3 Keys to Better LO Retention and Satisfaction

More mortgage industry professionals are living paycheck to paycheck according to a May 2023 study conducted by Everee, a payroll technology firm. The 2023 Mortgage Industry Commission & Retention Report identified key insights about managers, LOs, processors, underwriters and other commission-based mortgage banking employees.

Here’s a closer look:

• 6 in 10 mortgage professionals are struggling financially due to rising inflation, higher interest rates, job uncertainties and fewer deals, the report noted. A little more than half of survey respondents – 52% – have worked in the industry 5+ years.

• Survey respondents said competitive pay, faster commission payments and flexible working options are important factors in their decision to stay with a lender.

• More than 60% of mortgage professionals wait at least two weeks to get paid (22.3% wait a month and 11.5% wait even longer). All else being equal between lenders, 73% of mortgage professionals would choose to work for one company over another simply because they paid commissions faster. 

For more details, check out National Mortgage Professional magazine’s article, “Just Pay Me, Already!