As published in Scotsman Guide's Residential Edition, May 2006.
Many mortgage companies distinguish between "the management" and "the loan officers." Thus, many loan officers are often treated as "employees," while management takes on the role of "employer."
Without our valuable loan officers, however, there would be no distinction between employers and employees, no managers and worse, no mortgage companies. Without loan officers to solicit new business, to maintain current business and to follow up with past clients, we would not have customers. After all, loan officers are the ones who originate loans and ensure client retention.
In other words, managers sometimes take their loan officers for granted. When managers do not acknowledge that their loan officers are essentially their clients, they are doing their companies a disservice. When they do treat their loan officers as they would treat their borrowers, though, they increase their potential to set production and profitability records.
Respect loan officers
For most managers, respect is not an issue. They would not have obtained a leadership position if they treated others disrespectfully.
Showing respect for your loan officers in these instances will help you to reduce turnover, thus helping your bottom line. These little acts of respect will reinforce to your loan officers that you value their work. Always remember that it is much easier to manage happy, productive and tenured employees who know that you respect them than it is to hire and train new employees.
In addition to being supportive and courteous to your staff, here are a few easy methods that will demonstrate to your loan officers that you respect them and their work:
Pay your loan officers on time: Loan officers, just like managers, deserve expedient payment. Holding loan officers' commission checks until the end of the month (or longer) can convey to them that you do not respect them. This does not mean that you have to pay them the moment a loan closes, but to hold all earnings until the end of the month is disrespectful.
Determine a biweekly schedule for your loan officers to collect their earnings. That way, if they have a large loan closing, they can celebrate with their commission check immediately.
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