Even though the refi wave has crested, a lot of you did pretty freakin' well this year.
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Hello, LOs!
Even though the refi wave has crested, a lot of you did pretty freakin' well this year. Congrats! I know many LOs who work nights and weekends to troubleshoot tricky loans, find new business and soothe the fears of skittish real estate agents.
So, lemme ask you: How do you say thanks to the processors, underwriters, closers and others who helped you close deals this year?
I asked a few LOs, and they said that tipping around the holidays was commonplace, but lots of people seem to do it differently.
Some team leaders will offer staffers a discretionary bonus, and other LOs will hand out a few hundred dollars to processors and underwriters who really helped them out that year. One LO bought an underwriter he's known for years tickets to a football game as a gesture of thanks.
It's important to not make it seem like it's quid pro quo, or tied to a loan, one LO said. "I do it because they work late on my loans and make sure everything's in good shape, not because they pushed through a questionable deal. That's a bad idea," the LO told me.
What are you doing to say thanks? Let me know by emailing me anonymously at jkleimann@housingwire.com.
Mortgage applications fell 4% for the week ending Dec. 10 as fewer borrowers applied to refi their exiting mortgages, according to the latest MBA survey.
What's on your holiday wish list? Spending more time with family? Doubling production and closing deals in half the time? A wider range of loans to answer your clients' every need? Make your wishes a reality - join Finance of America Mortgage today!
With a significant increase in volume projected in the coming years and an underwriter shortage, non-QM producers are turning to bleeding-edge technologies.
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