You grow your mortgage company by successfully recruiting top producing loan officers. But you are highly vulnerable to losing your recruit during the “transition period”. The “transition period” is after the loan officer has committed verbally to leave his current company and join your mortgage company. But the loan officer does not want to lose the revenue of loan currently in his pipeline so he stays with his current company for another 30 days to wind down the pipeline before he gives his notice of termination to his current company. So generally the “transition period” is 30-45 days before the top producer officially tenders his resignation. If the “transition period” is not handled well by your mortgage company, you are vulnerable to the top producer changing his mind and staying with his current company. The primary threat is blundering the license transition from the current company to your company by allowing inept staff to try to transition the license but they get it hung up with the licensing agency for months with no knowledge of how to get it out of the big black hole. A top producer who sees that he will have to sit out of origination/compensation for 30-60 days will bail-out and you lose all your recruiting hard work. Even higher likelihood of bail-out is if the loan officer works for a bank and he must get a MLO license before he can originate and receive compensation with your company. He does not know how to maneuver the process quickly so if your staff does not either, then it is a train wreck and you lose your recruit. You need a professional to handle your top producer recruit “transition periods” so you do not lose them. I recommend that you hire me to handle these delicate situations to assure smooth transitions without drama. Call me at 214-692-7611 for a full description of how “transition periods” should be handled.
