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 more than 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 pay commissions faster.
For more details, check out National Mortgage Professional magazine’s article, “Just Pay Me, Already!”
Pat Sherlock is the founder of QFS Sales Solutions, an organization that helps organizations improve their sales talent management and performance. For more information, visit https://patsherlock.com.
