Whether new loan officers go to a bank or a brokerage, they should make sure their new home offers quality mentoring
Part III: I have read your series regarding entering the industry with interest as I am interviewing with a couple of companies. I have been in the financial services industry for ten years--including working for a bank and an insurance company. My question is--what type of company should I be looking for? I have interviewed with a broker and a bank.
--Jennifer from Connecticut
Previously within this series, we went over types of residential finance institutions and also types of business models such as street vs. inside loan officers. The next question we must address is what model best fits your needs? In which model are you most likely to succeed? For example, you have said that you have worked within the financial services industry for ten years. That tells me that you should have a large sphere of influence and therefore, should be in a position to generate referrals from your sphere. This at least opens up the "street loan officer" model as a possibility. What I don't know is whether you have sales or business building experience in your background. Thus, you would have to take into consideration additional factors before making a decision.
Regardless of the model, one very important consideration concerns whether the company you choose will provide quality training and/or mentoring. While companies such as OriginationPro can provide curriculums independently, your company must still provide proper orientation and field training, as well as mentorship. In this regard, your choice of a mentor will be just as important as your choice of a company. Finding good mentors is very difficult because most managers in this industry are also leading producers, leaving little time for quality mentorship.
In general, I am hopeful that this series has provided you with some good guidance in this regard and may help others who are looking to enter the industry and/or changing companies within the industry.
--Dave Hershman
Dave Hershman has been the leading author and a top speaker for the industry for decades with six books authored and hundreds of articles published. His website is www.originationpro.com. If you have a reaction to this commentary or another question you would like answered in this column? Email Dave directly at [email protected].
--Jennifer from Connecticut
Previously within this series, we went over types of residential finance institutions and also types of business models such as street vs. inside loan officers. The next question we must address is what model best fits your needs? In which model are you most likely to succeed? For example, you have said that you have worked within the financial services industry for ten years. That tells me that you should have a large sphere of influence and therefore, should be in a position to generate referrals from your sphere. This at least opens up the "street loan officer" model as a possibility. What I don't know is whether you have sales or business building experience in your background. Thus, you would have to take into consideration additional factors before making a decision.
Regardless of the model, one very important consideration concerns whether the company you choose will provide quality training and/or mentoring. While companies such as OriginationPro can provide curriculums independently, your company must still provide proper orientation and field training, as well as mentorship. In this regard, your choice of a mentor will be just as important as your choice of a company. Finding good mentors is very difficult because most managers in this industry are also leading producers, leaving little time for quality mentorship.
In general, I am hopeful that this series has provided you with some good guidance in this regard and may help others who are looking to enter the industry and/or changing companies within the industry.
--Dave Hershman
Dave Hershman has been the leading author and a top speaker for the industry for decades with six books authored and hundreds of articles published. His website is www.originationpro.com. If you have a reaction to this commentary or another question you would like answered in this column? Email Dave directly at [email protected].
