Top Loan Officer Performance Metrics

Recruiting exceptional loan officers is a strategic move that not only boosts your organization’s revenue, but also enhances borrower experiences, giving you a competitive edge in the market. 

In the quest to recruit top mortgage loan officers (SEO KEYWORDS), understanding specific performance metrics is paramount. These metrics, revolving around productivity and efficiency, provide valuable insights into the potential value a loan officer can bring to your company. To get at these numbers, there are good, vetted database tools and data guidance systems available that provide varying levels of loan officer key performance indicators (KPIs).

In this blog post, we’ll delve into the key performance metrics to focus on when evaluating loan officer candidates, along with the steps to jumpstart your initiative.

Recruitment isn’t a shot in the dark—it’s a calculated process. By considering specific KPIs, you can identify loan officers who possess the potential to contribute meaningfully to your organization. There are different ways on how to check loan officer production (SEO KEYWORDS). Here are the performance metrics you should prioritize – but first, some context from an accomplished industry professional.

As Ben Green Senior Vice President of Strategic Growth at Synergy One Lending said in a MMI webinar, “There isn’t one single loan officer data section or field that is more important than another, they all ‘flow’ from one into the next based on the narrative or search you’re looking to identify. This can be based on market share, niche product specialties, platform match, or plenty of other variables. Some lenders may be a better home for top producers with a lean toward jumbo loans, while others may be aggressively focused on non-coastal geographies doing a bunch of new construction. You must know your own story to know what data to focus on and where it is leading you next.”

H3: Loan Volume 

Loan volume serves as a tangible indicator of a loan officer’s productivity. Metrics like 7-month, 14-month, and year-to-date (YTD) loan volumes provide insights into the officer’s consistent performance over time. A high volume indicates a loan officer who can handle a significant workload effectively.

H3: Average Closing Time

The time it takes for a loan officer to close loans is a valuable efficiency metric. A quicker average closing time demonstrates the officer’s ability to navigate complex processes efficiently, ensuring borrower satisfaction and reducing processing costs.

H3: Transaction Data (Analysis)

Tools like MMI provide comprehensive transaction data from the past 14 months. 

Among other metrics, this data encompasses critical details about the transaction type (e.g., purchase, refinance, construction loans, HELOC, Non-Residential, Bank Owned, and New Construction). And it will also provide you information on Loan Type (CONV, FHA, VA, REV MTG, etc.). Charles White, Vice President-Area Sales Leader, of Synovus Bank said about the different loan types you can find in MMI: 

All tehse things you ahve in here need their own section you are talkinga bout either h4 or their own h3s

“With MMI, I can sort via loan type so I can see a lot of info and glean recent trends all in one screen. It can also depend on the market. Especially if in a market with heavy concentrations in specific loan types. Do I need more govies? Do I need more or less Port loans.  Are those port loans to properties in our footprint?.  Data such as that. There are qualities some lender types might look for and this is where MMI shines. I can see who is doing construction-perm.  Need VA/FHA/USDA? I can find someone doing those. A loan officer candidate says they do a lot of everything. Well, let’s see if that is true. That’s what I can learn with MMI. I can know what I didn’t know about the LO before the LO tells me their story. It’s invaluable”

MMI will also provide details like loan amount, Estimated Lifetime Value %, Reported Sales Price, and even the lender and title company involved. This type of information helps recruiters spot trends and also align candidate profiles with their historical performance.

H3: Geographic Concentrations of Loans

Understanding the geographic regions where a loan officer excels can influence your decision-making as it relates to market and territory expansion planning. Some loan officers might have a knack for specific areas, whether due to market expertise or established relationships with local agents, and you can use this to help prioritize candidates in the recruitment process.

H3: Established Loyal Agent Relationships

Agent relationships can significantly impact a loan officer’s success. Evaluating the number of transactions with specific agent partners, their historical data, and their real estate company’s details gives recruiters an in-depth understanding of the officer’s network and collaboration history. And can help you understand how you might strategically drive revenue through the expanded relationships new loan officers would bring to your organization.

H3: License History

In today’s dynamic job market, loan officers might switch roles if they don’t produce results within the first 30 days. Recruiters should look for loyal loan officers, but understand the current climate and use a tool like MMI to see employment history before the market changed.

Embarking on a journey to leverage loan officer performance metrics demands a strategic approach. Follow these steps to jumpstart your initiative:

H3: Evaluate Current Database or Data Guidance System, Prioritize Performance Metrics (and Look for a New Vendor?): 

Assess the tools you currently use for performance metrics and prioritize KPIs. Are they meeting your needs? Identify any gaps in your current metrics arsenal. If certain performance metrics are missing, it might be time to explore new vendors. 

H3: Identify and Get Demos of New Loan Officer Performance Metrics Data Guidance Systems:

Research and request demos of new loan officer performance metrics databases and data guidance systems. MMI stands out as a reliable source for comprehensive insights.

H3: Recruit Top Performers

Armed with the insights gained from performance metrics, target and recruit the identified top-performing loan officers. This step aligns with the tools and tactics outlined in the “Tools You Can Use to Recruit Top Loan Officers” blog post (outline here).

Recruiting top loan officers isn’t just about finding candidates with impressive resumes; it’s about identifying individuals who possess the right mix of productivity and efficiency to thrive in the mortgage lending landscape. By focusing on key performance metrics and utilizing tools like MMI, you can make informed decisions that enhance your team’s quality and drive your company’s success. 

As Kortney Lane-Schafers, Director of Growth at MMI stated, “I see recruiters, business development teams, and talent acquisition teams use many areas of MMI. It is key when organizations are looking for the “right fit” and MMI tells the story. The story is made up of numbers, trends, product types, agent relationships and more.

“I have often referred back to the article where Ben (Teeter, CEO of MMI) talks about MMI and building your team the same way sports teams build their roster. 

“Here’s an example: If you are in need of a punter or a special teams guy then you start using the data and researching players by looking at their stats and analyzing the data to find the player that is going to fit that very specific role for your team to be positioned to win the championship. MMI is no different.

“If you need to find a loan officer in a very specific market, with very specific skills, and established loyal agent relationships already, then MMI can help you find the right person to add to your team!”

To learn more about MMI and how it can transform your loan officer recruitment efforts, request a demo today. 

Armed with the insights gained from performance metrics, target and recruit the identified top-performing loan officers. This step aligns with the tools and tactics outlined in the “Tools You Can Use to Recruit Top Loan Officers” blog post (outline here).

Recruiting top loan officers isn’t just about finding candidates with impressive resumes; it’s about identifying individuals who possess the right mix of productivity and efficiency to thrive in the mortgage lending landscape. By focusing on key performance metrics and utilizing tools like MMI, you can make informed decisions that enhance your team’s quality and drive your company’s success. 

As Kortney Lane-Schafers, Director of Growth at MMI stated, “I see recruiters, business development teams, and talent acquisition teams use many areas of MMI. It is key when organizations are looking for the “right fit” and MMI tells the story. The story is made up of numbers, trends, product types, agent relationships and more.

“I have often referred back to the article where Ben (Teeter, CEO of MMI) talks about MMI and building your team the same way sports teams build their roster. 

“Here’s an example: If you are in need of a punter or a special teams guy then you start using the data and researching players by looking at their stats and analyzing the data to find the player that is going to fit that very specific role for your team to be positioned to win the championship. MMI is no different.

“If you need to find a loan officer in a very specific market, with very specific skills, and established loyal agent relationships already, then MMI can help you find the right person to add to your team!”

To learn more about MMI and how it can transform your loan officer recruitment efforts, request a demo today.