Setting the Record Straight
Do you REALLY want this guy representing Your company?
"Chances are that you’ve entered our industry since the correction of August 1998; that was a major turning point in how Loan Officers were paid thereafter. Previously they were salaried with ‘modest’ bonuses from time to time, and they were loan analysts as they should be, just as the public perceived them to be. As ‘Big Commissions’ subsequently became the norm, they saw themselves as sales experts – closers, and regrettably not conscious ethical customer service personnel.
The longer version of that is employers – lenders and mortgage brokers who employ them, have given big cash rewards to them … an activity that has become all too common in this industry these past years.
Our latest lesson is all about a reversal of that foolish method of operating your business. You need to properly advertise and market your business to attract customers; as they come to you via phone, walk in your office or visit your website due to your advertising investment dollars spent, you’ll no longer need a ‘Loan Officer’ (and the big commissions that go hand in hand with them) to handle them – THAT’S how this industry operated the first three decades I was in operations … so … hire yourself a brand new inexperienced green-pea ‘processor’ and show her this!"
This is the INTRO to our most recently published interactive training lesson (it’s immediately available at the bottom of THIS page). And, given the ethical and supervision issues that have to do with so many of them; in addition to saving yourself many tens of thousands of dollars a year, that’s why it’s smart to get rid of your Big Commissioned LO’s – this lesson trains your utlity people to take their place!
