Is it time to get a new loan officer job? Here are the signs to look for.

Now is not an easy time for most loan officers. While everyone acknowledges the challenging market, what if a solution is more within your grasp than you think? According to Modex data, over 15,000 loan officers switched mortgage employers in the last quarter alone. Whether you're thinking about making a change or haven't yet entertained the idea, it's worth considering the signs that might be telling you it’s time to make a move.

Operational shortcomings

Beyond the numbers on your paycheck, your workplace satisfaction and success pivot on the daily support you receive, particularly in crucial areas like underwriting and processing. A seamless back-office operation not only facilitates smoother deal closures but also liberates your time – time that could be strategically invested in building relationships, networking with real estate agents, or co-hosting open houses. Of course, success as a loan officer is just as much about fostering connections as it is about sealing deals.

Lack of company support

Does your company stand tall in every aspect? In an industry where customers seek reassurance in a recognizable name, broad-based company support is pivotal. Your employer’s name and reputation have a significant impact on the quality and quantity of the customers you attract. In addition to a solid reputation, robust support from your team and upper management make up the backbone of your experience as an employee. Without it, burnout can quickly become a concern. And comprehensive, ongoing training is a non-negotiable requirement for success, especially for those in the early stages of their career.

Inadequate marketing opportunities

In 2023, it's a perplexing but true reality that some lenders still lag in providing the tools loan officers need to succeed. Does your current employer offer marketing tools and technology that sets you apart from other loan officers? Think individualized loan officer web pages, web-based origination, and social media posts or ads. In a fiercely competitive market, this type of support isn’t a mere luxury– it’s an essential asset that can instantly elevate your performance and visibility.

Limited training and ways to advance

As the mortgage industry continues to evolve, staying on top of the latest guidelines isn't just beneficial, it's imperative to you and also vital to your ability to educate your buyers. Imagine a scenario where training and resources are readily available to keep you in sync with the industry's constant changes. As a loan officer, you don't want to be confined to lending within a single state when you could be navigating multiple markets or even nationwide. Career growth is more than just climbing the professional ladder, it's about acquiring the tools and opportunities to thrive and, for some, to lead teams or manage branches. Unfortunately, not every company can offer these growth avenues.

High employee turnover

A revolving door of colleagues is disruptive and ultimately, it could be making a bigger impact on your motivation than you might realize. The healthy competition and camaraderie that are essential to making progress in your professional journey can easily be hampered by high turnover. If your employer seems to cycle through loan officers or is losing long-tenured employees, take note. It could signify deeper issues within the culture, which will inevitably affect your own job satisfaction and performance.

Make your next job move

Maybe you’ve realized it’s time to change employers. Now what? It’s one thing to decide to make a move and another to actually make it. It’s difficult to know from the outside what a company’s culture is really like, what kind of tools and support you’ll have access to, and the level of benefits and growth opportunities you can reasonably expect. How do you figure out if your prospective employer really is the best in the area? How much money can you expect to make with them?

Modex Profiles is a new tool that puts the power in your hands. Within an easy-to-use online platform, you can evaluate potential employers based on their production volume, employment, licensing, and more. Get intel you won’t find anywhere else with additional details on compensation products, benefits, support, and culture. Once you find an employer you’re interested in, you can chat 1:1 with the hiring manager within the platform with the option to stay anonymous until you decide to reveal your identity.

Best of all? Modex Profiles is always free for loan officers. 

See all the ways Modex Profiles can help you and claim your free profile to get started.