With many brokerages closing shop or thinning the herds, why are some companies still hiring at an aggressive rate?
The answer may be two fold!
Some loan companies promote growth over loan production.
Because we get paid on a commission split basis, many brokerages are really nothing more than recruiting houses. Tag lines such as "Recruit 15 or 20 loan officers to make over 100% commission per transaction! " are not uncommon. Companies such as this are widely unstable and are missing the real income producing potential of this business. They are easy to identify, just visit their website. You will learn more about recruiting and income potential than loans! Consumers should beware, as there is obviously a primary interest in making a buck, instead of helping people achieve their home ownership or investment goals & dreams.
Other companies are flourishing in this "market downturn"! Record breaking months, referral business through the roof and steady growth are the norm within these companies. Why? What is the difference? Focus on customer service and helping people achieve goals and dreams are key! You see, although most mortgage companies do recruit on a regular basis, it should never be their primary focus. This is a wonderful industry. If you are helping people, focusing on the right market segment at the right times, and providing a high level of customer service, you have no choice but to grow! Building a business based on refinances may have seemed like a good idea a couple of years ago. But when rates bump up, even a little, your main line of business dries up. Specializing in first time home-buyers is a good move in a hot market, but what happens when home sales slow way down? My point is simple, being a well trained, diversified loan officer will get you through the swells and keep you on track every time.
People are constantly asking me, "How are you doing in this bad market?". I have to reply, "what bad market?" because as soon as homes sales started to slow, and foreclosures picked up, my investors got really busy. More developers started offering bulk sales of lots to my investors to build zero down spec homes on, and my refinance calls increased! I am looking forward to the next market change... because I get to work with another element within my client base!
So, Is there room for another loan officer in this great market? Absolutely, YES!