Most loan originators are happy with their current employers, and their reasons why vary. For those who are considering a change, recruiters should consider two factors.
The biggest challenge for 44 percent of loan originators is establishing new relationships to support home purchase activity.
Nearly a quarter point to diminished business in the face of greater competition, and more than a fifth are anxious about regulation.
The findings were derived from the 4th Annual Survey of Originator Opinions.
The survey addressed critical issues facing the mortgage industry and impacting loan officer performance.
The 2014 report didn’t indicate the participation level, but Mortgage Daily previously confirmed that more than 350 active loan originators participated in the 2013 survey.
Around 81 percent of originators in this year’s survey have been originating home loans for more than a decade. More than two-thirds originated at least $1 million monthly last year.
The overwhelming majority of loan originators surveyed said they expect U.S. loan originations to slow this year compared to 2013. But a majority of the group still said their personal production goals for 2014 are higher than for last year.
Marketing at 42 percent of the group will be focused on co-marketing campaigns and events with referral partners. Another 40 percent plan to use their resources for structured e-mail or direct mail marketing to past customers and referral partners.
Given the chance, 29 percent of the originators would strengthen their company’s marketing platform and continuity support, while nearly a quarter would opt for supplemental lead generation.
Nearly 80 percent of participants rated their company’s support level “good” or “excellent.”
Two-thirds of respondents said the model of the independent-correspondent mortgage banker best supports self-sourced business. Just 22 percent believed that federally chartered/bank-backed institutions were the best model.
A plurality — 39 percent — said that a regional mortgage banker is the best size organization, versus nearly a third who preferred a national mortgage banker.
Well over a third of the group cited leadership and culture as the reason they remain at their employers. Another quarter said financial strength and stability was most important.
Preferred characteristics for leadership were relatively evenly split between clear vision and strategy, hands-on field support, and effective communication and accountability.
“Leaders of lending organizations are now being judged more on their ability to communicate and to be accountable for their actions,” the report said.
A majority of loan originators indicated that they still find their careers sufficiently rewarding.
But for the minority who don’t, 38 percent of originators said taking the time to learn about what is important to the originator was the most important factor in the recruiter’s first call.
Nearly a third considered who the recruiter was representing as most important.
Recruiters have approached 93 percent of the surveyed originators during the prior six months.
Hammerhouse said its fundings support originators’ views that they are not being sufficiently represented in the recruiting process.
