There are recruiting wars and mortgage brokerages appear to be among the most active!
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Hello, LOs!
Even in a downmarket, there are recruiting wars. Mortgage brokerages appear to be among the most active. And they're often recruiting from retail shops, scooping up experienced LOs whose pipelines have thinned of late. It hasn't quite been a mass exodus, though.
"LOs are willing to stick it out for the next three to six months," said Roberto Salas, a recruiter at national brokerage shop Nexa Mortgage. He said some LOs that have joined the brokerage side are already top producers who bring their own book of business with them. It generally means the 100% commission-based model is not an issue for them.
The brokerage brought on more than 200 LOs in June, and now has more than 1,700 at the firm. Nexa plans to hit the 2,000 mark by the end of the year.
Retail LOs, I'd like to hear from you – are you considering moving to the brokerage side? Why or why not?
FGMC, controlled by global investment management firm PIMCO, said it had "significant operating losses and cash flow challenges due to unforeseen historical adverse market conditions for the mortgage lending industry, including unanticipated market volatility."
That is the question! Whether you want to grow your database or drive referral business, there are several mortgage marketing best practices, digital tools and prioritization strategies lenders should consider as they generate leads in 2022.
In-person electronic notarization (IPEN) is quickly gaining industry-wide traction with lenders, title agencies and settlement companies due to its convenience, cost savings and improved borrower experience.
Join Notarize for an interactive discussion where you'll learn how to generate more business, close loans faster, and reduce funding cycle time, while providing an exceptional borrower closing experience. Register today!
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