United States
Hong KongWhat a good first employer looks like
A good first employer provides training, some lead flow and realistic expectations. The single most informative question is what proportion of last year's new originators are still there.
Your first employer matters more than your first compensation plan, and the two are easy to confuse.
The six questions
- What proportion of last year's new originators are still here
- How long until a typical new hire closes their first loan
- What training exists beyond the license
- Are any leads provided, and on what terms
- How is compensation structured in year one
- Who processes the loans, and what is their workload
Why the first question is the best one
Because it is hard to answer well and impossible to answer dishonestly without it being obvious.
A firm that hired twenty and retained three has a model that consumes new originators. That may be a fine model for them and it is a bad bet for you.
A brokerage offering a large share of the fee and providing no leads, no training and no processing support is offering a good deal to somebody with an established pipeline. To a new originator it is a hard first year with better maths on business that never arrives.
What good support looks like
Structured training on products and process. A mentor or team lead who reviews files with you. Processing capacity so you are not doing your own follow-ups. Realistic expectations set at interview rather than discovered in month four.
What to watch for
Vagueness about compensation. Reluctance to answer the retention question. Pressure to accept quickly. Any suggestion that compensation could vary with the terms of the loans you write, which would not be lawful.
You can move later
Sponsorship transfers rather than restarting, and the license continues. A first employer is a starting point rather than a life sentence.
Common questions
What should I look for in a first MLO employer?
Training, some lead flow, processing support and honest expectations. Ask what proportion of last year's new originators are still there.
Is a higher commission split better?
Not for a new originator. A high split with no support suits somebody who already has a pipeline.
What are the warning signs?
Vagueness on compensation, reluctance to discuss retention, pressure to accept quickly, or any suggestion pay varies with loan terms.
Can I change employers later?
Yes. Sponsorship transfers and the license continues.
How long until a new originator closes their first loan?
Often weeks to months. Ask the employer directly, because the answer varies enormously.