Loan officers have become more focused on seeking support from their lenders and business partners, and are less concerned about their employer’s ability to handle larger industry issues involving regulatory change, according to a new survey on LO issues from Hammerhouse LLC.
“It really feels like there is a shift that has taken place,” said Drew Waterhouse, managing director and CEO of the Mission Viejo, Calif.-based industry recruiting firm.
“Now they are focused on creating long-term value for their businesses in terms of professional and business development, not only for themselves, but in terms of what’s supportive for their business partners.”
Roughly 58% of LOs told Hammerhouse that they consider their compensation “fair and compliant,” while 56% said their firms consistently meet “industry service standards.” Eighty-four percent of LOs described their lender’s pricing as “consistent” and competitive or said they are happy with it. Fifty-two percent believe their respective firms consistently close loans “on time.”
But LOs also said there are areas that need improvement: 26% said they received “no” professional development and 28% called internal communications “inconsistent,” “muddled,” “left open to interpretation” or nonexistent. Close to one-third also expressed some dissatisfaction with their technology. Almost one-third indicated there is only a partial match in terms of their preferred source of business with referral partners.
Several hundred current originators responded to the most recent survey, Hammerhouse said.
