Why Loan Officers Should Consider Hiring Assistants

MAR 6, 2014 9:48am ET
Comments (4)

Have you ever said this to anyone: "I'm so busy I have to work until 8 pm every day?"

In my 28 years in the mortgage business, I can't begin to tell you the number of times I've made excuses to my family, friends and even myself as to why I had to work late. Go in the office on Saturday or Sunday. Stop by the office on my way to dinner.  Take phone calls at 10 pm.

Here’s the toll that it took on me: 

  • I was getting fat from eating junk food and not exercising.
  • I got migraine headaches on a regular basis
  • I ignored my friends and family
  • I took files with me to my children's ball games
  • I took phone calls during "family time."

Oh, and I went to bed as soon as I got home, only to get up at 5 am and start all over again. One day I decided that I had to STOP this obsessive/compulsive behavior and figure out a way to "have a life" again. 

That's when I decided to hire my first assistant—and I've never looked back! 

My hope is that what I described above is not what you are doing now. Unfortunately, I've heard from many loan officers that they are tired of working late and how sad there are because they are not able to spend time with family and friends. 

If you are too busy to even think about hiring an assistant, I'd like to help you out a little bit by providing you with a questionnaire that you can use to interview candidates for your assistant position. 

One more tip, you don’t have to hire him or her full time; start out with 10 hours a week then keep transferring tasks over to them over the course of three to six months. Start small and think big. 

Please email Karen@loanofficertraining.com if you’d like a copy of Hiring an Assistant Interview Questions.

Comments (4)
I like how this article runs with another article in this issue titled "Three Growth Strategies for a Shrinking Mortgage Market"....not sure where this aurthor, Karen, hails her business from, but in a shrinking market, refi drying up, and the latest implementaion of the Dodd-Frank Act to reduce our compensation and having to do twice the amount of business to earn 1/2 of the prior year....of course the solution would be to hire an assistant! And remember too, that anyone that handles a file with a 1003 access must be licensed...
Posted by | Thursday, March 06 2014 at 1:25PM ET
Karen you are right on! In my 30 years in this business the over abundance of compliance and disclosure has now turned Loan Originators into processors as well. In order for a loan originator to go to the next level, increase their income, do any kind of marketing and sales and have balance in their life at all, this will require a licensed assistant. We are requiring our loan originators to have one this year as a result. Change is hard but we are embracing it! Life is amazing.
Posted by | Thursday, March 06 2014 at 2:11PM ET
Hi Bobbi, not everyone who handles a file (1003) has to be licensed. It depends on the job description and if they "negotiate" rates, fees and points for the loan office. The assistant I'm referring to is basically a marketing assistant, a person who helps generate leads, contacts past clients, referral partners, etc. I also proposed that LO's don't need full time assistants, 5 to 10 hours a week may be just enough to get some of the tedious (yet vital) marketing off the LO's plate so they can do what they do best--get loans closed! Thanks for your comments.
Posted by | Thursday, March 06 2014 at 2:32PM ET
Hey Kathy - Appreciate your comments and my first assistants where my "children". I put them to work putting on labels and stamps on post cards. They also entered info for me in my database. When I realized how valuable only a couple of hours of my not having to do stuff like this, I hired my first assistant, starting at 10 hrs. a week, then 20 until like 6 months later, I could justify paying for a full time assistant. You are welcome.
Posted by | Thursday, March 06 2014 at 2:35PM ET
Add Your Comments:
Not Registered?
You must be registered to post a comment. Click here to register.
Already registered? Log in here
Please note you must now log in with your email address and password.
MultimediaSee All »