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Brokers who hire loan processing staff have higher client retention rates and this is especially important in times of rising interest rates.
Residential brokers without a support role usually cap out at $35m in settled loans. With the average loan size at $622k, this means a residential broker will be able to write a maximum of 5 deals per month. When we spoke with high performing residential brokers who hired loan processors, they reported being able to triple settlements.
Let’s talk about our top tips for hiring a loan processor. Ask yourself:
- Are they a good cultural fit? Are they a people person?
- Are you happy with them communicating with your clients?
- Are they persistent? Are they going to keep on top of files and pick up the phone to ensure a smooth process and client experience?
- Is the candidate ethical? Do they match your own values?
- Are they problem solvers? Will they be able to make decisions on their own?
- Are they punctual? Timing is everything for us brokers.
The average salary for an onshore loan processor is $70k + super.
Most processors who have experience are either getting paid well where they are on running their own businesses.
We really believe that as long as they have a good attitude and are hardworking, all the other loan processing work can be learnt.
At Mr.Mentor we have tried and tested 12 key areas that will allow a candidate from any background to become a proficient Loan Processor.
To find out more about our Loan Processing Course, visit mrmentor.com.au
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