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MORTGAGE LOAN OFFICERS CHANGING COMPANIES SO OFTEN
WHY DO MORTGAGE LOAN OFFICERS KEEP ON CHANGING EMPLOYERS SO OFTEN? SOME MORTGAGE LOAN ORIGINATORS HAVE CHANGED JOBS 12 TIMES IN ONE YEAR.
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Many factors explain the frequent changes of employers by mortgage loan officers.
Let us reason together and point out some of these factors:
Working For A Commission
Income Diversification: Most mortgage loan officers are paid solely on commission. Therefore, if they cannot close a sufficient volume of loans, or if the leads provided by their employer do not satisfy them, they will move out to greener pastures where there would be enough leads to borrow from.
Changes In The Market Conditions
Financial State Of The Economy: The housing market, changing interest rates, and economics in general play a key component in determining whether there is adequate work or business at a certain organization. Therefore, when the market fluctuates, it is more economically prudent for the loan officer to seek employment with an organization that offers stability and pays better.
The Company’s Culture And Social Support
Work Culture: Many loan officers seek firms that provide more support, better technology and training, and an ideal work culture. If they don’t find these in the firm where they currently work, they will leave to join a firm where everything they seek exists.
Making A Career Dependent On The Organization’s Growth
Potential To Succeed: Some loan officers switch employers to grow in their careers. These individuals start looking for jobs that offer a wide range of leaves, better pay, or managerial positions.
The New Job Offers A New Source Of Clients:
Getting Clients: Switching employers can introduce employees to a new network and a new source of referrals, which can be important when starting a loan origination business.
Indeed, problems such as changes in legislation governing the issuance of mortgages and the creation and transfer of mortgage-backed instruments threaten the stability of mortgage issuers.
Regulatory Changes
Compliance and Licensing: The loan officer’s responsibilities have changed, and so has the mortgage landscape within the industry, in a very strong way. Saturation of Jobs: To protect their interests, the loan and the mortgage holding firm’s resources are channeled toward market expansion and loan origination operations that further strengthen the firm.
Job Saturation High Turnover Rates: High job turnover rates are common in areas with high annual sales turnover of employees. This can result in professionals frequently changing employers.
In conclusion, when combined, these factors increased the turnover of mortgage loan officers to alarming rates.