full image - Repost: Retaining Good Loan Officers when I try my Best. (from Reddit.com, Retaining Good Loan Officers when I try my Best.)
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I am the owner of a Mortgage Brokerage in Dallas TX, and we are licensed in TX and OK and soon FL and CA, however I am having issues retaining loan officers.I feel like when I onboard a new LO, I try to be as clear as possible, give them full 1 on 1 training and access to the backend, and I even let them shadow me on loans directly. However, I was training this 1 loan officer and I had an immediate vibe from her that something was off. I am younger than her, but was providing guidance and training and she was a little standoffish. We eventually made it through the training, and when she closed a loan here and there, but she wasnt a huge producer, she was blaming the company, and blaming her own looks, and sort of just being negative and the team didnt really want to be around her. So that was a pretty big time sink. On the other hand Ive had loan officers that they are semi successful, I pay them insane comps like if they close 200 basis point loan, my company only keeps 30 and I pay them 170, but when I mention how this is a numbers game, and they have to put up signs, and get their name out there and do networking, they dont take advantage of it. I hold them accountable, but nope. So my team is small right now like 5 loan officers, and im struggling to retain good loan officers. Ive tried thinking about other aspects of issues, but our processors are all on a first name basis, and they get to choose their processor. We also have all the top lenders for the main programs, and even some niche lenders that have NO DTI for primary residence purchases. However Im still struggling to retain.So does anyone have any advice? Im thinking maybe Im being a pushover or being to gentle and do I have to do something crazy like threaten to take away their commission if they dont go out and market to bring their production up. Because they have so much potential and if I try to tap into it, like literally 70% of the people I train give up, and its a total waste of both of our times. And the 30% that stay, well they are with me now. In my previous job, before running this mortgage company, I did have a boss and he was really pushy, calling every day, and penalizing for no production and it didnt work with me, but his office was the top producing office in the state. And I dont do that method because I personally dont like it, but maybe thats what it takes?Any Ideas?
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