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Survey: 24% of Loan Officers Consider Firm Leaders ‘Illogical’

Twenty-four percent of loan officers think their firm leaders lead with ""unclear"" and ""illogical"" visions, according to a recent survey.

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""Hammerhouse, LLC"":http://www.teamhammerhouse.com/, a recruiting and strategic growth firm for the financial services industry, recently released a survey it conducted with loan officers.

The findings touched on leadership, culture, business, and technology for loan officers from around the residential mortgage lending industry.

What else did the survey find out? Thirty-two percent of mortgage industry professionals believe their firm's technology needs an upgrade, because the software is ""inadequate,"" even to the detriment of business.

Of those surveyed loan officers, 26 percent admitted to the absence of professional development programs within their firms, leaving them largely to their own wits and devices.

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And according to the survey, 24 percent think that originators bear ""very little"" impact on firm operations.

Not all is bad news. According to the survey, a whopping 91 percent of mortgage professionals signaled that they were ""born to"" make home loans and ""love"" it.

Eighty-nine percent believe their paychecks are ""fair and compliant,"" that their firms comply with rules and regulations, and that fees and prices for originations remain ""consistent and competitive"" with industry norms.

Of those loan officers, 88 percent believe their relationships with originators, managers, and leaders are ""excellent,"" or at least acceptable, and that their firms close deals with homebuyers in a timely manner.

And 85 percent of surveyed loan officers believe that their firms regularly maintain ""outstanding"" reputations.

""Lessons for the industry from this survey are clear. First and foremost, experience matters ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô whether we are talking sales professionals, operational personnel, managers or leaders, effectiveness and efficiency,"" ""Drew Waterhouse"":http://www.teamhammerhouse.com/leaders/drew-waterhouse/, managing director and CEO of Hammerhouse, said in a statement.

He added that ""a primary take-away for lenders from this survey is that going forward the ability to execute on business fundamentals ├â┬ó├óÔÇÜ┬¼├é┬ª will separate the best origination firms from the also-rans.""

*Are you a loan originator? What do you think of your firm?*

Get back to us by shooting an email to editor@themreport.com for a chance to appear in our monthly magazine.

About Author: Ryan Schuette

Ryan Schuette is a journalist, cartoonist, and social entrepreneur with several years of experience in real-estate news, international reporting, and business management. He currently lives in the Washington, D.C., area, where he freelances for DS News and MReport.
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