What loan officers want from their employer first and foremost is integrity, said Sue Woodard, president, content and publishing at Mortgage Success Source. She was speaking at the Mortgage Bankers Association National Secondary Market Conference in New York in a session called “Powerhouse Production in a Compliance-Driven World.”
She was citing some of the results from a survey conducted by Hammerhouse in her presentation, including the finding regarding employer integrity.
At the end of her presentation, Woodard gave four keys to recruiting “the best of the best” loan officers.
The list starts with clearly articulating your company’s stability, strength and integrity. Secondly, compensation has to be fair. The employer doesn’t have to be the most generous but it also cannot be a laggard.
A potential employer has to have the business tools in place to support their entrepreneurial spirit and to drive their revenue. Finally they must have assurance of their ability to grow their business in your compliant environment, Woodard said.
Retaining the best producers, she continued, requires a similar set of factors to the ones used for recruiting.
To keep a loan officer, the employer has to do what it said it would do. There needs to be fair compensation and pricing. Marketing support needs to be done in a safe, compliant system. Fourth, use technology to insure business compliance.
Employers need to ask themselves how do they attract and retain top producers and at the same time, how to increase revenues without taking on undue risk, Woodard said.
Let your loan officers market as they want to, but within the framework that you provide, she concluded.
