How to Look Up Loan Officer Production

When you recruit mortgage loan officers, being able to look up loan officer production is critical to finding the right future producers. Read on to learn more about the significance of loan officer production lookup as you are evaluating LOs when recruiting. We’ll provide industry insights, review critical LO productivity metrics and offer an action plan to jumpstart your LO evaluation process.

Criteria You Need to Look Up Loan Officer Production

Access a variety of loan officer production metrics using the right mortgage data platform.

Great Loan Officers Drive Revenue

Before we dive into the nitty-gritty of LO productivity analysis, we need to establish why it’s vital to continuously evaluate LOs in your area. Recruiting a great LO not only increases revenue from origination and closing fees, but also enhances the borrower experience. These factors provide you with a competitive advantage in the market.

Industry-wide statistics underscore the importance of the ongoing recruiting process. In 2020, the average turnover rate for LOs stood at 21%, a testament to the constant flux in this profession. However, during the Great Recession of 2007, the turnover rate peaked at a staggering 51%, highlighting the unpredictability of LO employment.

 

Furthermore, LOs vary in their productivity levels. While the average LO closes 18-25 loans annually, top performers can secure 35-40 loans per year. Therefore, identifying and recruiting top LOs can significantly impact your revenue stream.

Loan Officer Production: Variables to Consider

When evaluating LOs during the mortgage loan officer recruiting process, focus on metrics related to productivity and efficiency. Key metrics to examine in your loan officer production lookup include:

• Total Production: Look at total transactions and their value over a period of time. Seeing volumes and values over 7-month, 14-month, and year-to-date (YTD) periods give you insight into an LOs consistency and performance over time.
• Number of Agent Partners: See the Agent Partners that an LO has been working with and the amount of business they are doing with each one. Will adding a new LO to your roster also bring with them new Agent relationships – and business?
• Purchase and Refinance Business: Check into the volumes and split of types of revenue an LO could bring to your organization through their mix of purchase or refinancing business.
• Loan Types: You should be able to look at the Loan Types an LO is processing. Whether Conventional Loans, FHA Loans, VA Loans, and Reverse Mortgage Loans, with the right platform you’ll be able to understand their mix and how it fits in with and impacts your business.
• Number of Loans Processed: A high number suggests an efficient and productive LO. Typically a high number can be reflective of an LO that can handle a high workload. However, there are cases where an LO moves a lower volume, but is still effective at managing the demands of an intense job.
• Average Time to Close: A shorter duration indicates better efficiency and can be a key indicator of future productivity success. This is a great productivity metric that provides you an immediate understanding of efficiency. It also helps you know what to expect if that LO were to join you.
• Turnover Times and Rates: You’ll be able to assess how long LOs typically stay with organizations. This adds another data point to consider in your hiring evaluation and longer-term retention strategy.

Our article on top loan officer performance metrics will help round out your knowledge on specifically what to look for.

Beyond Consumer Access

While some of this data can be found through Consumer Access, to gain insight into more expansive LO productivity data, you’ll be able to identify top candidates and access more detailed metrics by leveraging a more thorough loan officer database or data guidance system like MMI. Our post on tools to recruit top loan officers is a good place to begin.

Start to Look Up Loan Officer Production Today

View productivity metrics for loan offices and loan officers in specific geographic areas.

Here’s a step-by-step action plan to ensure your organization has a thoughtful approach how to look up loan officer production when recruiting mortgage loan officers.

Review the Productivity Metrics You Are Looking For

• Review your existing productivity metrics for LO recruitment candidates.
• Consider reprioritizing metrics based on current market trends and organizational goals.
• Ensure your metrics align with industry standards.

Review Data Used to Perform the Productivity Analyses

• Evaluate the effectiveness of your data sources.
• Ensure your data is up-to-date and relevant. 
• Explore advanced databases and a data guidance system like MMI to enhance your analysis.

Have a Recruiting and Retention Plan in Place

• Ensure you have a solid bench and list of future top target loan officers.
• Align your recruiting team around common goals and strategies.
• Implement a retention plan to retain top-performing LOs.
• Continuously measure and identify opportunities to improve LO performance.

As you embark – or continue – on your journey recruiting mortgage loan officers, consider watching our webinar about how to search for, identify and target loan officers provide some helpful advice. You can also request a demo of MMI to get an in-depth look at our tools. These resources will provide you with invaluable insights and support in your quest to build a high-performing LO team.

In conclusion, loan officers play a pivotal role in the success of a mortgage lending organization. As you are recruiting mortgage loan officers and move forward as a business, regularly evaluating and improving LO productivity is essential for staying competitive and driving revenue growth. By following the action plan outlined in this blog post and leveraging data-driven tools, you can ensure that your organization is effectively evaluating and recruiting the best LOs for your organization, and always has a strong bench of top LOs ready to excel in a dynamic market.