'I've had numerous conversations with people who say, "I don't know what I'm doing"'
Not every mortgage broker or loan originator receives the same level of training when they first start their careers. Some receive excellent, thorough training, while others get the basics and are turned loose to learn the rest on their own.
Regardless of the level of training or how long a broker has been in the business, one mortgage veteran is doing his best to help them get deals closed.
Jon Eldridge (pictured top), regional manager of wholesale lender Click n’ Close, said he is happy to assist those who need a helping hand take that next step in their broker career.
“They’re just trying to figure out what to get you to approve a loan,” Eldridge told Mortgage Professional America. “I keep going back to teaching and knowledge and people understanding those things. That behavior isn't learned overnight. They have to have someone show them the ropes.”
He said he has seen brokers who went through initial training, and then are left to fend for themselves.
“They are told, ‘Hey, you went through training, now go learn how to swim,’” Eldridge said. “I think inherently, a lot of our broker population hires new LOs, and it's almost the same thing. They get a bare-bones training: here's how you pull credit, here's how you do these things. Then they have to figure it out.”
Catching, not fishing
Many new brokers have transitioned from a structured, retail environment to the mortgage broker world. Some of them find quickly that the retail experience didn’t prepare them for what they need to know as a broker.
“I have had numerous conversations with people who say, ‘I don't even know what I'm doing,’” he said. “Or, they came from the retail world, and now for the first time they’re in the broker situation. They don't understand the nuances. They don't know how to structure a file on that side. You've got to have the patience level and help those loan officers with that.
“There is being book smart and being actual living smart. They graduated from college. They learned a lot from the books. They haven't experienced it yet. And I think there are a lot of loan officers in that same bucket.”
Part of the problem Eldridge sees is that so many brokers started in the extremely low-rate environment after the pandemic. So there was no need to learn how to capture business when it was basically knocking down your front door.
“They started the business during a time where they just had to say ‘Hi, my name is Jon, and my rate is 2%,’” Eldridge said. “That wasn't fishing, that was catching. Now that fish have moved into the deeper parts of the water, they have to learn how to fish. They didn’t develop those behaviors because it was drinking through a fire hose, and that's how they got introduced to the business.”
One of the reasons he wants to be a valuable resource for younger brokers is that he sees many veteran brokers wrapping up their careers, and he wants to help the next generation transition into the business.
“I think there's probably a lot of them that didn't renew their license or have gotten out of the business,” Eldridge said. “I always joke that I’m serving a life sentence in the mortgage business because I've been in it for about 30 years. It’s the only thing I know. You go to trade shows, and it's kind of like, wow, we're in the aging population group over here.
“Then you start seeing more youth infuse into the marketplace. And I think that definitely helps the broker population. You want to improve. You want to do better. You want to grow. And that's a work ethic thing. You have to want that environment, and this industry will reward you, hand over fist.”
Veteran advice
Eldridge also shared advice with experienced mortgage brokers. He said that while they may not share the same knowledge gaps as their younger counterparts, they may be more resistant to new ways of thinking.
“I think with the veteran loan officers, sometimes, it's old habits,” he said. “They say, ‘This is how I've always done things. I don't need you to tell me how to do this.’ I think if they're willing to listen and understand that I've been here for a long time, and I still learn things every day. But you've got to be willing to grasp those concepts. You may miss the opportunities that you have, because you're not willing to change.”
It’s not just young loan officers who were impacted by the pandemic. Eldridge has seen veteran mortgage brokers also forgetting what times were like before the wave of loans in the low-rate environment.
CFPB’s 3% broker compensation cap is squeezing both brokers and homebuyers—Brendan McKay, Chief Advocacy Officer & Co-founder of the Broker Action Coalition, explains why reform is critical, not outright rescission.https://t.co/HNODXJMT9c
— Mortgage Professional America Magazine (@MPAMagazineUS) August 27, 2025
“I think the pandemic unfortunately caused a lot of, even veteran people, to forget what it was like to go capture business,” Eldridge said. “When you didn't have to sell for three years, you forget about, ‘What did I do before that made me successful? How do I go back and do it?’”
One thing that he stresses to his fellow mortgage veterans is to be sure to help lift the younger generation of brokers so the industry can continue to thrive into the future.
“The bigger challenge with the more veteran groups is they've got to be willing to be a mentor for the younger generation,” he said. “I've seen a lot of top producers now that they do spend time having webinars or Zoom calls with younger, greener loan officers and teaching them. It’s not like we've created a patented product. It’s not the Colonel's secret recipe for chicken.”
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