With the recent market challenges and several layoffs, one might wonder why recruitment and retention could be the main focus for lenders at this point. Due to the decrease in the volume of originations, it has become quite crucial for lenders to replace whatever volume is lost in the transaction. A quick and easy way to get that done is to find a suitable approach to cash flow through revenue. Rather than cutting costs and expenses, some lenders decide to expand.
Thus, the prevalence in the battle for top Loan Originator talent, as a mortgage is the single source of revenue. The decision to expand and grow the business by most lenders is either for one of two reasons; Pain or Gain. Lenders start experiencing frustration when they struggle to close loans effectively. Those not struggling but comfortable will not want to take on the challenge of a transition, even if there are better rates or better types of loans with a new employer or client. With so many layoffs, some of the pain is the insufficient amount of staff to support existing talent in the business. As such, it becomes pretty difficult for lenders to complete loans since there is no support.
On the other hand, some lenders are driven to transfer to a new shop instead of leaving their present company. These Lenders see an opportunity to “gain” by collaborating with partners who are prepared to lean into the market, spot opportunities in the face of challenges, and develop products that will benefit both Lenders and their clients. Click here to read more.
https://www.housingwire.com/articles/the-war-for-top-talent-and-why-los-move-shops/
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