  With so many mortgage loan originators vying for the attention of real estate agents, it
• 0:15
  can be difficult to stand out and establish meaningful connections.
• 0:20
  Our new case study featuring loan officer Chris Cogill is a must-read.
• 0:25
  Chris has closed a remarkable 36 million in funded loans from agent referrals.
• 0:31
  And in this case study, he shares his proven strategies for building strong relationships
• 0:34
  with real estate agents and leveraging those relationships to drive more business.
• 0:39
  To get your hands on this resource, head over to LOKestudy.com and download your free copy
• 0:45
  of the case study today.
• 0:47
  You'll find actionable insights and practical tips that Chris used to close 36 million
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  in funded loans from agent referrals and how you can too.
• 0:56
  Don't miss out.
• 0:57
  Go check it out right now.
• 0:58
  Visit LOKestudy.com and download your free copy today.
• 1:03
  Hey, hey, people, what is up?
• 1:11
  This is your friendly podcast host, Jeff Zimford, coming at you from my mom's basement.
• 1:19
  No, just kidding.
• 1:20
  It's coming you from a secluded secret bunker somewhere in the desert of Las Vegas, Nevada.
• 1:30
  All right, how you doing today?
• 1:31
  I'm doing fine.
• 1:32
  This is, it's a Friday.
• 1:33
  So, you know, why not have a little bit of fun?
• 1:35
  It's the end of the week, long week.
• 1:36
  How's your, how was your week?
• 1:39
  A lot of these weeks lately are long, aren't they?
• 1:40
  You're super busy.
• 1:43
  Mark, it's crazy trying to get your buyer's offer accepted.
• 1:46
  Trying to get, you know, maintain some margin in your life.
• 1:51
  I get it, I get it, I can relate, I can relate.
• 1:53
  I'm here for you.
• 1:54
  If you ever want to reach out, podcast at mortgagemarketingradio.com.
• 1:59
  That's my email podcast at mortgagemarketingradio.com.
• 2:04
  So, coming at you this week with a special episode, we're talking about two things.
• 2:10
  First and foremost, if you've not heard about the hybrid loan officer,
• 2:16
  that's right, the launch of the hybrid loan officer.
• 2:18
  I'm now going to, you're going to be hearing more about this from me.
• 2:21
  I've been teasing you for a past few weeks on one of our previous episodes.
• 2:25
  The one just before this, we did the launch of the hybrid loan officer.
• 2:28
  And we talked about my partnership with Bonzo, right?
• 2:32
  The Bonzo boys as we're calling it, where we are going to be awarding three scholarships.
• 2:40
  To the Bonzo platform, which includes all my content, my agent classes, my social media
• 2:46
  marketing training, all that stuff.
• 2:47
  In addition to a digital conversation platform, Bonzo, which helps you have conversations at
• 2:55
  scale. It also helps you address the golden goose, if you will.
• 3:03
  And that's consumer direct, self-generated leads, running paid Facebook leads,
• 3:10
  Google, paperclip leads with a built-in ads manager, ad templates, automated follow-up,
• 3:18
  SMS texting, video messaging, email marketing, souped in ads, a complete turnkey done for you,
• 3:26
  business platform that helps you be the best traditional mortgage originator that you can,
• 3:32
  such as relationships referrals, driving conversations with agents through our educational
• 3:37
  content over there. A turnkey library of done for you classes. You write the PowerPoints,
• 3:42
  a speaker knows the handouts, the invite system, the reminder and follow-up system, complete,
• 3:49
  video email text platform for maximizing your attendance at agents classes, but also maximizing
• 3:55
  your conversation and conversion rates with those agents. And then the other side of the coin
• 3:59
  of the hybrid loan office areas, as you heard me mention, is the digital side, right?
• 4:03
  Actually generating consumer direct business, actually having a stronger social media presence,
• 4:09
  running Facebook ads, Google, paperclip ads, without paying the usual agency fees that you may
• 4:15
  have run into in the past. A complete ads manager connection into your Google, you know,
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  business platform, your Facebook business platform, the templates, right? The emails, the follow-ups,
• 4:25
  the scripts and all that kind of stuff to use. Imagine that. That is the hybrid loan officer.
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  And we're giving away three scholarships to that for a full 12 months. That's a year, right?
• 4:36
  An entire year in the Bonzo hybrid loan officer platform. That's worth thousands of dollars if
• 4:43
  you add it at all up. If you also add in the amount of time you're going to get with additional
• 4:47
  weekly live coaching sessions, masterminds, you know, small groups and so forth. So do you want to
• 4:55
  apply? Do you want to be considered for a scholarship in Bonzo University? If so, go to hybridelo.com.
• 5:05
  There you'll find a brief intake form, an application, if you will. You know, just like you have
• 5:11
  to apply at a university and be accepted. This isn't for everybody. Maybe it's for you. I don't know.
• 5:17
  Go to hybridelo.com to find out. Okay, now to my special guest for this week. We are talking about
• 5:24
  student loan debt. How often do you have or have you had in the past buyers not be able to qualify
• 5:31
  because they're DTI with student loans being the biggest factor impacting their DTI?
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  I know you have, if you've been in this business for any time and you know, it's an ongoing problem
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  and issue in our community today. And what I'm excited about for my special guest today,
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  Catalina, she has a company called Loan Sense. And what they're doing is to help
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  potential home buyers who have student loans whose DTI is negatively impacting their ability to buy
• 6:01
  right is actually helping them forgive student loans. She has an amazing process, a system that
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  helps match these people with student loans to the right government process does the paperwork
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  form, everything like that to reduce the student loan payments within like a 30-day time frame
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  or less so that if you're having somebody who doesn't qualify because of DTI's related to
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  student loans, you can literally turn that around in 30 days and now have a potential buyer where
• 6:34
  you might not have had one before. I'll let her get into all the details of how this happens and
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  everything. But we do have some special extra stuff for you as a podcast listener. So if you
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  listen to this episode, you'll like what you hear and you want to take the next step. By the way,
• 6:47
  there's no sales pitch and none of that kind of stuff. It's just you getting access to the
• 6:50
  additional resources that you might be able to refer your clients to. You can go to myloansense.com
• 6:56
  forward slash mortgage radio. I'll say it once again and it's also on the show notes. Myloansense.com
• 7:02
  forward slash mortgage radio. Go check out some of the more details there so you can help convert
• 7:09
  more turn downs to buyers. So enjoy this week's episode. Let's get into this week's show.
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  Catalina, welcome to the show. Thank you. Thanks for having me. It's a pleasure to have you here.
• 7:24
  We're talking about student loans today and we're talking about how student loans can be a hindrance
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  to people buying homes today in our country here. And we know it's a it's a big issue of student
• 7:35
  loan debt and things like that. So that's why I wanted to bring this conversation to our listeners
• 7:38
  here today. Let's start with this two parts. I know you have a story, but one, give us the kind
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  of the explainer on what is loan sense. What do you guys do? How do you help people with student debt?
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  Bottom line, we literally turn student loan payments into equity building
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  mortgages by increasing affordability by approximately $98,000 in three weeks time.
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  Wait, whoa, whoa, whoa. You're throwing out some big numbers there. What are you talking about?
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  90 would explain. So dollar for dollar every dollar we reduce your student loan by is now that
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  increased dollar, right? We're decreasing your debt to income and now you have more money to go
• 8:21
  towards a mortgage. Well, what a lot of lenders don't understand is that there are government
• 8:27
  programs that subsidize the interest on your student loan payments that you could literally
• 8:32
  reduce your student loan within three weeks and now reduce your debt to income and be able to
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  buy a house. So that's what we help lenders better understand so that they're not turning people
• 8:46
  away unnecessarily when if we just worked with them for a few weeks, they could in fact be
• 8:51
  ordered ready. Interesting. So can you give me any kind of case studies where, you know,
• 8:58
  how does this work in the real world for some people? Yeah, of course. So an example is like the
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  biggest use case is people with undergrad degrees or with master's degrees and took out quite a
• 9:12
  bit of debt, but don't necessarily have the earning power. So like two teachers, two nurses,
• 9:18
  social workers, people like that, as well as people, even in medical professionals that earn a lot
• 9:24
  more money, but they take out significant amount of debt, right? All the way down to a person who
• 9:29
  might have defaulted on their student loans and they can't borrow at all until they get it into good
• 9:33
  standing. Those are all different use cases, but essentially what we do at loan sense is their
• 9:37
  default, we get them into good standing through loan rehabilitation program. If they have high
• 9:42
  DTI, the main customer we help is someone with like two 1.5 times student loan balance as compared
• 9:51
  to their annual income. So what we do is we bring them into our system and we connect two lenders,
• 9:57
  but we bring them into our system and then we estimate for them how much we could reduce their
• 10:01
  student loans based on federal programs and then loan sense in the background as all the paperwork
• 10:07
  filing. So they don't have to wonder what is it I'm supposed to do, what program do I enroll,
• 10:11
  and what do I do, where do I send it, who do I talk to, we eliminate all those questions so that
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  if you're working with a student loan bar, you don't send them away, we file that paperwork,
• 10:20
  we assign them to an advisor who answers their questions to close because your financial plan
• 10:24
  may be very different once you close on a house, right? So we help them understand what do they
• 10:29
  need to do to lower their DTI to close, and then what is it they need to do to actually long-term
• 10:33
  manage their student loans? So we're literally a student loan advisory that focuses on student
• 10:39
  loan debt as the primary issue, but we could also help with like DTI management across other forms
• 10:47
  of debt as well. We just lead with student loans because 65% of first-time home buyers have student
• 10:53
  loan debt. Millennials are entering the market with crazy student loan debt and they may not have
• 10:58
  poor credit, right? It's not like they miss a bunch of payments, like they just have too high
• 11:04
  of DTI, it's the number one reason we're denying people. So that's the problem we focus on because
• 11:09
  it's missing in the lending industry and people really need to get in a house to start building equity,
• 11:15
  right? So with this could this also be used by somebody who's maybe doesn't need to buy a house,
• 11:20
  already has one, I just wants to give. Absolutely, absolutely, but absolutely. The reason we focus on
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  this pipeline specifically is because there's such a great ability to increase affordability by
• 11:31
  addressing your student loans. It's also the first stage of wealth building. A lot of people think
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  about that feel literally, you know, 36 million student loan borrowers are renters and 20 million
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  of them are in home buying age and they feel defeated. They feel like, oh my god, I can't afford a
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  house and a lot of lenders can't answer their questions about what they what it is they should be
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  doing. So we eliminate that problem by answering those questions for you so you don't have to become
• 11:59
  a student loan expert, but then when they're mortgage ready, they can still go to you to originate
• 12:03
  the loan. Does that make sense? Yeah, so you're going to match up people with the sources available
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  for is this how do you pay off the student loan? Tell me about that. These are government funds?
• 12:17
  Yeah, so 90% of all student loans are federal loans. Right. So the government has loans. Basically,
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  the government has rules that say to simplify it. You don't pay back what you have borrowed. You pay
• 12:31
  back what you can afford and it's a formula. Okay. So does that make sense? And then after a certain
• 12:38
  number of payments, the government will forgive the remaining balance. Say what? Assuming you understood
• 12:44
  what the program is and assuming you filed into it properly. You just say the word forgive. The
• 12:51
  government is going to forgive one of those loans student loans. Yeah, of course. Yeah, the government
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  will forgive those loans after you file into the program for a certain number of years depending
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  on your type of employer, basically. So how does this work? Let's say you match up. You've got
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  somebody who fills out, you know, goes through your process, the onboarding, you know, gets qualified
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  and all that and you guys start finding the appropriate match up for them. You're kind of a
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  matchmaker, right? In that sense. Yeah. To relieve the student loan stuff. So we file all their
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  paperwork. We tell them in three weeks, you're going to get a letter from your loan servicer.
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  And we spit back all the debt to income calculations across all five mortgage types,
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  Freddie, USDA, FHA, all the mortgage loan types. We spit it back to the loan officers so they
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  know what's going to happen. And then in three weeks time, that customer will come unless,
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  of course, they're in default. There's something like crazy that's going to take longer. But then
• 13:50
  they'll come with a letter from their loan servicer that they can go to the loan officer and the
• 13:54
  loan officer can take that letter and help them get to underwriting, right? So we're literally
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  connecting like we're policymakers. We're connecting student loan policy to mortgage credit policy
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  and making it so lender Joe no longer has to guess what's going to happen. And Susie here who's
• 14:11
  going to lender Joe who doesn't get what's supposed to be happening. Now both of them can get their
• 14:15
  answers, you know, their questions answered and both get to the final outcome, which is to help
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  every American get into, you know, achieve the dreams of homeownership, really. Well, so I'm
• 14:28
  trying to piece the puzzle together here. The letter, right, with this loan, let me back up,
• 14:34
  let me ask it this way. Once you find the scores for paying off portions of the loan, because that's
• 14:44
  what's happening, right? They're using some type of government money to pay off these government loans,
• 14:48
  student loans. So is it, is it, okay, you're going to get X amount of money that's going to pay off
• 14:54
  this portion of the student loan. And now their DTI is in a better spot, but you also refer to
• 14:59
  something about a letter. So yeah, their DTI is in a better spot, but once that loans pin it off,
• 15:05
  though. No, no, no, no, no, they're DTI immediately within three weeks is improved. Why, though,
• 15:11
  because that loan's still there, isn't it? The student loan? No, no, no, because their payment has
• 15:14
  decreased. Also, let's say your payment is $700, but the government says you can only afford to pay
• 15:21
  a hundred. Let's say you're fully amortized student loan balance is $700. And the government has
• 15:27
  said, Sally, you can only afford to pay $100 based on many factors, your family side, your employer
• 15:33
  type, there's many factors. So Sally now has that letter that says, Hey, my student loan payment is
• 15:38
  $100 and not $700. But is that so now the one that also reflected on credit, though, for that?
• 15:46
  Yes, it is because it's the payment. Yes, but the way we accelerate them to get them to closing
• 15:51
  isn't waiting for the credit to get updated. It's literally coming with that letter from their
• 15:56
  loan surface saying, Hey, look, my loan is now updated. It's not $700. It's $100. I know you
• 16:02
  seeing lenders accept that versus a credit report. Yeah, yeah, they'll accept it. It's standard
• 16:08
  to accept that letter. Yes, to go through underwriting. So you've got some success stories. I would
• 16:13
  imagine. Yes, yes. And back we're integrating with mortgage coach. We're integrating with some
• 16:19
  large lending technology companies to make referrals when someone's identified to have student loans
• 16:25
  pretty automated. Yeah, and we're also our next like our product roadmap coming up will be
• 16:32
  to actually automate like debt payoff planning according to the mortgage DTI calculations.
• 16:39
  So even if you deny somebody, they should leave with a plan, right? And not just be denied. Yeah.
• 16:45
  Well, this is better than credit repair, right? Because this is much faster. It sounds like
• 16:50
  well, it's not credit repair. I mean, I don't like to be associated with that, right?
• 16:53
  No, I don't want to do that. You get what I'm saying, though, as I credit repair takes a year,
• 16:58
  this, I mean, 90 days, you could have your DTIs in a better spot.
• 17:02
  Oh, yeah, yeah, yeah, absolutely. It can be done in three weeks. If student loans is the primary
• 17:07
  reason for not qualifying, it could be done in three weeks. I mean, obviously, if you defaulted
• 17:12
  or you're in bad standing loan rehabilitation takes nine months, but you know, that's not the
• 17:20
  majority case for most people. Most people just need their loan balance. Two thirds of Americans
• 17:25
  qualified to reduce their monthly payment. Two thirds. So it's not some niche population of
• 17:31
  Americans that can qualify to reduce their monthly payment. Well, let me finish this thought then.
• 17:35
  So I've qualified on a reduced payment because of my life situation, circumstances, like you said,
• 17:40
  these qualifying elements, if you will, programs. I get my payment reduced from 700 to 100. Let's say,
• 17:49
  how long, like, does that 700 just go away forever? And that difference of balance? Or are we just
• 17:55
  extending the term? No, you're not extending it. So after, if you work for non-profit, it's after
• 18:02
  10. So basically, the time length of time you pay back your loan is dependent on your employer type.
• 18:08
  But basically, the government says, if you file into these programs annually, whatever balance is
• 18:14
  left after 10 years, if you work for non-profit, if you work for not a non-profit private sector,
• 18:20
  it's after 20 years. So you might be done paying it by then. But the point is, is like, any balance left
• 18:25
  over this payment term will be forgiven by the government. So what can you give me actual
• 18:31
  like hard examples of like, you know, numbers, you know what I mean? Yeah, there's an average,
• 18:36
  our user base right now has an average projected forgiveness is $74,000. So if you continue to file
• 18:43
  into these programs, you not just defer paying it back, there's a bunch of users, like, and I'm not
• 18:50
  even talking about like, only lower income people. I'm talking about like doctors earning 200,000
• 18:57
  that have like 500,000 of debt for medical school and fellowship, you know, that literally can get
• 19:03
  $280,000 of loan forgiveness. So I'm not like talking about low earning people and it's only
• 19:08
  exclusive to low earning people. I mean, literally, if your debt to income is significantly impacted by
• 19:14
  student debt, or you're in default, right? Because default is a huge other disqualifier. Yeah.
• 19:20
  And you literally can get your loans forgiven because let's say the government says your payment is
• 19:25
  only in the, in the example of $100. Well, year after year, you have to qualify your income again,
• 19:32
  right? And people's income zone jumps significantly. It's not like someone this year pays $100,
• 19:37
  now they're going to pay 600 the next year. It's pretty rare. So they literally Sally will pay
• 19:41
  $100 every month if she happens to pay off her loan balance before the forgiveness term will
• 19:48
  then she'll pay it off. But if she happens to have a lot of loan balance at the date in which her
• 19:53
  payment date is up, then the government says, okay, the remaining balance is forgiven. And a lot of
• 19:59
  Sally's of the world will never even have to pay back the principal they borrowed on their student
• 20:03
  loans. And that's why in the lending industry, I'm telling you, don't tell someone to go refinance
• 20:09
  their student loans. First of all, only a quarter of Americans qualify to refinance their student loans.
• 20:13
  But second of all, there is no interest forgiveness once you privatize your student loans.
• 20:18
  So you're literally obligated to pay back the full amount plus interest no matter what,
• 20:22
  whereas if you're enrolled into a federal government program and something happens to you,
• 20:26
  you lose your job, you can get $0 payments. You want to stop working to start a family,
• 20:30
  you can still get $0 payments. So all of these things, the government has accommodated people
• 20:36
  so that it's flexible. Does that make sense? And so it's not deferring payment down the line.
• 20:42
  Yeah, usually there was a lot in there. One of the things you said is there is no forgiveness once
• 20:51
  you privatize your student loans. And that usually happens if you're refinancing that you're going
• 20:57
  into a private company that's now, right? And of course, anybody with student loans, myself included,
• 21:02
  gets those offers quite a lot. Oh, it's like, yeah, I mean, you're going to get marketed
• 21:08
  refinance all day long. But the reality is only a quarter of people will qualify, you know,
• 21:14
  because they want to get borrowers that are like Kremlin, Dayla Kremlin, you know, I'll give you one
• 21:19
  right now. Do you know Naviant? Yes, they're private and public servicer. I have a loan with them.
• 21:27
  Oh, okay. You see, and people think average payoff is 43. And people think, oh,
• 21:34
  own student loans only affects people in their 20s. No, there's 8 million people who have the age of
• 21:38
  50 with student loans. What are you trying to say? You can tell them over 50 just by looking at me.
• 21:43
  Oh, I'm just I'm just stating stats. I'm just stating like people think, oh, it's a problem of like
• 21:48
  20 year olds. And I'm like, no, no, no, no, no. Well, I heard a stat the other day. Somebody shared
• 21:53
  this. I forget who it was. I think it might have been on the Joe Rogan podcast. I don't know,
• 21:58
  but somebody had said that Barack Obama did not pay off his student loan until he was in office.
• 22:05
  I don't know if that's true. Oh, yeah. I mean, I knew it all the time. Dockers being like, oh,
• 22:10
  I didn't pay off my student loan. And they're doctors, right? You think, oh, they paid off right
• 22:14
  away. No, no, no, no. They're carrying their student loan balances into their late 40s. Yeah,
• 22:19
  well, I mean, that's against me and quite honestly part of it. It's just being lazy and not cutting
• 22:23
  a check. But um, and it just kind of sits there. And now you remember, you really make me think
• 22:29
  of what I need to do here. But I'm an example. Yeah, I mean, I obviously I don't have a DTI issue,
• 22:34
  but still a lot of people do. A lot of people do that. So what we help what we help customers do
• 22:40
  is just make intelligent decisions. Like what is their loan decision best for them right now to
• 22:45
  achieve their financial goals? And then once they buy a house, for example, that's our primary goal.
• 22:50
  What does it they need to do to optimize long term financial wellness, right? So we have our
• 22:55
  advisors help people make those decisions. And frankly, if we're connected to you as a lender,
• 23:00
  you benefit by getting their DTI information, right? And have that extension of an advisory
• 23:05
  arm that's there to assist you when you have those cases come up, you know? So for the consumer,
• 23:11
  then like what's the investment on their side to go through your process?
• 23:16
  They pay 197 for the for they pay 197 up front. And then they pay three months of 97 dollars.
• 23:24
  But that is to make sure our advisor can have that preliminary meeting. They file all their paperwork
• 23:30
  successfully. And if they need a post closing plan, they can get that. So you know, so it's a four month
• 23:36
  program. Yeah, but you're getting turned around from the government on paperwork in like three
• 23:41
  weeks. Yep. That's like unheard of. Well, I mean, it's a pretty standard process. It's,
• 23:50
  yeah, yeah, it's a pretty standard process. It sometimes even takes less than that. It takes two
• 23:54
  to three weeks. And it suddenly goes wrong. Like it's quick enough for us to troubleshoot it and
• 24:00
  even refile, right? Yeah. So it doesn't work correctly. Yeah. That's a that's a no-brainer kind of
• 24:06
  deal, though. If you, you know, are trying to buy a home and your DTI is preventing you because
• 24:12
  of your student loan debt and number one, number two, even if you're not, right? Wouldn't you want
• 24:16
  to look at having some of that relieved, you know what I mean? Forgive me. Yeah. So yeah,
• 24:21
  that's why I recommend like whether you're a lender, a real estate professional or somebody with
• 24:26
  two loan debt, just going on a website and looking at the affordability tool and just playing with
• 24:31
  it. You can see that there's so much that there's a way to reduce your student loan payment so you
• 24:37
  can ultimately close, right? Yeah. And so the myth like around debt is so about fear or like,
• 24:43
  oh, paid off as quick as possible, paid off as quick as possible. Well, if that we have them
• 24:47
  mentality, then people are going to buy until their 40s. Like let's optimize payout to optimize
• 24:52
  overall wealth building financial, like good financial decisions and help people get there.
• 24:58
  Right. And then, you know, help them meet their goals because if we just tell people in their
• 25:02
  20s and 30s, delay living your life until your 40, I mean, that just doesn't make any sense.
• 25:08
  Yeah. And, and so anyways, that's kind of like our motto is understanding the cost of whatever
• 25:13
  decision you have, like not just from an interest savings perspective, but then also the cost of
• 25:18
  doing the opposite, right? And like weigh them, right? So if the cost of paying off your student
• 25:24
  loan debt faster means you may not get a house, which means how much are you paying in rent?
• 25:28
  How much equity are you losing? Like understand the full cost, you know, of your decision.
• 25:33
  Well, that's why you work wealth mortgage coach. I'm sure because it's a total cost analysis,
• 25:37
  right? Yes, precisely. I love those guys over there. Dave Savage showed up.
• 25:45
  Yeah. And I'm looking at your calculator on your website here, which helps people figure out
• 25:50
  like what their new payment would be or their new structure. And it looks like it's pretty
• 25:55
  involved calculator there. It's done a lot of work. Yeah. Yeah. So it's an estimate. And then the
• 26:00
  next step they click after they get an estimated estimated monthly saving and increase affordability,
• 26:06
  is then it goes into our application. And that's where we do all the paperwork filing and all the
• 26:11
  they want to book a call and all that that happens on our platform after they leave calculator.
• 26:15
  Which by the way, I love on your on your site that you put this on your calculator as far as
• 26:19
  like they're going to fill out some basic info. And then, you know, the next steps and you have
• 26:23
  this button right above it, it says get a free loan plan. No, we don't robo call you. I think that's
• 26:31
  it's cool because for sure, nobody wants to press that next button because all crap that's
• 26:38
  going to open up a bunch of calls. You know what I mean? Yeah. Yeah. No, we don't. The only way
• 26:44
  they will talk to someone is if they book a call themselves. That's it. You know, that's awesome.
• 26:49
  So yeah, that tells me that tells me you're very consumer centric. You know what I mean? Oh yeah,
• 26:55
  everything's been tested by consumers. You know, everything like we did significant testing.
• 27:00
  Like we want to provide the best in class service to get people where they want to go. You know,
• 27:05
  so it's very consumer centric. Yes. And you've got some stats. I'm just pulling this right off
• 27:11
  your website, which we'll give you guys all the links at the end here and in the show notes as well.
• 27:16
  But, um, originate two to five more loans annually per loan office. Yep. So, so are those real numbers
• 27:24
  or is that? Yeah. So yeah, we pulled some encompass data from a few lending partners and we just
• 27:31
  saw people with high DTIs and the leading DTI issue. And we identified people that they didn't
• 27:39
  they they gave that adverse action letter to that it's like, no, these are people we can help.
• 27:44
  These are examples of people we could help right here. Like without any increased lead cost,
• 27:49
  these are people you literally are declining right now. Like we could be helping. Like,
• 27:54
  and that's two to five per loan officer. So I'm not saying per lender, but per loan officer
• 27:58
  on average, they're getting in about 10 leads. Um, and they're originating about two to three
• 28:04
  a month. That's from the data like of actual lender data, right? And so we're going in and saying,
• 28:08
  hey, if we can help two right now, like through this lender data. And then if we can help, even if
• 28:13
  they're not ready today, there's even a portion we can help get ready that can come back later, right?
• 28:18
  Even if it's six months later, the point is is like, don't just turn them away because once you turn
• 28:23
  them away, the number that people coming back is like under two percent, right? And they're going
• 28:28
  to go get caught up with quick and loans. They're going to get caught up with all these digital
• 28:32
  lenders. And it's like, why not nurture them? And then you have their data and you can trigger like
• 28:38
  a reengagement with them, right? Instead of just saying goodbye and we can't help you.
• 28:43
  Well, for sure. And then you're becoming a real advisor, you know, it makes total sense. Hey,
• 28:47
  you know, unfortunately, not now because of your DTIs who are related to student loans. However,
• 28:52
  right? I have a potential solution. Would you be open to checking it out? Right? It's called
• 28:55
  loan sense. And here's the next steps and you give them the link. They go check it out and then
• 28:59
  they're on their own and they decide if they do it or want to do it or not. But yeah, I mean,
• 29:03
  if you could, I mean, that's probably very conservative of the percentage of loans we're seeing,
• 29:09
  you know, not qualifying, not qualifying with with DTIs because of student loans. Even if you
• 29:14
  got just say five more loans a year, you do the math on that. Let's just say it's worth three
• 29:19
  grand to you. You know, that's another 15 grand a year. Pretty, pretty good raise, you know.
• 29:25
  Yeah, absolutely. And yeah, and those are just immediate numbers. So that's how you make
• 29:29
  accounting people we could work on, right? Right. Right. Absolutely. 100%. That's cool. All right.
• 29:35
  Now I know you've got a personal story attached to this. Why this for you? How the heck did you get
• 29:38
  involved in this? Yeah. So I, you know, well, thanks for asking. How did I get involved in this?
• 29:47
  Well, I graduated with student loan debt myself and I'm like, you're still paying it. And
• 29:53
  I didn't grow up with a lot of housing security, you know, like my mom was always renting.
• 29:59
  She didn't have a college education. She worked a lot of manual labor jobs and
• 30:03
  her fingers literally told her fingers crippled, but the point that I'm saying this is because
• 30:09
  I remember my grandfather was a real estate agent and he gave back all the money he made to help
• 30:15
  my mom get this house. And it wasn't until almost high school where I'm like, oh, my God, I get my
• 30:20
  first room for the first time. But that, that feeling of home ownership is just so great to me.
• 30:26
  And I came out with sumo debt myself and I was renting an apartment downtown. So at the time,
• 30:30
  and my mom's like, why don't you buy this house? It's literally a seven minute drive away from downtown.
• 30:35
  And it would literally one third your monthly costs like in terms of your monthly payment
• 30:40
  by this house. So I never went to Zillow or anything. I literally went to this house. My mom saw
• 30:45
  him for for closure. I went into it. And I'm like, okay, where do I start the process?
• 30:50
  And I had a couple lenders turn me down because I was a 1099 worker at the time until I met one
• 30:56
  lender who said, well, can you convince your employer to turn you into a W2 and we can help you?
• 31:02
  So I did that and I ended up closing that house about five months later because it was a short
• 31:08
  sale. And literally, I airbeat and beat a couple of those rooms and like say for down payment to
• 31:12
  another house that I converted to a duplex. And I did that over three times and literally started
• 31:19
  accumulating all these assets in my 20s. And when I graduated from MBA and accumulated more
• 31:25
  student loan debt, I was like, I don't have to go work in strategy consulting. I have this
• 31:29
  financial freedom to do the work. I truly love because I had asset bill in my 20s. And I had
• 31:38
  literally try to pedal all these programs. Government programs try to figure out how I can close
• 31:43
  on my first house, which was quite difficult. And then move into how to now become like really a
• 31:48
  real estate investor, right? All in my 20s. And it really changed the trajectory of my financial
• 31:53
  freedom and my life. And I think as a millennial, I have so much to share with my peers and so
• 31:59
  much I can bring into the lending industry, right? So beyond that, yeah, so that's a personal story,
• 32:05
  but I got sent to the Hill and started doing all this policy work. And I just saw and I said,
• 32:11
  if we can just start there and do this right, we can make a huge difference. So I did a few
• 32:18
  $100 million of student loan counseling and built out loan sense. So yeah, that's how we got here.
• 32:24
  Wow, great story. By the way, very personal as well. Thank you. Did you say you did a few
• 32:29
  $100 million of loan consulting? You $100 million of student loan advising on spreadsheets because
• 32:37
  I wanted the best advisory product that exists in the marketplace to answer people's most pressing
• 32:45
  question. And I can't do that without actually counseling people, right? I should call it counseling
• 32:51
  advising because I know counseling is reserved for a very special kind of counseling. So advising
• 32:56
  people and then I built that into a software. Wow, how long have I done? I got an engineer. Yeah,
• 33:03
  sure, right? Stay in your lane. How long have you had loan sense? How long has it been operable?
• 33:10
  I started it while I was getting my MBA in 2018, but I didn't really full time start working on it
• 33:18
  until 2019. So we're fairly new to the market, but we're new, but powerful, I would like to say.
• 33:29
  So yeah, and then the pandemic hit and it really made us think about where we're going to focus our
• 33:34
  time and energy. And we just realized so many of the questions and concerns once two loans got
• 33:39
  went into pause, right? Came into how do I get out of pausing my loans because it negatively impacts
• 33:45
  the calculation for conventional lending. And so we kind of fell into the niche between student
• 33:52
  loans and home ownership. Right, right. Well, there's definitely a need for it. And so if anybody's
• 33:58
  listening and you're thinking, Hey, man, I have some people who would be great for that that you've
• 34:02
  recently had to turn down because of DTIs or even or it's like, let's look at for those that may not
• 34:09
  be trying to buy a house, but also want to reduce their, you know, spend on their student loans. What
• 34:15
  the heck? You know, because the phrase, well, the phrase and by the way, I'm curious if you have any
• 34:22
  reaction to some of the some of the talk you've seen thrown around with the latest administration
• 34:27
  about forgiving student loan debt. You have any reaction to that? Oh, my reaction is, I think it's
• 34:34
  great. Like people say it, but isn't your business predicated on people not getting their debt
• 34:38
  forgiven? I'm like, no, my business is predicated on people getting their net forgiven. Because here's
• 34:43
  the thing, I want what's best for the end person, like I don't exist as a business to perpetuate
• 34:49
  a problem. I exist as a business to help solve a problem, you know? And so if the problem can get
• 34:56
  solved, I will survive because I will go iterate and do the next best thing for that person, right?
• 35:02
  And so like the government's going to require a bunch of paperwork to be filled out to do anything
• 35:06
  anyways. And that's where we come in, you know, we can help with that process. And my belief on that
• 35:12
  is I don't think that that maybe I'm wrong. Who am I? Just some random guy sitting in his mom's
• 35:17
  basement. You don't think that's going to happen? No, I don't I mean, I don't think the government's
• 35:22
  going to forgive all student loan debt. No, I don't I don't think all. I think there might be like
• 35:27
  kind of like what President Obama did. He tried to he created more the more generous forgiveness
• 35:33
  programs we have now, but it's not immediate forgiveness. It's forgiveness over a certain amount
• 35:39
  of time. I mean, I had a think tank in DC reach out to me and they're trying to support more
• 35:44
  young people going into entrepreneurship. So they propose a debt equity swap where the government
• 35:50
  says, we'll forgive your student loans. You don't need to make a payment, but any money you make
• 35:54
  as an entrepreneur over the next 10 years, we make 1% of. So if you exit a billion dollar company,
• 36:01
  the government gets 1% of your billion dollar company, right? Not saying that everybody would do
• 36:05
  that, but it's a way to the government. It's like a debt equity swap. The government gets some of
• 36:10
  the wins if they forgave your debt burden, right? So they're trying to propose all kinds of like
• 36:15
  innovative ways for taxpayers to not feel like, oh, we just have to write it off, but there are
• 36:20
  some ways that we could use private market economics that venture capitalists use to benefit
• 36:27
  taxpayers as well. You know, we say don't take on this huge debt burden, but if you win, we should
• 36:32
  win too, right? Because we forget that debt. And so there's all kinds of super innovative like
• 36:38
  financing that I really want to be a part of helping think about because I think from a policy
• 36:44
  perspective, even with Freddie Fanny, FHA, if anybody's listening on leadership of FHA, I would
• 36:51
  love to give my insight, you know, because I think there's so much FHA can do to help first-time
• 36:56
  home buyers with student debt. So I think there's a lot of innovative solutions that doesn't require
• 37:01
  the government to just write it off. The problem with their government is they don't have enough
• 37:04
  financially minded people making policy, right? We just have this like, forgive it or pay it. Like,
• 37:11
  there is something we can work out that's like in between that, right? That still lets people benefit
• 37:16
  from getting an education without financing every penny of it as a government, you know? Exactly,
• 37:22
  exactly. Yeah, very creative idea there. Okay, so for the lenders listening, what should their
• 37:27
  what should their next steps be if they're interested? Well, they should, the contact information
• 37:34
  you leave in your podcast notes, they should definitely contact. Well, let's do this. We've set up
• 37:41
  a couple of special things for you guys. If you want to learn more, you can go to MyLonesense.com
• 37:45
  forward slash mortgage radio, right? And so that's the first step. Learn more, get educated, have a
• 37:52
  conversation with Catalina and her team, but if you got somebody you think this is right for,
• 37:56
  that'd be the first place they go and you take them from there. Yep, yep, yep, yeah, awesome. So,
• 38:06
  is there any other way people listening if you'd want them to connect with you besides MyLonesense.com
• 38:10
  forward slash mortgage market radio like on the socials anywhere? Sure, you could. I can give you
• 38:17
  a few social tags because they're all called different. So I can leave, I can leave it, but yeah,
• 38:23
  please, the number one I'd like to do is shout out for YouTube because I want to pick up, because YouTube
• 38:30
  is great. If we share videos around this content and you subscribe to us on YouTube, you'll automatically
• 38:35
  get it. Yeah, that's what I'd recommend is the fastest way to get info from us. Otherwise,
• 38:40
  you'll join an email list, but who likes to read emails nowadays? Nobody. Well, so you just gave me
• 38:45
  another idea. I thought is that for anybody who's content producers out there, you always like
• 38:49
  struggling with what do I post? So whether it's a video or something else, a video would be great
• 38:54
  for this. If you, you know, took what you heard on this podcast, you go to the MyLonesense page,
• 38:59
  you know, the links in the show notes. That's a piece of content for you. Hey, do you happen to have
• 39:03
  student loan debts? Has that kept you from qualifying to buy a house? I might have a solution for you,
• 39:08
  right? It's called MyLonesense. Yeah, but also if you can't, yeah, but also if you contact us,
• 39:12
  and get old demo and talk to my team, you'll automatically get put into an email list where we
• 39:17
  send weekly updates with the information you can be sharing, you know? So if that's like, you
• 39:24
  want content ideas like we can help you create content ideas every week because we're doing it
• 39:28
  anyways. So just hopped into your newsletter or whatever. Yeah, we'll opt into MyLonesense.com
• 39:36
  and ask, um, mortgage radio. And yes, federal demo that countably will automatically kick you into
• 39:42
  our newsletter list. Yeah, awesome. Fantastic. Well, listen, um, I know you're incredibly busy. I
• 39:46
  want to acknowledge you for the great work you're doing. It's well needed. It's definitely coming
• 39:50
  from a servant heart. Um, so I love that and appreciate you sharing your story with everybody.
• 39:56
  Yeah. Thank you for having me. You bet. Everybody listening. You know what to do. You can go to MyLonesense.com
• 40:01
  for slash mortgage radio. Check out more. We appreciate you tuning in and we'll see you on
• 40:06
  the next one. Bye for now. Hey guys, what's up real quick? You've heard about the mortgage
• 40:16
  marketing pro membership before and you just want to quickly remind you if that you're in a place
• 40:20
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• 40:25
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• 40:30
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• 41:26
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• 41:42
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