I know this because I have not only witnessed the inefficiencies and burnout, but I have also managed a pipeline of over 100 cases before the era of automation. I had to learn by trial and error. The truth of the matter is we have spent little time helping loan officers learn what it takes to effectively manage a pipeline. In my experience, there are basically two types of loan officers:
- First, those who throw their loans into the office and say — see you to collect my paycheck after the loan is closed.
- Second, those who hover over the processor — trying to micromanage the process and growing cobwebs in the office (or at home).
You can understand that either style is not effective. There needs to be a balance. This is why I have always advocated the conducting of status.
What is status?
Status is a regular meeting between processor and loan officer. This meeting goes over the pipeline and determines what tasks must be accomplished to make sure the customers are served.
How often is status accomplished?
There is no set rule, but generally it is more effective to status one time per week. One time per month is not often enough and conducting status every day is exactly what we are trying to avoid.
What day of the week is most effective?
This will also vary. I tried to hold status on the same day we had our sales meeting. That way, theoretically, the loan officers were in the office only one day each week — assuming they and processors are not remote.
What is accomplished during status?
During status, you are determining what needs to be done on each file. For example, some loans need to be submitted to underwriting, others need to be locked, and still others need a conversation with the applicant(s).