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Most LOs Like Their Jobs

Some have issues with technology, leadership and communications

Sept. 18, 2012

By Mortgage Daily staff

Mortgage loan originators surveyed about their jobs are mostly a happy bunch. Among those who are dissatisfied -- technology, leadership and internal communications were hot-button issues.

When asked if they liked their jobs, 37 percent of loan originators participating in the recent survey chose the option, "Absolutely, it is what I was born to do and where I was born to do it." Another 54 percent selected, "Yes, I love the job but believe the environment could be better."

Nearly 90 percent believe that their compensation is at least "fair and compliant."

The findings were discussed in the 2012 Loan Officer Core Business Components Survey from Hammerhouse LLC.

Conducted in late summer by the mortgage recruiting firm, the study found that nearly a third of the participants weren't happy with their employer's technology. One-in-five originators didn't have adequate technology support.

Nearly a quarter of the 500 survey participants said that the leaders of their companies had no clear vision. Among the participants, 10 percent said they were unaware of their company's character and reputation, and another 5 percent said that their firms were not well thought of in the industry or community. Ten percent said their firms weren't consistently meeting industry standards, and 16 percent weren't happy with their pricing.

Relationships with other people at their companies were bad among 12 percent of the originators surveyed.

A big share, 94 percent, feel that they are matched with a company that has the same preference for the source of business. Just 15 percent said that their own business development priorities diverge from their employer's. The operational structure of their companies -- centralized versus decentralized -- was a match in more than 80 percent of the cases.

Just 11 percent didn't feel that their employers generally close loans on time.

The proportion who felt they had little or no impact on operations at their firms was 24 percent though, for the most part, 85 percent felt that input from originators was welcomed at their firms.

More than a quarter of those surveyed weren't happy with internal communications at their company. A similar share said that professional development fell short at their companies.

While most originators indicated that there is flexibility to adapt policies and procedures to their own circumstances, 18 percent said there was no flexibility.

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