Hello, brokers and LOs!
The group of 13 first-year analysts at Goldman Sachs had had enough. They were working 100-hour weeks and found themselves in a "dark place" mentally.
The young analysts decided to chronicle their dissatisfaction in a "working conditions survey" modeled after the company's presentations. It detailed their exhaustion, the stress of having to meet unrealistic deadlines and being simultaneously micromanaged and ignored.
"I didn't come into this job expecting a 9am-5pm's, but I also didn't expect consistent 9am-5am's either," one said, according to Reuters. "There was a point where I was not eating, showering or doing anything else other than working from morning until after midnight," said another. A majority of the 13 said they felt they were victims of "workplace abuse."
I don't mean to directly compare highly paid, highly educated analysts making $150,000 out of college to LOs and mortgage brokers, most of whom got into the business as a second career. But there are parallels. I've spoken to many LOs and brokers who have worked 80+ hours a week for close to a year straight. Many LOs and brokers work nights, weekends and holidays. Everyone has a full pipeline and wants to maximize their window.
LO headcount grew by 27% year-over-year in 2020, according to mortgage software firm LBA Ware. But volume rose by 63%, which means that LOs worked far more in 2020.
One LO from the Houston area told me he spent most of Christmas Eve and Christmas day dealing with an appraisal that came in far below their client's winning bid. Another from Florida said she was trying to balance 70-hour workweeks with Zoom School. She couldn't remember the last time she had a proper break. "I am dying for a vacation," she said.
These are lucrative times – I don't know a single LO who didn't have one of their best years ever in 2020. And those with a strong book of business with top real estate agents expect to do just as well this year. It inevitably will lead to long hours.
But how much is too much? When do you turn off LoanSifter or mute notifications? How are you balancing getting work done while spending time on you and your family? Is your company doing enough for you? Email me anonymously at jkleimann@housingwire.com. Hope you get some rest this weekend!
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