How Lenders Can Recruit and Retain LOs by Fixing Their Appraisals

Retaining and attracting loan officers is critical in today's purchase market where lenders compete for top talent. LOs frustrated by a messy appraisal process are easy targets for competitors offering signing bonuses and better tools.

How LOs Are Adapting

Loan officers staying in the industry are intent on pushing through by adapting and leveraging new technologies. They're looking for lenders that share their values and provide the tools they need to thrive.

"We're finding quickly that only the strong are going to survive a time like this. Loan officers are looking for companies that are strong visionaries and strategically looking into the future."

Lynette Hale-Lee, Divisional VP of Sales, Planet Home

Appraisal Challenges That Frustrate LOs

The status of an appraisal is often difficult to obtain. The process from Intent to Proceed to payment can be particularly cumbersome, creating frustration for both LOs and borrowers.

What Top Producers Care About

When it comes to deciding where to work, top producers care more about a lender's tech stack and processes than the company name. These are the things that ensure success.

Four Key Areas Where Technology Helps

1. Speed: automated systems enable faster appraisals and shorter loan cycles
2. Communication: improved visibility meets borrower expectations of transparency
3. Payments: simple payment process in the lender's branding
4. Touchpoints: every point from scheduling to payment is seamless through API/LOS integration

Key Outcomes

1. Improves operations team efficiency by eliminating constant status update requests
2. Improves borrower experience and increases referral rates
3. Improves LO recruitment and retention by fixing a long-standing pain point