Now Available: Loan Officer Recruitment and Retention Study
Floify announced the results of an industry-wide study on loan officer recruitment and retention. The study solicited over 13,000 mortgage originators, specifically loan officers, branch managers, and area sales managers. The analysis focused on loan originators with an annual loan volume of $21 million or more in order to distinguish the needs and priorities of "high-achieving" loan officers. Mortgage industry professionals can download the full study for details.
"One of the main priorities for lenders right now is addressing the challenge of recruiting and retaining top talent", said Dave Sims, CEO of Floify. "Equally important to high-achieving loan officers is partnering with lenders who have technology, culture and infrastructure to help them scale loan volumes".
The study helps mortgage companies and their teams understand how an LO's choice of employer is impacted by:
- • Access to technology
- • Support for high loan volumes
- • Compensation
- • Executive management
- • Culture
- • Rates and loan product diversity
- • Training and mentorship
- • Marketing support
Research shows a small percent of top-performing loan officers accounts for the majority of loan volumes. This high-achieving segment of talent shows a much higher willingness to switch lenders and they give lenders less time to assess fit. 69% of high-performing LO's give their lenders less than 12 months to prove themselves and almost one in ten LO's will only wait 3 months before deciding to leave. For LO's doing $21 million or more in loan volume, 30% have already worked for more than 5 lenders.
For a mortgage lender to succeed with a recruiting and retention strategy, it is important for them to understand what offerings attract and retain tier one talent. 80% of high-performing LO's ranked ability to support high loan volumes as a top priority along with access to technologies and systems that help them scale their businesses. This study helps lenders understand how technology, systems, culture, coaching, and compensation drive an LO's decision to stay or leave. The study correlates industry tenure and loan volume with lender attrition, satisfaction, and how executive management, marketing support, and product diversity impact an LO's choice of employer. The full study is available for download to all mortgage professionals.