Mortgage Loan Originator Questions when considering a Move

As a recent adjunct faculty member of multiple colleges, teaching career planning and placement amongst other subjects, it is very important to me to help others in their career decision-making process. This is my contribution to YOU. I hope this helps. When reading job postings, be sure to read between the lines. What is it that a company is not telling you in their job posting? u Interview your prospective employer while they are interviewing you. u The following questions will help guide you when exploring other mortgage companies, both bank and broker. ul li Overall Business Are you a bank, broker, or both? What is your total loan volume, loan volume in the location I am working in? How many loan officers in the company? How many in the branch I am working in? If I were to proceed to interview with you, is there something I could see in writing? ul These questions help give you an understanding of the current aggregate performance of a business model. After asking these questions, it is pretty easy to determine the loan volume generated per loan officer at a company level and or branch level. You could continue to probe this area if the activity does not seem to be there (asking questions about the breakdown of top performers, the #1 performer in the company, poor performers, etc). ul li Business Plan What is the company s growth plan for the immediate future and longer term? What opportunities may become available as a result of this growth plan and what is a realistic timeline for someone to grow into these opportunities? ul This question is OPTIONAL and should ONLY be asked if this is important to you. Asking this question of the interviewer (particularly the 2nd part of this question) will send a message to the interviewer that this is important to you. So, your resume better show some career progression already, or I would recommend not asking part 2 of this question. ul li Loan Types and Performance What loan types do you work with and what is the loan volume breakdown for each loan type? ul Like a professional recruiter, this question will help identify if your interviewer was stretching the truth in question #1. If you asked probing questions when asking question #1, you can also circle back and ask about the breakdown of the loan types for the top performers, etc. This line of questioning will help identify areas of weakness in certain loan types. ul li Business Tangibles What tools, resources, systems, lead activity, and equipment will you provide to help me manage and grow my business? Who pays for these and what is the cost? ul This question is least often detailed in a job posting. This will help you really identify the level of financial support you are receiving from the company, beyond standard compensation and benefits. And, even if the company is paying for these items, it is still important to understand the cost the company is paying, so you may compare to other companies where you may have to pick up these costs. ul li Business Intangibles Other than what you ve already mentioned, what support structures, formal and informal training, development continuing education and mentioning programs are available and when will I be able to take advantage of these? What is the cost? ul Again, this type of information is not often detailed in a job posting. Don t let the interviewer get away with just listing what is available. Make sure you understand when you will be able to take advantage of these programs (identifying any waiting periods or performance-eligibility requirements) and what the cost is. Remember, even is the company is paying for these programs, it is helpful for you to understand the cost (to compare to other companies that may not pay for this). ul li Company Culture What words would you use to describe the company culture? What are some examples of this behavior in the company? ul This is a two part question. Let the interviewer answer the first question before asking the 2nd part. If the interviewer is just blowing smoke and or is really not in-tune with the company they are working for, the response to the 2nd part of this question will clearly identify this. You can also probe into social activities here, if this is important to you. But, remember, the questions you ask send a message as well. Don t ask about social activities unless it truly is important to you, at this stage. ul li Compensation and Benefits Please provide as much detail as possible behind the compensation and benefits structure, including any pay-out tiers, levels, limits, bonuses, incentives, perks, and, of course, costs. ul Some companies require you to visit with them to receive a significant level of detail here, but you should at least obtain enough information to compare to your current plan to determine if a move would make financial sense. Be wary of an interviewer that will not help you with this. Don t forget to ask about cost of benefits and cost of compensation. Remember, the company is making a profit as well. Are you getting your fair share? ul Regards,Brian MayhallVice President, RecruitingProvidential Bancorp, Ltd. (NMLS# 132498)312-264-6416 Direct ul http www.Providential.comRead our blog posts http provbancorpblog.com Connect to me on LinkedIn http www.linkedin.com in brianmayhall