If you’re a branch manager overseeing a mortgage lending company, growing your operation isn’t as easy as it was in the past. The last several years have been tough for mortgage professionals and competition is fierce. Upscaling requires a methodical mindset, hard work, and support. 

Expanding your business means a better mortgage branch manager salary along with the satisfaction of building a strong bedrock for your future. But making this happen requires more than a little extra marketing. You need a growth strategy. 

We created the following roadmap for existing branch managers looking for help and loan officers ready to make the transition to branch management. We’ve broken down the areas you need to focus on and the step-by-step changes you need to take to build a team, boost your client base, and grow your revenue. 

P&L Branch Manager Pros and Cons

A day in the life of a mortgage branch manager involves many moving parts. If you’re a loan officer who’s worked exclusively for large firms, the big difference is you’re now in the driver’s seat. This is your chance to use the entrepreneurial skills you’ve never had the opportunity to flex. 

Like any role that comes with heavy responsibility, you need to be ready for ups and downs. 

Pros

It’s not always an easy job, but if you partner with the right company, being a P&L branch manager comes with major advantages, including: 

• The freedom to build your own team  
• The autonomy to make financial and operational decisions for your branch 
• Control of your mortgage branch manager salary 
• Revenue transparency
• Profit retention and higher earning potential
• The opportunity to create and grow a brand 

There’s a misconception that with all these responsibilities, branch managers don’t have time to focus on originating loans. The reality is that in established branches, managers can focus most of their energy on helping people reach their real estate goals by providing innovative mortgage solutions. 

Cons 

Starting out as a branch manager isn’t easy. It takes hard work and perseverance. Many managers become overworked, frustrated, and unhappy with their situation, which is typically a result of dysfunctional partnerships. This can lead to some challenges, including: 

• Financial risk, especially when starting out
• Operational hurdles like compliance issues and HR
• Competition from large firms and established lenders
• The inability to scale due to lack of resources
• Poor communication with partners 

Considering these pros and cons will help you make the right decisions when moving into branch management. One of the most important steps in this process is to partner with a company that aligns with your values and provides an opportunity to manage your branch like it’s your own business. 

The P&L Roadmap for Anyone Ready to Make the Jump

Making a career move in the mortgage industry can feel risky in today’s unstable real estate landscape. You need to be sure you can comfortably earn the income you need for yourself and your family. 

Before transitioning to branch management, it’s smart to have a sense of what your profitability will be. Doing so will give you an idea of the mortgage branch manager salary you can expect. 

MortgageRight offers a unique P&L model that puts you in control of your earnings and allows you to operate a branch with the same freedom you’d enjoy if you owned a business. 

Use our P&L roadmap calculator to get an idea of what you can make running a branch with MortgageRight. 

Grow Your Volume 

Let’s say you’ve established a healthy book of business and your branch is originating loans at a steady rate. It feels good, but if you want to scale, this isn’t the time to get complacent. 

Increasing your volume is the next step. But how do you do this when high home prices and mortgage rates are dissuading would-be homebuyers from applying for loans? The answer – find your niche. 

Targeting homebuyers with specific pain points will help you bring in clients looking for innovative loan solutions. This is your chance to use your knowledge and experience to build a reputation with a particular homebuyer segment and start earning a mortgage branch manager salary representative of the service you provide. 

Deciding on a Niche Client 

You’ll need to start by doing some market research to determine which type of borrower is underserved in your community. It’s also important to consider your strengths as a lender along with the types of mortgage areas you’d like to explore. 

Here are common niche clients lenders focus on: 

• Veterans and military personal 
• Small business owners 
• Young buyers 
• House flippers 
• Rural homebuyers 
• Real estate investors 
• Senior citizens 

As a smart branch manager, you’ll want to continue to help clients looking for conventional mortgages. These loans are popular with first-time and repeat homebuyers, so it’s important to offer them. You can then branch out and target a specific type of homebuyer. 

Once you find your niche audience, start putting targeted marketing in place to reach them. You’ll be amazed at how powerful social media and word-of-mouth can be. Once your volume starts increasing, you’ll see a bump in revenue and a higher mortgage branch manager salary to follow. 

Expand Your Products

Targeting your niche audience means you’ll need access to a mix of mortgage products that will give you a competitive advantage. Any lender can offer basic mortgage loans, but those who can quickly and accurately secure unique lending solutions are the ones who set themselves apart. 

The following mortgage products will help you reach a wide range of niche customers: 

VA Loans

Help veterans and active service members buy homes with mortgages that offer flexible terms and low interest rates. VA loans are cost-effective and borrowers can use them to purchase single-family homes, multi-unit buildings, condos, and manufactured homes. 

Jumbo Loans

These mortgages are perfect for individuals and families who want to purchase a high-value property with more space and amenities. Qualified borrowers can get a loan that exceeds the maximum limits set by the Federal Housing Finance Agency. Jumbo loans also allow the borrower to move forward with only a 10% down payment.  

FHA 203K Renovation Loans

Homebuyers looking for fixer-uppers can get the financing they need to buy and renovate with this mortgage product. Instead of getting a separate loan to cover the cost of upgrades, borrowers get everything they need with an FHA 203K loan. This is a great solution for homebuyers who are on a budget and want to handle the renovations themselves. 

Investment/Rental Property Loans

Those looking to generate income through their real estate investment need a specific type of mortgage. Investment and rental property loans offer borrowers the opportunity to buy income-producing property and enjoy reasonable terms. However, the guidelines for qualifying are stringent and the conditions are different from other loans. 

USDA Loans

Families looking for real estate in rural areas often find success with this mortgage program. USDA loans are great for borrowers with low-to-moderate incomes, as they often don’t require a down payment. To qualify, the borrower must meet specific criteria surrounding household income and the location of the home they wish to buy. 

Multifamily DSCR Loans

Popular with investors, this specific type of loan helps borrowers with credit score or income handicaps. It’s a perfect solution for someone who wants to invest in rental property but can’t qualify for traditional financing. Offering DSCR loans is a great way to generate repeat, high-volume clients. 

Grow Your Branch 

You’ve found your niche audience and expanded your product offerings – now it’s time to grow your operation to facilitate the extra volume. This is a natural progression you must make to avoid stretching yourself too thin. It’s also an opportunity to boost your venue and mortgage branch manager salary. 

Expansion starts with your team. It’s time to think about how many loan officers, processors, and administrative staff you need. There’s a good chance you can begin with a few key additions to your team and recruit more staff when needed. When approaching this process, it’s important to recruit people who align with your values and have the experience that fits your business model. 

Once you have the right team in place, you’re ready to originate loans quickly and efficiently. You can then begin growth initiatives that are right for your branch, such as: 

• Focused marketing strategies
• Networking and partnerships
• Staff training and development 
• P&L analytics

Remember, what works for your branch may not cut it for another. As a manager, it’s up to you to do what’s right for your team and long-term business goals. Once you find the equation that works, you’ll enjoy a higher mortgage branch manager salary and a business culture you and your team are proud to be part of.  

A Focus on Retention

With the right team in place, you’re in a great position to increase your revenue. But creating a healthy culture is just as important. To do this, you need to offer benefits that reward your team for their hard work and help them grow their skills.

As you build a competitive compensation package, think about what you would’ve appreciated at previous organizations. These probably include: 

• A competitive salary 
• 401(k)
• Cost-of-living raises
• A bonus structure 
• Continuing education 
• Profit sharing 
• Additional licensing 
• Health, vision, and dental insurance 

Remember, although earning a healthy mortgage branch manager salary is important, compensation isn’t everything. This is your chance to create a healthy infrastructure with strong people as the building blocks. When your team feels empowered to do their best, you’ll have employees who are doing more than their jobs – they’re growing alongside you. 

Build a Tech Stack That Works for You and Your Clients 

If you want to compete in today’s market, using industry-leading technology is imperative. A good tech stack will help you increase volume and provide an optimal customer experience. It’s all about working smarter, not harder. 

Here’s a breakdown of some of the key tools you should consider when implementing technology that’s right for your branch: 

Customer Relationship Management (CRM) 

Generating and nurturing leads is crucial when upscaling your branch. The right CRM platform makes this easy by allowing you to manage client data, track conversions, analyze client insights, and streamline customer service. This functionality will improve your client relationships, resulting in repeat business and a strong reputation. 

Loan Origination Software

Increasing your volume isn’t possible without the use of mortgage technology that supports the origination process. The right software will streamline everything from the initial loan application to the closing. This makes the journey easier for your clients and staff.  

Pricing and Locking Technology 

Getting the best rates for your clients is a great selling point. Doing it quickly is the icing on the cake. Pricing and locking software allows you to find and lock in the best rates while reducing the chance of errors. 

Branch Efficiency

In addition to a tech stack that helps you optimize loan origination and customer service, implementing smaller tools will make things even easier. As you start to scale, consider the following bells and whistles: 

• An automated scheduling tool
• Voice over Internet Protocol (VoIP)
• Video messaging 
• Email tracking 
• Compliance software

Like when building a team, you may want to start small. Integrate a core tech stack that helps you focus on higher volume and customer service. As you grow you can add more tools to your arsenal. 

Grow Your Ceiling 

Once you’ve found success by taking the steps discussed above, it’s time for next-level thinking and planning. This is your chance to move from start-up to scale-up, but it requires large decisions that take time, effort, and money. And while making this kind of investment may sound intimidating, your mortgage branch manager salary will reach new heights if you make the right moves. 

If you’re at this point, ask yourself the following questions: 

• Do you have the support structure in place to help your team grow beyond a few dozen or even 100 mortgages per month?
• Can you scale your business with your current marketing resources, team, and budget?
• Do your customer-facing portals and customer service touchpoints prevent you from offering high-level service to a larger audience?

If you answered no to any of these questions, serious upscaling may be an uphill battle. At MortgageRight, we understand how hard you have to work to grow your business and earn a competitive mortgage branch manager salary. In response, we’ve designed a true P&L platform that gives you the freedom to run your operation how you want with a level of support you won’t find anywhere else. 

With MortgageRight in your corner, you have access to support teams and services that include: 

• In-house marketing solutions
• A full range of mortgage products 
• State-of-the-art mortgage technology
• Recruiting services 
• 24/7 underwriting 
• HR and payroll services 
• Compensation and benefits packages 

Whether you’re making the switch to branch management or need a new partner who has your best interests in mind, MortgageRight has your back. 

Start Earning a Top Mortgage Branch Manager Salary 

Upscaling your branch takes commitment, but the personal and financial payoff is worth it. Bookmark this roadmap and return to it when you need guidance. 

If you’re ready to finally earn the mortgage branch manager salary you deserve, consider the MortageRight platform. We provide the support and freedom you’ve been looking for. 
Schedule a live demo today.