Think beyond important basics such as great compensation, compliance and technology. Yes, they are incredibly important and should be high on your list of expectations. Compliance, for example, is a must these days. If a lender was not ready in time for the new Truth in Lending Act and Real Estate Settlement Procedures Act Integrated Disclosure rule,
better known as TRID, run away, and run fast.
When weighing your next prospective employer, paying attention to the following nine factors can
make a di;erence to your quality of life.
1. Management that listens
Loan originators and branch managers want to
work for a company where the owners and management team fully understand the challenges
they face — and give their employees the tools
There is often a big divide at a lot of banks and
mortgage companies between senior executives
and their sales forces. Too often, management
implements policies that a;ect those on the front
line without taking the time to ;nd out how it will
A good management team is just that — a team.
It is always willing to listen to those employees
who will be most a;ected by any changes. Good
managers also get input from those employees to
help make the necessary changes that will make
their employees’ jobs easier and the organization
run more e;ciently. Management and ownership
should always be open to suggestions and implementing those that make sense.
2. Marketing support
Among the most important things management
must provide to each and every LO are the sales
tools necessary to ensure their success. That includes
state-of-the-art marketing and technology support.
At a minimum, LOs should be set up with their
own individual websites to promote not only the
company’s brand but also the LO’s own identity. Complementary marketing materials, such as
advertising, brochures, postcards, e-mails and
social media postings, should also be branded
for each individual.
Moreover, these materials should be provided
and produced by the company, not the individual
originator. That ensures the messages going out
to consumers are not only compliant with all state
and federal regulations, but also with company
policies. It also ensures that LOs are spending their
time where it should be spent: originating mortgages, not writing marketing materials.
3. Operations support
Just as important, if not more so, is operational
support throughout the organization. LOs should
be spending their time originating new loans, not
worrying about and chasing after the progress of
loans in the pipeline. They can’t serve as their own
back-o;ce and closing team.
Mortgage companies are only as good as the
team at the back end — underwriting, processing, closing services and compliance. That’s
where things can go awry. Without that support,
even the best LO will fail.
To ensure that loans close when you need them
to, everyone involved in the loan process needs to
have the same sales-driven mentality and focus
as the LO who took the initial application. Closing
loans should be important to every team member, not just the LO. That comes with companies
treating each customer as if they are their only
customer, which is all part of providing top-notch
It also comes from companies staying on top
of the latest technology, systems and regulations.
The company must have processes in place to ensure that loans close properly and on time. A good
back o;ce gives LOs the con;dence they need to
service their customers and referral sources.
4. A great track record
Like professional athletes, talented originators
want to play for a winning team. In the mortgage
industry, winning teams are comprised of top producers. Industry leaders have the best talent because they recruit the best-available people and
give them the tools to succeed. These companies
don’t have to look hard to ;nd the winners, with
lists of top producers readily available.
But big doesn’t necessarily mean best. The
company you choose doesn’t have to be the biggest one for it to compete one-on-one with the
big guys. By providing the best service and garnering a great reputation, LOs can compete with
— and consistently beat — banks and brokerages
that are bigger and better-known.
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