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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
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
Which Mortgage Company Has The “Best” Compensation Plan for Loan Officers?
With so many loan officer compensation plans in the market ranging from $500 per closed loan to 300 basis points on closed loan volume, how do you know which one is best for you? If you focus solely on which company pays the highest basis points, you may be making a big mistake. When determining which mortgage company has the “best” compensation plan for you, focus on the following two questions: Which company will be best for you financially? While your W-2 income is primary
A Non-producing Branch/Area Manager Opportunity Can Be Damaging to Your Mortgage Career!
Great mortgage companies are built with exceptional people! Are you at a point in your career where you want to stop originating and become a non-producing branch or area manager? Are you looking to make this change because you are a great leader and developer of successful mortgage sales professionals or because you are “burned-out” of originating? Either way, this could be a dangerous change. While being a non-producing manager sounds great, make sure it will advance your c
The “Right” Time for Branch Managers and Loan Officers to Make a Change is When They Are Happy!
Do you ever wonder how your manager obtained his or her job? Better yet, why the mortgage sales professional, who becomes the most successful, isn’t always the smartest or even the hardest working? Often, it’s the person who is the most skilled at leveraging his or her career, at making the right career move, at the right time, with the right company, that gets promoted, not necessarily the most qualified. So what is the right time for mortgage branch managers and loan office
