A Site FOR Loan Officers BY Loan Officers
LOxchange.com is an online forum FOR loan officers, created BY loan officers. Since 2007, I've been a member of this community, and wanted to share it as an excellent (free) resource to other LOs that are looking for new products, have questions on scenarios, and want to keep up to date on the latest news and happenings in the world of mortgages.
In the forum, frequent discussions are on marketing ideas, products and programs, and sometimes, referrals go back and forth when state licensing leaves an LO seeking a resource outside of their area.
The site we previously used (around since 2005) was called Broker Outpost, and ranked atop google for loan officer search terms for YEARS, but Broker Outpost closed their web-based doors last month, so LO Xchange was created by members to continue to offer a resource for loan officers to seek out advice, bounce around ideas, and seek out the latest product and program offerings.
Members include other LOs, a few Realtors (Realtors are welcome to join, if you can handle the anti-Realtor sentiment that some LOs harbor.....I'm guessing they're the LOs that don't get referal business from agents!), appraises, and account executives from a lot of different lenders.
One cool thing I've taken away from the platform, aside from advice on a lot of scenarios over the years, is when new lender reps join and I get to hear about their latest and greatest loan products. MasonMac just brought on a new non-QM lender that I first learned about through LOXchange. This lender has Jumbo loans for borrowers with FICO scores down to 640, special qualifying loans for non-warrantable condos, investors, and foreign nationals, and bank statement loans for those with FICO scores down to 580. Lots of options! And I wouldn't have been able to offer these programs without hearing about them on LOXchange.
If you're an LO, join the forum and get to know some of us on there already!