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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
Don’t Quit on Your Mortgage Sales Career Because Interest Rates Are Rising!
Are rising mortgage rates causing you to question whether you want to stay in the business? Switching careers may sound exciting; however, this is not simple and can be financially dangerous. Very few worthwhile accomplishments in life are easy. A successful career in the mortgage sales management and origination field takes a lot of passion, sacrifice, and hard work. Yes, there are other challenges for mortgage sales professionals besides rates rising such as inventory issue
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
Compensation Plans, Culture, and Retaining Exceptional Mortgage Managers and Loan Officers
Great mortgage companies are built with exceptional people! Attracting and retaining exceptional branch managers and loan officers in the competitive mortgage industry is challenging. These days, many companies are touting having a great culture, or set of beliefs, values, goals, attitudes, principles, and behaviors for driving job satisfaction to grow their business. When you find the “right” culture for your business and career goals, you will thrive. Select the “wrong” one
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
