NMP - February 2018 - 36

Tony's Corner

A Message From NAMMBA Founder & CEO J. Tony Thompson III, CMB

NAMMBA: Building Bridges, Connecting Women and Minorities in the Mortgage Space

Five Ways to Keep Your Team Motivated

A
FEBRUARY 2018 n National Mortgage Professional Magazine n

NationalMortgageProfessional.com

36

career in
mortgage
lending is not for
the faint of heart.

Each day, scores of Loan
Officers across the country go
to work with the grit,
determination and drive to be
the best salesperson they can
be, outpace the competition
and broker deals so they can
pay their bills and feed their
families.
They are doing this at a
time the mortgage industry is
contracting-historically-low
interest rates have yet to
offset a perpetually dwindling
housing inventory, rising home
prices and sluggish wage
growth.
As a result, lenders are
looking for innovative ways to
reduce operating costs
without endangering their
sales teams. A few years ago,
lenders spent $5,000 to
generate a single mortgage,
according to National
Mortgage News. Yet, in the
third quarter last year,
personnel accounted for
nearly $5,300 of the more than
$8,000 in lender's per-loan
production expenses, the
Mortgage Bankers Association
(MBA) reported.
Loan Officers must also
deal with the fallout when
deals fall apart, when leads
lead to nowhere and when
pressure mounts as deadlines
approach as borrowers get
squeamish. That stress added
to the demands of working at
all times of day and night, on

"

"... what's the secret sauce to
keeping your team motivated and
retaining your top talent?"

weekends and over holidays
can really put a damper on a
profession that once upon a
time seemed stable and
lucrative.
With so many hurdles
stacked against them, it's not
difficult to imagine why Loan
Officers tend to jump from
company to company, drawn
to what they consider better
opportunities at lenders luring
them with the promise of a
bigger paycheck.
If you're a leader at a
lender, this scenario likely
gives you all manner of
anxiety. So what's the secret
sauce to keeping your team
motivated and retaining your
top talent? Keep reading for
five ways you can inspire
loyalty among your employees
and build an unstoppable
team.
Build a strong
company culture
Money isn't the only reason
people will come work for your
company. Corporate culture
and work environment are
becoming increasingly
important factors job
candidates consider before
making their next workplace
decision.
A Columbia University study

"

cited by Entrepreneur.com
shows that companies with a
rich company culture
experience just a 13.9 percent
turnover rate. Compare that
with the 48.4 percent turnover
rate at companies without
one. Low morale and
negativity can impinge your
bottom line. A 2013 Gallup
study found that America's
disengaged employees cost
the economy $450 billion to
$550 billion in lost productivity
each year. Meanwhile,
companies with a high level of
engagement reported 22
percent higher productivity.
Employees want to work for
an organization with values
that align with theirs and
where they feel they can
thrive, forward their career
goals and leave each day
feeling valued and fulfilled.
Loan Officers are no
different.
Develop leaders
Don't forget that the members
of your team are individuals
with career goals and
aspirations who want to grow
in their chosen craft. That's
why lenders have to invest in
strategies and programs that
create pathways to groom
leaders.

A 2016 study from Deloitte
shows that 71 percent of
Millennials are likely to leave
their companies within the
next two years because
they're unhappy with how
their leadership skills are
being developed. That
number is staggering and
may be why 49 percent of
CEOs are changing their
strategy to focus on the
leadership pipeline,
according to a 2016
PricewaterhouseCoopers
survey.
Investing time to help your
employees grow as leaders
will ultimately lead to them
making a long-term
investment in the
organization.
Work towards a
common goal
The last thing you want are
people within your company
pushing their own agenda.
That's why it's critical you
motivate your team by
identifying a common goal
everyone can share. That
goal should not just be
focused on inflating your
company's bottom line or
boosting its brand but should
speak to the values and
beliefs your employees
cherish.
For example, Quicken
Loans is committed to
finding a better way for its
clients, communities and
team members; Movement
Mortgage blends its
innovative loan approval
process with a mission to
love and value people; and


http://www.Entrepreneur.com http://www.NationalMortgageProfessional.com

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