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Four Things Top Loan Officers Never Do

top mortgage loan officers

The competitive nature of the mortgage industry makes it hard for loan officers to set themselves apart. The very best ones find success by making the right decisions and avoiding the wrong ones. 

When loan officers are looking for the best mortgage companies to work for, they are really looking for the right partner who can support them during their transition to branch manager. This allows them to do what they love while taking their career into a landscape full of opportunity. 

If you’re stuck in a rut, you can easily start earning a mortgage branch manager salary and join the ranks of the top loan officers in the industry. But first, take a look at what these mortgage masterminds never do. 

Accept Less Than a Mortgage Branch Manager Salary

Great loan officers know their worth. They understand that what they do brings value to a company and they won’t accept compensation plans that don’t recognize their value. 

Loan officers at large mortgage companies get paid in several ways, but most of these compensation plans fall short. The best loan officers won’t settle for:

  • A tiered plan where the commission percentage only increases if they reach certain performance quotas 
  • A salary structure that fails to reward them for bringing in business
  • A 100% commission-based structure where they only get a small percentage per loan. 

A big problem with compensation plans at large companies is that the money filters down to the loan officer through upper management. This means executives get a percentage of each loan, leaving the officer with a commission that doesn’t reflect their hard work. 

Many compensation plans don’t pay loan officers the basis points they deserve for each loan. This is completely unacceptable in an uncertain market. It can lead to frustration, burnout, and career stress. 

Loan officers who are sick of these compensation plans often start running their own net branch. Here, they enjoy a mortgage branch manager salary that allows them to control their earnings and take their career on an upward trajectory. 

Stay in a Position They’ve Outgrown

Getting started as a mortgage loan officer is a tough journey. It takes education, hard work, and learning by experience. Once you’ve established yourself, it feels good to start earning and building your portfolio. 

However, for many loan officers, this path ends too quickly. They hit a ceiling at the company they’re with and settle for job security instead of flexing their skills and evolving. If you’re in this position, you risk hurting your career in several ways. 

Your Skill Set Plateaus

Staying in the same role for too long may limit your exposure to new technology, industry insights, and practices that could expand your skills. Placing these limits on your development could make it harder to get a new job when you’re ready. 

An Income Cap 

If you aren’t developing your skills and taking on more responsibility, your income will stop growing. The best mortgage companies to work for help loan officers start their own businesses and take their income to the next level. 

Burnout 

Change helps keep things fresh and exciting. However, if you resist career change, you make yourself vulnerable to burnout. Doing the same thing every day, not getting the recognition you deserve, and settling for the same pay will wear you down and stall your career. Don’t let this happen. 

High-performing loan officers don’t fall into these traps. They have already identified the best mortgage companies to work for (like us!) and are actively taking control of their careers. 

Limit Their Thinking and Long-Term Goals

If you talk to some of the most successful loan officers, you’ll probably notice a similarity – they dream big. They don’t put limits on their perspective and always remain open to change. 

This starts with goal setting. If you want to level up your career as a loan officer, it’s time to think about your future and make some big decisions. Consider the following questions: 

  • Are you truly happy in your current position?
  • Where do you want to be (personally and financially) in five years?
  • When do you want to retire?
  • What are your professional values?
  • Are you driven by overcoming challenges?
  • Are you willing to make big changes for your future?

Answering these questions will help you establish your long-term goals. You may also discover that your current career situation simply won’t cut it. Many high-performing loan officers reach this point and transition to a net branch platform that opens up their opportunities. 

At MortgageRight, we’ve seen overworked, underappreciated loan officers turn their lives around as branch managers. We hate seeing this, which is why we strive to be one of the best mortgage companies to work for.  

Settle for an Unhappy Workplace

Finding a job that provides a consistent sense of fulfillment isn’t always easy. Not every company is the right fit. If you love being a loan officer but have found yourself in an unhappy work environment, you have options. 

An unhealthy workplace isn’t only harmful to your career development – it can damage your mental health. A survey by Mental Health America found that people in unhappy workplaces report higher rates of psychological distress. This could lead to job-related stress that affects relationships with family and friends.  

If you’re in this situation, or feel your workplace is toxic, leaving the industry isn’t the answer. Instead, find an organization that gives you the autonomy to create your own culture and environment. Only the best mortgage companies to work for do this. 

Time and time again, loan officers who’ve had enough of working for large mortgage firms make the switch to net branch management. This is a drastic change, but one that often results in personal fulfillment, a better work/life balance, and professional freedom.

Choose MortgageRight if You’ve Outgrown Your Loan Officer Position

If limited income opportunities, burnout, or career stagnation is a part of your life as a loan officer, it’s time to make a change. MortgageRight’s net branch platform is geared toward helping loan officers flex their entrepreneurial spirit and adrenalize their earning potential. 

We’re one of the best mortgage companies to work for because of our unique P&L model. Benefits of partnering with MortgageRight include: 

A Culture of Support and Communication

We understand the pressures of running your own branch and have designed a system that makes the process as easy as possible. Our platform provides support for underwriting, marketing, IT, accounting, and more. This means you can focus on what you love – loan origination. 

We also make it a point to streamline the communication process. Our branch managers can reach one of the MortgageRight owners or any of our support teams whenever they need. 

Access to the Lowest Interest Rates 

Our branch managers can offer their clients the most competitive rates in the area. This is possible because we’re a direct lender. The ability to do this consistently gives our branches a competitive edge, helping them bring in more business and boost retention. 

Higher Earning Potential 

One of the main reasons we’re one of the best mortgage companies to work for is we let our managers set their own margins and compensation plans. This means they have control over how much they make. We also pay out more basis points than other companies. 

Entrepreneurial Freedom

When you partner with MortgageRight, you run your own business. We give you the freedom to market the way you want, establish your own origination process, and build your team from the ground up. This means you can take your business in a  direction that aligns with your long-term goals. 

Start Earning a Mortgage Branch Manager Salary 

If you’re unhappy with your career as a loan officer, moving into net branch management is the light at the end of the tunnel. We are one of the best mortgage companies to work for and here to support your journey of becoming a branch manager.

Schedule a live demo today to learn more about the MortgageRight platform.