I am soon going to hire 10 loan officers. Updated
What qualities do you think these loan officers must have? What will I require of them? I once had 100, just 10 for now. I will start the list with one requirment. You can add to the list, I will add comments.
Number one: They must be able to have a real estate agent recommend them.
Number two: They must have good credit and not be heavy in debt.
Numbers 3 - 6 Great suggestions from Bonnie Ericksen:
3- They must care more about their clients future benefit than getting their commission.
4- They must be honest.
5- They must disclose.
6- Bonnie suggests I not place as much emphasis on their debt versus a history of fraud.
Please comment on these suggestions. I will. Lar
They must care more about the client’s future benefit than getting their commission.
They must be honest.
They must disclose.
I disagree about the debt piece. If they’re in debt, they may have made poor choices historically or had a series of lay-offs, medical issues, etc. Choosing to work to make the payments is responsible. Change can happen. If there was a history of fraud, that would scare me.
Regarding: Must care, honest, disclose. These are hard to know before hiring. I believe must care and disclose become visible by how much the loan officer charges and what programs they sell. It is a management issue I would be responsible for. Honesty, or the lack of it, somethimes is discernable before hiring.
All have a better chance of being mitigated if the loan officer has been referred by a Realtor. Lar