Colli Real Estate

The value of life of a loan officer in the mortgage industry

The owners of loan companies mortgage, please forgive me. I am about to leave to their employees on a little secret, she can leave at any time. And many of them.

New career opportunities are abundant in the mortgage industry. And unless we begin to treat differently its largest producer, may look elsewhere. The loan officer is not satisfied with your company today-may be the responsible willing to work in the morning in the signature block its competitor. This is the sad truth that the mortgage industry can be fierce, even in the office! Then again … is the case.

The owners of the company should really re-evaluate how they treat their employees. Make a goal this year to grow its mortgage business, rather than trying replace those who left for greener pastures. During my consulting practice, working with business owners, I seen this happen again and again. The loan officer retention remains a problem and maintain the largest producer of happiness is a continuous process.

Think about it. What are the main producers really worth to you? How much you produce each month? How the bottom line is assigned to the top 20% your office? And if these people you are away? How much money do you really lose? Write this figure down. I think it will surprise you.

Too often, employers view their employees as nothing more than passive … drainage assets in the company. Contractors change structures Commission to reduce benefits, increase work hours, apply the new rules and amendments to comply with profit margins society. But the effects do not realize that this short-term thinking to enhance long-term profitability harmful and can actually affect your business! With changes like these, no wonder why loan officers are responding.

Remember, these people are what I like to call the benefits of its "productive assets, and their length of service to you, worth hundreds of thousands of dollars to your company.

In business, you may have heard about the value of life "of a client." It is a term commonly used in marketing and is extremely powerful. The "use value" is how your customer is really worth to you in terms of money, especially in their relationship with you. It is a quantifiable figure. As it's client base happens to you.

For example, if you know an average customer will buy X amount from you, and they remain for a specified period of time and redeem or purchase other items from you is how much you are worth in total. This figure gives the value of life client. It also tells you how exactly can spend to attract that customer to your business and still make a profit (based on purchases forthcoming). The value of the lives of their employees is no different.

Think about it. How many employees do you have? How long the agent average loan to stay with your company? How the life of your relationship with you, they generate income from commissions? Now, how producers in their official cause of commissions before leaving? Write these numbers. Then do the math.

For example, if you know that for each new qualified production loan officer who recruits, to stay with you an average of 8 months, and commission income for the average company is $ 22,000 per month (gross), you know their lifetime value to you is $ 176,000. This is a great source of future revenue.

Add another qualified producing loan officer, and actually added another $ 176,000 to its range of background. Get your loan officers to stay current with you for the extra month average, and increased profit another $ 22,000 per month per loan officer. Can you see the power of this?

Of course, all loan officers are created equal. You will notice that I used the words "qualified" and "production" to the loan officer, which means that the person is motivated to succeed, willing to make the necessary calls, and has academic training and industry knowledge enough to sell and close loans effectively. It is a loan officer production is complete. The definition of producer is one who is ready to All this, however, make an extra effort to get the agreement. They never stop. They are relentless. Like all loan officers should aspire to be.

The value of the lives of its employees is a quantifiable figure that tells you exactly how "official holdings of loan" really interesting for you. The owners of the company, when you stop looking at their employees as liabilities, and start treating them as investments, which is a powerful paradigm shift that can explode your business growth.

About the Author

Rob Lawrence is ranked one of top national trainers in the mortgage industry. He is the currently the CEO of Battlecall.com, coaching, tools and resources to turn mortgage professionals into mortgage warriors. Visit http://www.battlecall.com for his free “Sink Or Swim” weekly newsletter, mortgage training, marketing advice and more! Jumpstart your career in the mortgage business, starting today.

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