It is the New Year. Much of your pipeline has closed. There are recruiters calling you left and right. Bonuses are being offered and you start thinking: “Maybe the grass is greener?” Before you jump, consider these thoughts:
►Stability pays off.
There are many attributes for success. Stability is one of them. There are a host of loan officers who change jobs just about every two years. Most of them are not successful. If you look at the top producers in the industry, they have found a home and stay for a long period of time. On the other hand, staying will not make you successful. Only you can do that.
►Moving costs. No, you don’t have to hire a moving van, but moving companies will cost you. There will be an interruption in business as you learn new systems, adjust your marketing and more. Origination today is complex. Every company does it differently. Moving costs time and energy that you could apply towards your present business. On the other hand, that may be what the signing bonus is for—unless you waste the time the money is buying you. I have seen a lot of that.
►Not just a company. You are also moving supervisors. Thus, there are two parts of the decision. There are company support levels to consider, but also personal support levels. How will this person help you expand your business? Are you two compatible?
►The type of situation. There are a variety of situations that the mortgage business offers. You could be a street loan officer, work inside a bank or real estate office, work with a builder, with a broker or take a position with an inside lead generation firm. Not everyone fits every situation. Someone who has been an independent broker for 10 years may not fit at a national bank or inside a real estate office.
►The market. How might the market change and how might this change affect the entity you are thinking about going to? How many loan officers have changed jobs to find out their new company is closing or going in a different direction six months later?
Obviously, I could continue to throw out variables. One thing I can say is that the decision should be made about more than simple signing bonuses and commission plans. If you make the decision about a few basis points, you are thinking about a paycheck, instead of a career and where your career is headed.
Senior vice president of sales for Weichert Financial Services, Dave Hershman is a top author in this industry, with seven books published, as well as establishing the OriginationPro Marketing System and the OriginationPro Mortgage School–the online choice for mortgage learning and marketing content. His site is OriginationPro.com and Dave can be reached by e-mail at Dave@HershmanGroup.com.
This article originally appeared in the January 2020 print edition of National Mortgage Professional Magazine.