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Mortgage Branch Manager and Loan Officer Compensation is About Risk, Reward, and Control
Most mortgage sales professionals are paid commissions based on a number of basis points of the loan amount they originate. Over 50% of mortgage professionals earn between 75 and 150 basis points. So what determines what basis points loan officers or producing managers earn and how do you increase that number? The answer to what determines the basis points earned is that it depends on the company you work for and their business model. The biggest differences in companies busi
Turnover Rates and Employee Retention Strategies: Mortgage sales managers and loan officers looking
Great mortgage companies are built with exceptional people! Finding the “right” mortgage company for your career as a producing sales manager or loan officer can be challenging. Companies implement a number of strategies to attract and recruit you. However, do they have the infrastructure and integrity to deliver on their promises and retain you after you make the transition? One of the best ways for a manager or originator to determine the ideal company for their business an
Mortgage Branch Managers and Loan Officers: These Two Statements Will Help You Negotiate a Better Jo
Looking for a better career opportunity in the mortgage industry can be exhausting. After you have completed the interview process, done your due diligence on the company(s), and proven you are worth hiring, how do you negotiate the best offer? Using the following two statements when negotiating a job offer will show you are motivated and serious about the opportunity and help you attain the offer you desire. 1. “I’m very interested in a long-term opportunity with your compan
Mortgage Sales Managers – Be Careful of Non-solicitation Clauses in Your Employment Agreements
When you are considering making a career change, how thoroughly do you review your offer and employment agreement? Do you just focus on the compensation section and believe the rest is boilerplate? Well, focusing solely on compensation can be a poor career decision. While it isn’t common to look at the end of your employment before you start, the reality is, you are in the mortgage industry and change regularly happens. If you don’t understand your employment agreement, you c
First Interview Tips for Mortgage Branch Managers and Loan Officers – Part 2: How to Answer Nine (9)
Great mortgage companies are built with exceptional people! While we can’t guarantee you will be asked these questions in the first interview for a mortgage sales management or loan officer position, being prepared can show that you are the right person for the opportunity. Remember, your goal in the first interview is to get to a second interview/corporate visit, which leads to an offer, and finally your acceptance to a better career opportunity. The questions you may be ask
What Can Mortgage Companies Do to Help Remote Loan Officers Be Successful and Feel a Part of the Com
Great mortgage companies are built with exceptional people! Working from home is a growing occurrence in today’s workplace and the mortgage industry. Research has shown that commuting to work is the most dreaded daily activity for many employees. While a virtual workplace reduces office costs, office distractions/politics, and time in traffic commuting to the office, it can be difficult for remote loan officers to be successful and a part of the company culture. The employer’
Formula for Successfully Recruiting Exceptional Mortgage Loan Officers
While change is constant in the mortgage industry, loan officers are very skeptical during the recruiting process. They may have been subjec
How to Retain Newly Hired Branch Managers and Loan Officers
A premature departure by newly hired branch managers and loan officers leaving early is one of the most disappointing and expensive aspects of building a top mortgage company. In fact, many executives consider employee retention as the number one talent problem their company faces. This is due to the fact that 1 in every 3 new hires leaves within 6 months. What are the basic causes for the new hire turnover problem? Branch managers and loan officers feel they were promised so
