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’s drawbacks to remote loan officers are that they don’t always know what the loan officer is up to, if they are dealing with personal distractions, or if they are working up to their potential. Furthermore, there are many compliance risks if the loan officer is misrepresenting the company or their work. Mortgage companies hiring remote loan officers should focus on individuals with the following characteristics:
Excellent communication and collaboration skills.
Self-motivated and goal-oriented.
Strong work ethic.
Ethical and professional.
Have a candid conversation with remote loan officers during the interview process. If you aren’t extremely excited about the candidate, the company should not bring them on.
Leading mortgage companies focus on a strong company culture and excellent communication with their employees. Remote loan officers desire a connection to the vision of the company and their co-workers. Even if your employees are spread out throughout the country, constant communication and clarity are necessary for a well-functioning team. The following is what mortgage companies can do to help remote loan officers be successful:
Invest in technology: In addition to the websites, loan origination software, and pricing engines that allow for better loan origination and closing processes, loan officers want marketing and customer relationship management solutions. Furthermore, technology that allows mortgage companies to share updates, policy changes, documents, underwriting guidelines, and hold meetings are extremely valuable to remote loan officers.
Provide clear expectations and accountability: Spell out the expectations and required closed loan production to maintain employment. Then hold them accountable for their action by providing feedback in writing and over the phone to monitor their efforts and progress.
Make sure remote loan officers have a mentor/manager: A corporate manager that remote loan officers can go to with questions or when they need additional support is important to their success. Weekly check-ins to determine what they are working on and what challenges they need help with will improve productivity.
Keep them informed about the direction of the company and changes: Whether it is exciting news about the company, new products, processes, underwriting guidelines, marketing opportunities, or even bad news, share the information with remote loan officers at the same time you do with the non-remote staff. Communication is the key in any company; it really helps remote loan officers feel connected to the rest of the team.
Create a culture of appreciation: Remote loan officers need to feel valued as much as in-office originators. Getting recognized for their efforts and success will strengthen remote loan officers feeling that they are truly a valued part of the organization.
Leading mortgage companies understand the importance of investing in their employees. Providing a flexible work environment is one of the best ways to invest in mortgage loan officers. Executed correctly, it pays off in better productivity, higher job satisfaction/retention rates, and increased profitability.
Loan Academy is an independent mortgage recruiting and consulting company. We specialize in connecting exceptional managers and loan officers with leading mortgage companies that maintain a culture of excellence, trust, and transparency.