Retain the Top 1% of Loan Officers
Loan officers and lenders are notorious for jumping companies. The #1 reason? Lack of support. Loan officers are already tasked with tedious jobs like evaluating applications, interviewing applicants, designing payment plans and drawing up contracts. On top of all of that, they are also required to follow up with inbound leads and nurture those relationships into closed deals.
In order to maintain efficiency in the workplace and keep employee retention high, lenders need real, effective support. They need to have an environment that enables them to succeed and accomplish their goals and the company’s goals.
We listened to some of the most successful and content lenders and these were the listed reasons they’ve stayed at their respective companies for a long time:
Expectations and Responsibilities
When lenders sign on to a new company, the expectations and responsibilities should be blatantly clear. If the lender shows up and is put in an unexpected commission bracket or given extra tasks they weren’t prepared for, being opaque is one sure way to lose them fast or at the least, burn them out.
Having a clarification on expectations of selling and reimbursement will iron out a lot. Whether your company has low fees and rates with less commission for more closed deals or a higher fees and rates with higher commission with fewer closed deals, being upfront will make sure loan officers are on board ahead of time. Either way, when it comes to the job description, loan officers should not be starting their first day feeling uneasy or unsure of their future with selling.
Really think through the training you have for your lenders. The training should give them a full rundown of all softwares and tools used within the company. Lenders should have a complete understanding of the processes from beginning to approval. Give them even more resources, like Debra Killian pieces, to help them manifest healthy work habits.
Lead management support
Lead follow up is a full time job in and of itself. The tedious task of lead management is actually one of the biggest challenges and largest sources of missed opportunities to date. Lenders often don’t have much of a choice than to give up on a lead after a couple phone call attempts. More notable, lenders are like salespeople. They do best at developing relationships, not at chasing down leads just to qualify them.
Give them a tool that automates this for him. Verse will connect with, qualify, and convert leads 24/7 through text, phone call and email for the lead’s best experience. Your lenders can focus strictly on the qualified leads and appointments filling up their calendar after Verse audits them. This increases closed deals, productivity and employee retention.
Competitive Benefits and Incentives
Aside from giving lenders a great salary, benefits and incentives keep lenders motivated and happy at all points. With great benefits, they can ensure their family and health is taken care of at any point. With incentives, lenders can feel motivated to exceed expectations and earn extra money by increasing their performance for a reward. Enable lenders to have equal opportunities to incentives and commission and make sure incentives aren’t impossible standards. They should be tough, but not impossible. The tougher the task, the higher the reward should be.
Give them a Chance to Move Up
No employee should feel like they’re going to be stuck in the same position forever. Set up a path to promotion for loan officers so they can aim for long term goals that come with rewards for hard work and loyalty to the company. If positions open in your company, try and promote from within for happier employees. This will help with retaining top loan officers as they’ll know they have opportunities and growth within your company.
If you’re looking for tech that will boost your loan officer’s productivity and close rates, check out Verse and how we can help you manage your inbound leads.