The greatest differentiator between mortgage companies is how well they recruit and retain superior talent. Research from the STRATMOR Group has shown that the top 20% of loan officers account for 57% of total loan volume, with the top 40% of originators bringing in 80% of total loan volume.
A purchase-oriented environment is where top loan officers prove their worth, as the relationships and reputation they’ve built up over years become critical to fill their pipeline. Freddie Mac projects refinance volume will fall 41% in 2017, and purchase origination will rise by 15%. To capitalize on this trend, mortgage lenders need to recruit as many self-producing loan officers as possible and to keep them away from competitors through a retention strategy.
2016 Loan Officer Recruitment and Retention Study
For a mortgage lender to succeed with a recruiting and retention strategy, it is important for them to understand what offerings drive loan officer success. This is what Floify’s 2016 Loan Officer Recruiting and Retention Study, to be published in the coming weeks, will uncover. How satisfied are loan officers with their current companies and how does technology, systems, culture, coaching, and compensation drive their decision to stay or leave a lender?