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Involve loan officers in your marketing plans
It's vital to have a multifaceted marketing program during these uncertain times. Recruit your loan officers to bring their marketing ideas to the table. Encourage their innovative marketing techniques and help them execute. By demonstrating that you value their ideas and offering financial support to implement those ideas, you show again that you are committed to helping them succeed.
Continue volume-based incentives
Let's face it -- many loan officers are motivated by money. With that in mind, now is not the time to cut incentives for outstanding production. Doing so would only heighten fears that you are expecting a downturn in business. Use your discretion in determining whether you want to have companywide contests or individual goals for loan officers.
Lead by example
The most effective way to demonstrate to your loan officers that the company's and their future are secure is to reassure them that you're in control. Whether the market changes dramatically or just slightly, the actions of the company's senior mortgage executives will determine how your loan officers react to the market.
Continuing to educate yourself and your loan officers about changes in the industry, increasing corporate support to your loan officers and most importantly, being pro-active in the face of change will keep your loan officers motivated and fearless in this ever-changing industry.
Ronnie da Motta is president of First Security Lending in Burbank, Calif. First Security Lending has offices in Los Angeles, Pasadena, Monrovia, Sherman Oaks, Irvine and Long Beach, Calif. Reach da Motta at (818) 841-2995 or via e-mail at Ronnie@firstsecuritylending.com.
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