The Key to More Productive Loan Processors
By: Kathy Donchak
The perfect loan processor would be
The key to finding and retaining great talent in loan processing can be as hard as finding that perfect friend or partner. In todays mortgage lending industry that runs characteristically lean, many mortgage processors are faced with doing many things that were frankly not in the job description years ago. Many also have not been properly trained in actual processing skills, much less organizational efficiencies and were expected to learn on the job.
The problem faced by many owners, brokers, and managers is the need to do more with less. The industry is contracting since the boom years, but the level of service and demand for higher quality experiences from the borrowing public is at its highest. This leaner business environment creates an employee that is wearing many hats, which can create higher turnover and job dissatisfaction if not handled correctly.
What can be done about this? Well, the answer is not always hiring more people. Many times the answer is that you need to look at your organizational systems (file flow) and individual employee organization to find areas that can be improved upon to increase production and job satisfaction and there by decrease turnover.
Many loan processors begin work before the originators arrive, stay late, and work weekends just to get in some quiet time to do their actual work. Their day is filled with constant interruptions and trouble shooting. Many feel forced to play catch up on their own time. According to a 2005 study, by the Institute of Psychiatry at the University of London, Your IQ drops 10 points when you field constant emails, text messages and calls the same loss you would experience if you missed an entire nights sleep. The research supports the need for solid blocks of uninterrupted time to work efficiently. This further supports the need for organizational systems that promote this type of work environment for loan processors. The only problem is that few companies provide any training or guidance on personal organizational systems, but without these organizational systems, time cannot be used productively.
The key to happier and more productive loan processors is allowing more quality time for them to do their work. Analyzing documents and calculations needs to be performed with as little interruption as possible. By using a system of organizing their work, they can block out time during the work day to give complete attention to that particular hat they are wearing and therefore become more productive.
Creating efficiencies in mortgage loan processing is simply a group of systems that enable processors to make better use of their time and by extension close more loans in less time.
If you would like more information on creating organizational systems in mortgage loan processing, please visit our website at http://www.processingcoach.com
(c) LoanStar Consulting & ProcessingCoach.com All Rights Reserved 2003-2006
Kathy Donchak is a consultant, trainer, and coach specializing in mortgage loan processing. She is the founder of ProcessingCoach.com, the first online learning community for mortgage loan processor's.
Article Source: http://EzineArticles.com/?expert=Kathy_Donchak
Tags: mortgage loan
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