One of the main priorities for lenders right now is addressing the challenge of recruiting and retaining top talent. Dave Sims, Floify CEO
Boulder, Colorado (PRWEB) November 16, 2016
Floify, a leading mortgage automation technology platform, today announced the results of an industry-wide study on loan officer recruitment and retention. The study solicited over 13,000 mortgage originators, specifically loan officers, branch managers, and area sales managers. The analysis focuses on loan originators with an annual loan volume of $21 million or more to distinguish the needs and priorities of “high achieving” loan officers. Mortgage industry professionals can download the full study for details.
“One of the main priorities for lenders right now is addressing the challenge of recruiting and retaining top talent”, said Dave Sims, CEO of Floify. “Equally important to loan officers is partnering with lenders who have the technology, culture, and infrastructure to help them scale loan volumes.”
The study helps mortgage companies and their teams understand how an LO’s choice of employer is impacted by a lender's technology systems, compensation, company culture, training, executive management, product diversity, and marketing support.
Research shows a small percent of top-performing loan officers accounts for the majority of loan volumes. This high-achieving segment of talent shows a much higher willingness to switch lenders, and they give lenders less time to demonstrate capabilities. 69% of high-performing LO’s give their lenders less than 12 months to prove themselves, and almost one in ten LO’s will only wait 3 months before deciding to leave. For LO’s exceeding $21 million in loan volume, 30% have already worked for more than 5 lenders.
For a mortgage lender to succeed with a recruiting and retention strategy, it is important for them to understand what offerings attract and retain tier one talent. 80% of high-performing LO’s ranked the ability to support high loan volumes as a top priority along with access to technologies and systems that help them scale their businesses.
The study helps lenders understand how technology, systems, culture, coaching, compensation, and other characteristics drive an LO’s decision to stay or leave. The full study is available for download for all mortgage professionals.
Floify (floify.com) is a mortgage solutions SaaS platform that streamlines the mortgage process by providing a secure communication and document portal between lenders, borrowers, referral partners, and other mortgage stakeholders. Loan Originators use the platform to collect and verify borrower documentation, track loan progress, communicate with borrowers and real estate agents, and close loans faster. The company is based in Boulder, Colorado and is privately held.