Recent positive refinance and purchase numbers have given way to a huge influx in Loan Officer job applications across the nation’s leading mortgage job networks, according to a recent article on the Wall Street Journal’s Market Watch.
The article discusses how companies like Anikim Credit Corp (who places job applicants with lenders) have seen a huge surge in Loan Officer job applications in recent months. The driving forces behind this trend include the current low interest rate and the fact that some prospective home buyers are 3 or more years out from a foreclosure or a short sale. This results in the purchase market seeing more activity with people buying homes again.
This trend is being realized by prospective LOs who are either looking to re-enter the market after seeing the bubble burst in ’08, or are changing careers looking for a more lucrative opportunity in the Mortgage industry. With the average Loan Officer’s annual average earning s rising 17.3% this year over last (according to National Mortgage News), it is no surprise that our industry is an attractive one for these groups.
What does this mean for you?
There is one extremely obvious implication that springs to mind:
Competition is already tight among Loan Officers. This new surge in applications for jobs will only bring more into the fold. How do you separate yourself from the pack when trying to work with Realtors? How to you capture more leads from buyers when multiple other LOs are targeting those exact same leads?
MoreLoans4U provides Loan Officers with an effective tool to work with more Realtors by co-marketing properties and turning their listings into YOUR leads.