Anyone remember loan origination before the internet?
Anyone remember originators that would work the entire file from contact to closing?
Anyone remember originators that would turn over nice clean, complete files into processing?
Anyone remember originators that closed eight, ten, twelve, or more units a month handling paper files without an assistant?
How is it now that many originators think that they are doing five or less units a month, with automated LOS systems and needs an assistant?
Why is it that companies and managers spend money on these assistants in addition to the basic originator compensation?
Why are there so many “teams” of originators and assistants working together who jointly close less collectively than they did when they worked alone?
Technology has made the originator job far easier that it has ever been, so why does everyone need so much help? I’m not quite sure.
As I have stated before, an experienced originator should be able to generate opportunities, process those opportunities, convert those opportunities into clean and clear file submissions, work the files through the process, close the loan, and manage that client into the future, 8 to 10 times a month.
Adding an assistant should be at the expense of that originator, simply speaking, why would or should a company pay for the originator to do more loans? Aren’t they already getting paid? And if you do take on an assistant, shouldn’t production improve by five or more units a month for each assistant you have added to the team? Why wouldn’t it?
When you look at some of the “top producers” in the industry, they really post some big numbers. But what you often don’t see is the team of people and the overhead required to make that happen. Any team or group that can’t sustain a per person closing per month average of at least five to eight units per month has a problem with their system and not a need for assistants!
So before you think it’s time to grow your business by adding an assistant, here are a few questions you need to ask yourself:
If you have answered no to any of these questions, wouldn’t be better to improve your system before committing to an assistant?
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