Peter Samuel Cugno, Chairman & CEO, Secret! University, America's Money

As published in Scotsman Guide's Residential Edition, February 2005.

Lately, there has been a lot of job changing. Newspapers are full of “Help Wanted” classified ads for loan officers (LO). Employers are looking for increased production, and originators are scrambling for a better deal. Take a look in any metropolitan Sunday newspaper and see for yourself. Whether you’re an employer or a loan originator looking for a new place to work, the number one question usually is: “How much will the LO make?” Although this is almost always the initial question, isn’t there far more to it than the measuring stick of “what’s the split”?

In reality, there are deeper concerns. Are leads provided for the LO to work on? How does that affect the commission split vs. the LO marketing on his/ her own and generating potential customer leads? How is the split perceived by the LO looking for a position—leads vs. no leads?

What about training? Is it provided by the employer? If so, what kind of training? Is the teacher seriously providing tools that will actually help the LO in today’s environment? We have all seen trainers who are out of touch with current technology or who offer methods that are simply out of sync with what works.

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