What does it take to succeed in the mortgage industry? Brokers who are “All In” with United Wholesale Mortgage know better than anyone and want to share their knowledge with you in a new podcast called Good. Better. Broker., your go-to source for expert advice from the best in the industry.
Retain Your Top Originators by Creating a Model That Makes Them Want to Stay for the Long Haul
Recruiting, hiring and training new loan originators is a sizeable investment, so it’s important for independent mortgage broker shops to do everything they can to retain them. As more retail LOs join the wholesale channel, what can brokers do to keep their top talent? Listen to Episode #23 of Good. Better. Broker. as we talk with two mortgage brokers who have structured their businesses to make their originators feel empowered, supported and well compensated.
In this episode of the Good. Better. Broker. podcast, you’ll learn how to create a business model that makes your brokerage a destination for top loan originators.
In this episode, we discuss ...
- 2:25 – Tom on the importance of keeping your loan originators
- 4:51 – Tom on why his company created a revenue sharing model
- 6:02 – How a profit sharing model creates dual purpose originators
- 8:36 – Why letting your LOs recruit is a win-win for the company and for originators
- 12:06 – How transparency helps Tom’s company create a value proposition for originators
- 13:29 – Mike on two ways you can keep your loan originators
- 16:59 – Why Mike believes in overpaying his originators
- 18:40 – How NEXA’s support structure has helped them recruit retail LOs
- 19:44 – How NEXA’s profit sharing model has made their LOs true partners
- 22:46 – Mike’s advice for others looking to create a profit sharing model
Resources Mentioned in This Episode:
Meet The Guests In This Episode
Tom Ahles, Vice President and co-founder of high-volume mortgage brokerage Edge Home Finance has 20 years of experience in financial services, including heading his mortgage brokerage. A dynamic entrepreneur and respected industry professional, Tom ranked among the top 100 mortgage brokers by Scotsman Guide in 2021. Edge Home Finance has grown from $71 million in originations to $2.8 billion in under 10 years and has recently achieved a spot in the top ten AIME Broker Rankings, which are based on production in several categories. Within the past year, the brokerage has hired 150 loan officers, totaling 400 to date, and currently works with 42 different lending partners. Tom has personally recruited 20+ of the new hires from the retail mortgage industry.
A 20+ year veteran of the industry, Mike Kortas is the Chief Executive Officer of NEXA Mortgage, the nation’s largest independent mortgage brokerage. Mike co-founded NEXA in 2017 with the goal of becoming the best place for all independent loan officers to work. Before serving the loan officers of NEXA Mortgage, Mike was a top producer himself with volume that placed him in the top 1% of loan originators nationwide. Building teams and other company ventures are something that Mike has excelled at during his career.