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Most full-time mom's don't dream of having a loan processing side-hustle.

Bridgette Morgan is a stay at home mom. To make some extra cash for her family, she wanted to process loans for 2 hours a day and then not think about it.

But, the support from her family encouraged her to dive into the loan processing business, and earn her loan officer certification. In 6 short months, she went from zero loans in February to 15 in August.

In this episode, million dollar loan officer Bridgette Morgan reveals how to hit the ground running and write a million dollars in loans in 6 months.

Show highlights include:

  • How speaking a foreign language worse than a 2-year-old humbles you (and lets you close loans) (8:38)
  • How focusing on helping real estate agents and not selling lets you sell more clients (10:48)
  • Why having weekly accountability meetings with real estate agents lets you write more loans (11:10)
  • The “One Client Interview” that turns you into the “go to” loan officer for client referrals from real estate agents (13:03)

Want to get your questions answered live? Head to MLOlive.com and discover how you could become a Millionaire Loan Officer!

Read Full Transcript

Welcome to The Millionaire Loan Officer podcast with your host, Scott Hudspeth sharing tools, tips and strategies so that you can go from a mortgage loan officer to a millionaire loan officer. It's your host, Scott Hudspeth.

Scotty: All right. Well, I think if I'm doing this right, we are on Millionaire Loan Officer breakfast club live, and I just want to do a formal intro. So, Hey, this is Scott Hudspeth with Millionaire Loan Officers, where we take you from being a Mortgage Loan Officer to a Millionaire Loan Officer podcast. And I'm excited as all get out to have a new friend of mine recently, Bridgette Morgan, out of the beautiful state of Utah. Bridget, how you doing my friend? [0:58.5]

Bridget: Hey, how are you?

Scotty: I'm doing better now, now that I finally was able to get some time with you on this podcast. So, I'm super excited to share your story. I don't know what I'm going to call this yet because it was so intriguing to me when I had my first conversation with you. So just tell us a little bit about yourself for starters and how long have you been in the business?

Bridget: Yeah so, I started this year in February, so I'm not keeping track of months, but a few months.

Scotty: All right.

Bridget: Yeah, and before this I was a stay-at-home mom.

Scotty: Excellent.

Bridget: I have four daughters ages, 5 to 12. So, if you hear craziness in the background, it's summer and they're home. And that's just part of my life being a loan officer. And I, my youngest is going to school, so I wanted to get into the career field again. I went to school for accounting and different doors opened up and I ended up here in the loan officer world. [1:55.7]

Scotty: So, I always love asking the question, how in the heck did you get pulled into mortgage world? Like how did you get in the mortgage business? Do you remember who that was or how that happened?

Bridget: Yeah, so as I was thinking about going back into the workforce or having the job, I was going to just do books from home and I started getting interested in processing, cause I knew a loan officer and that intrigued me just putting in my few hours a day, getting things taken care of, and then not thinking about it again. That sounded wonderful. And, the person where I got hired, they asked if I would get my loan officer license, so that's what I did. And before I knew it, I fell in love. And instead of working a couple hours a day and turning it out, I'm working all day and I don't think I'd have it any other way though. I love it. [2:50.8]

Scotty: I love it. So just started in February and people are probably going well, what's the catch here February, she just got in. So, what's going on? Why don't you just so for starters, share your numbers of starting in February, March, April, May, June and now we are here we are August, like share with us how that all went down.

Bridget: Yeah.

Scotty: Because I love that story.

Bridget: So, I am really grateful that I have a husband who supported us our whole marriage and with the kids. So, when I decided to just go straight into being a loan officer in February, I had the opportunity to like really focus and put a lot of time into it and not worry about the outcome. And I think that helped quite a bit. So, I really put a ton of work into it. February, March. I had two loans in April five in May, nine in June and 11 in July. And we're looking at close to 15 in August. [3:44.6]

Scotty: People are hating you right now. I'm just telling you; people are hating you right now.

Bridget: Don’t hate me, it’s so much work.

Scotty: No, no, no, no. Hate you in a good way. Hate you in a good way. So, two in April five in May, nine in June, 11 in July and15 is going to be August.

Bridget: This month, yeah.

Scotty: All right. So, I keep asking you this and I've asked you this in previous conversations. How in the heck did you go from 2 to 50 1, 2, 3 and five months? Come on, just be honest. What's the secret sauce? You paid people? Okay, cool, man. All right. What was the price?

Bridget: Right.

Scotty: I love that answer.

Bridget: It was a good return on investment.

Scotty: Okay, okay, hey that was writing small checks to catch big ones.

Bridget: No.

Scotty: Perfect.

Bridget: I think it was just those first couple months, I wanted to prove to myself and to my family about the time I was putting away it was worth it. And so, I really held nothing back. And I wasn't afraid of looking like an idiot. Basically, that is my recipe. And that's what I've told you before, like.

Scotty: Yeah.

Bridget: I reached out to real estate agents all the time nonstop to the point where I had to stop reaching out to real estate agents, cause I don't have time to reach out to real estate agents anymore. [4:59.9]

Scotty: So, you, when we talked, this was probably two months ago, maybe three months ago, you said, and I loved how you said it and I don't remember, you'll remember. You said, I just go do it and figure it out later to that effect.

Bridget: Yeah.

Scotty: So, we'll explain that.

Bridget: I feel like it has a lot to do with your mindset. And I think that's where my focus has been the last couple of years. I really feel like stars have aligned to kind of create this for me. I feel like I was being prepared long before February. So, I do have to say that February didn't just happen and I'm like, okay, let's go get him. And it just all happened. There was definitely things I was doing beforehand without realizing I was preparing myself.

Scotty: Hmm.

Bridget: And as far as with mindfulness, I realized if you want to accomplish something great, all you have to do is the next step. If you try to do it, knowing all the steps, you'll never do it. [5:52.6]

Scotty: Right on. So, you did, so you did a realtor event, like when did do this realtor event, like you went in and presented in front of a real estate office. What month was that of these five months?

Bridget: Oh, that was end of June.

Scotty: End of June. So, February, March, April, May. So, six, five months in, or so you just said, I'm going to go do an event at a real estate. One, what did you say to do the presentation? And then what did you present even like you're five months in the business?

Bridget: So organically, I was invited. So, I'm not going to say no.

Scotty: Right.

Bridget: So, I work with a real estate agent within that office. And so, I spoke to the owners, took them to, oh my goodness, my head. I can't remember golf.

Scotty: Golf, okay. Okay.

Bridget: Tap golf, there you go.

Scotty: Tap golf. Tap golf. That's right. We talked about that. Tap Golf. Yeah, yeah, yeah. Tap Golf. Okay.

Bridget: And then, he invited me to the office.

Scotty: Okay.

Bridget: So, I have a PowerPoint presentation that goes over our basic what sets us apart, what we'll do for them and had a couple of my own clear to close examples within it.

Scotty: Wow.

Bridget: And it was short and sweet. I know people don't want to learn about loans. So, I spent most of the time telling them stories about myself, who I am, why I'm here and went through the PowerPoint really quick. And they were really grateful to that.

Scotty: To say the least. [7:19.3]

Bridget: And just hit on hot topics that I know real estate agents want to know that you'll be able to do.

Scotty: Do you remember what the hot topics were? Or one of them?

Bridget: Yeah, no problem. One - They want to get paid. So being able to close quickly.

Scotty: All right.

Bridget: Two - Communication and how that would look like. So, I have a rundown of what my communication process looks like, and I just go over that quickly. So, I feel like that says a lot to them. If you have a process, then they know that it's not just words that you're actually going to respond and you have things in line in order to get things going. So those were the biggest ones talking about all the different programs that I can do, obviously helped a lot of them, sparked interest. A lot of agents don't know what we can do, so.

Scotty: Excellent. What do you think? And going backwards a little bit, like I love the part where you said, you think your life has prepared you for this. What, like, what are those things that if you were to go back 10 years, 15 years your daughter's 12. So, go back before you had children. What are the things that a loan officer could do to prepare themselves for such epic results? Like what are the things they could do now, knowing what you know now? [8:29.9]

Bridget: Oh, there's been so many things that I've had to do, that I didn't. Think or plan to do. So, I am a member of the church of Jesus Christ of latter-day saints. I served a mission when I was 21. So, I learned right away how to look out of place.

Scotty: Interesting.

Bridget: I had to speak Spanish in Chicago.

Scotty: Wow.

Bridget: So yeah, I went through a couple of months speaking worse than a two-year-old. And it's humbling. And think when you put yourself in situations where you have no choice, but to look dumb, you don't get scared of it anymore. Like you realize all you can do is fail and it's not that big of a deal.

Scotty: So, would you relate you having to learn Spanish, cause you know, you're fluent in Spanish.

Bridget: Yeah.

Scotty: So, would you relate having to learn and kind of mumble through it and figure it out and not really that good to kind of your current success? Cause you’re like [9:20.8]

Bridget: For sure. Cause I'm still mumbling.

Scotty: Yeah.

Bridget: I'm still worse than a two-year-old. And yeah, for sure. Because I just surround myself by people who really know what they're doing.

Scotty: I love that. I love that.

Bridget: And yeah, just being willing to know that what you have is a lot to offer.

Scotty: So how would someone who has maybe never failed?

Bridget: I would like to meet them.

Scotty: Yeah. Let me say it a different way. Become comfortable being uncomfortable. How about that? Because that sounds like you're okay with whatever happens, you'll just figure it out. Like if I do something wrong--Ehh I'll figure it out.

Bridget: Yeah.

Scotty: Right.

Bridget: That's a hard thing. I guess you could practice being uncomfortable.

Scotty: Put yourself in those situations, right?

Bridget: Yeah, Put yourself in the situations. I think one thing we do is we take ourselves too seriously and we feel like we built everything up to be so big. But in all honesty, if you just take a step back and realize it's just a real estate office, if you totally bomb it, how many real estate agents are still out there in real estate?

Scotty: Right. [10:26.2]

Bridget: It's going to be fine. You may not get that business, but you're going to be fine.

Scotty: One of you in a thousand of them, right? I mean.

Bridget: Yeah, it's true. So, there's so many and I think just willing to put yourself out there and it is uncomfortable at first, but also, it's amazing making these connections and these relationships. And I found that real estate agents are my best friends in this business. There I've noticed as I focus on helping them, that business just comes and I'm not focusing on selling. I'm focusing on helping someone. And that really helps me stay straight.

Scotty: So, I love this topic, helping them. You're six months in the business. How do you help someone who's been in the business? Like what does that mean when you say I help someone? Cause I love this topic.

Bridget: Well, just like us they're entrepreneurs, they're trying to figure things out. They're holding themselves accountable. And so from the get go, I realized one, I like to be held accountable. I figured most of these real estate agents would like to be held accountable as well. And so, I do weekly accountability meetings with them.

Scotty: No kidding.

Bridget: I don't want to be anything special to do this. You just find out what they really want. Talk to them, find out what their goals are and then hold them accountable to it. [11:40.5]

Scotty: Wow, so when you set up a relationship with somebody, you find out what their goals, dreams, desires are, and then on your follow-up calls, it's like, Hey, how's that going? I know you said this. I know you said that how's that going for you?

Bridget: For sure. Yes. And I found that it's a huge help and benefit.

Scotty: Love it. So, there's nothing special. Like everybody's thinking, what does she say? What's the special sauce? Like what does that look like? Or you just say, Hey, tell me about you. I heard you're doing great. What's up? Like, what does that look like?

Bridget: When I first reached out to a real estate agent and they actually talked to me, I would just tell them that I want to know how their business is going. I always have them talk first.

Scotty: Gotcha.

Bridget: So, learn about their business and then, then I asked them if they have a relationship with a lender and I assume they do, because they're doing well in the business. And I asked them what they really like, that their lender does provides for them. And then I asked them, what are some of the things they wish they had more help with?

Scotty: Interesting. [12:42.0]

Bridget: So, I get it all from them first, before I realized even where to go. I'm not going to just get on a phone and say, this is what I can do for you. Cause no one wants to hear that.

Scotty: Right. I agree.

Bridget: That's probably where I start out. And then when I'm able to offer solutions to their small problems, usually we have continued meetings and they send me some of their clients. If they have a really strong relationship with their lender already and they have a great lender, which is awesome, I figure I might as well go all out and either I get it or I don't. So, I just tell them here, interview me, send me one person. We'll see how it goes. This doesn't have to be super official. This can be my interview.

Scotty: I love that.

Bridget: Let's see how quickly we can get this taken care of and how well we work together. See how this process goes and we'll take it from there.

Scotty: I love that. I've never heard it called an interview. So, if you refer me a client, that's my interview, who I am and how I do it.

Bridget: That's what it is like.

Scotty: I love that. Yeah. I love that. So, what's next for Bridget? I can't believe I'm even saying this. Six months in the business. 15 loans in August. Oh, I got a question before I asked you that question. How much of the 15 loans are purchase business compared to Refi’s? [14:02.2]

Bridget: Hmm…I think I'm 80% overall.

Scotty: 80% Purchase. What an amazing spot to be coming into the fall right? Coming into the end of the summer.

Bridget: Yeah. I mean, I would love more Refis. I.

Scotty: Careful what you ask for.

Bridget: Right, but I do, I mean my real estate agents; they keep them coming and they keep the business growing. And so that's where my focus is.

Scotty: I love it. You've had this amazing long, very long career in the mortgage business.

Bridget: Not at all.

Scotty: And you're a little tired, a little worn out. Just kidding. What's next? Bridget, your husband. Is he going to continue his job? I know you've talked a little bit about that. What's going on with that is he, he's got an amazing job and freed you up. What's happening there?

Bridget: It’s all in the air. But I mean, he definitely has sat back and he's provided well us. So, like not to say that his job doesn't have comforts, but yeah. He's definitely sat back and went like, wow, my wife is making way more than I am. I should go help her more.

Scotty: You got a good man there. You got a good man there. [15:06.9]

Bridget: Yeah. So, he's super excited about it. And he's definitely found things within a business that he can help me out with. I mean, we're opposite. So, there's definitely things that I can improve on and it might be easier just to hire him because he already knows those things.

Scotty: I love it. Unbelievable. Unbelievable. You know what? I have to share this. So, I'm talking to Bridget, our very first call and I'm like Bridget, nine loans, I think is in May when I first talked to you.

Bridget: Yeah.

Scotty: And you're like, I closed like five loans this month and I get nine. I'm going to close in June. So, I'm thinking that Bridget is this fortune 500 person, 5,000 people in our database. And I said, I said, Bridget, what'd you do before you got in the mortgage business three months ago. You remember what you told me?

Bridget: Yeah. I was making babies.

Scotty: I just want to get that on the recording.

Bridget: That’s way, that’s way more difficult than loans. Come on.

Scotty: You know what it's way, way more difficult than loans. Way more than fortune 500 companies. So yeah, Congratulations on a beautiful family. Unbelievable, beautiful family.

Bridget: Thank you.

Scotty: Congratulations on that. Well, so what's next for you? I'm in the six months, what are you thinking? [16:16.7]

Bridget: I'm not going to stop the growth. I don't want to stand in the way of this. So, I have hired a loan officer friend as a loan officer assistant.

Scotty: Amazing.

Bridget: And I'm definitely looking for places in ways that I can grow and develop a team and be able to spend more time with those relationship building things with my real estate agent.

Scotty: I love it. Well, I'm going to send you like, I don't know something so I can get your signature on it. So, you know, when those little people, when those little people get you know.

Bridget: Whatever! You're definitely not a little people.

Scotty: Forget about us. I don't want you to.

Bridget: I want to be as cool as Scott.

Scotty: Yeah, right.

Bridget: That's my goal. It’s on my vision board right here.

Scotty: You know what, yeah. I give you six months. Yeah, and then I'll be like, I'll be working for you. So Hey, whenever you're ready, just, just give me a call and we'll we'll fire it up. So unbelievable. Congratulations on your success. I'm here for you. I love the short, short growth. I mean, most people have a flat line and then they have a year, year and a half. They have the hockey stick, if they start doing the right things. You need to start doing the right things, not knowing what you know and it's just unbelievable to see what happens when you actually put yourself out there. [17:24.6]

Bridget: Yeah, that would be my biggest piece of advice and something that I learned by listening to life coaches, I kind of was like a life coach addict before this.

Scotty: Yeah.

Bridget: That's what I did with all my free time when I was cleaning the house.

Scotty: I love it.

Bridget: And not having really anything huge to focus on. I had my podcasts going all the time. So, my biggest piece of advice would be just do the next thing. Just do the next, you know, the next step do it. Don't try to figure it all out.

Scotty: Yeah. What’s the one thing you tell somebody that's maybe just going to start at six months and year end. I mean, not everybody's closing 15 loans a month, just so you know, you're in the top 5% of the U.S but what would you tell somebody that's not closing at least 15 loans a month. It's maybe stuck at that four to five. What would you tell them? [18:08.7]

Bridget: They're probably working really, really hard. I would tell them to take a step back and look at what they're doing every day. Because I think four to five loans, that's hard to do on your own. It's a lot of work and that will keep you busy. That will keep you busy all day. If you're not taking time out every day to prospect and grow your business, you're not going to get more business. You're not putting anything into it. So, you have to be like a machine getting new people work on the people that you have, that you may not have strong relationship with and always help and fulfill your agreements with the ones that you do have relationships with. And all three buckets need to be filled all the time. [18:50.0]

Scotty: Well, that's, I couldn't have said it better myself. Congratulations, my friend. Unbelievable, unbelievable what you've done. And you're an inspiration to me and to the community that you're a part of. And so, I just, I'm very, very grateful for you. And up to the day we met, it was just, it's been a really cool, and I'm excited to see where this goes and I'm excited to see where you're at in six months.

Bridget: Me too. I can't wait. I can't wait to see how I figure it out.

Scotty: I love it. I love it. Guys, thanks for being here on Millionaire Loan Officer, a division powered by a Mortgage Marketing Animals. Bridgette Morgan, zero to 15 loans a month in six months, guys just put yourself out there, is what I got from Bridget. Put yourself out there. Figure it out later and look what happens. Proof in the pudding, right?

Bridget: Hmm.

Scotty: All right guys, another podcast here on I'm Millionaire Loan Officer. Appreciate you guys for listening, tune in. Would love, love, love a five-star rating. Forward this to your friends, family, coworkers. If you love what you hear and you just want to help other loan officers out to take this thing to another level and we'll see you next time on the Millionaire Loan Officer. Thanks so much everybody. [19:53.7]

I'm a Millionaire Loan Officer.

Thank you for tuning into the Millionaire Loan Officer podcast with your host Scott Hudspeth, don't forget to visit MLOlive.com to have your questions answered. See you next time. [20:13.2]

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