Biggest Challenges Faced By A Senior Loan Officer At Peoples Mortgage Company
Mark's biggest challenge as a Sales Manager/Sr. Loan Officer is the dependence on external factors like "the real estate market," specifically citing the recent impact of high interest rates. This, coupled with the need for effective communication and coordination with numerous parties involved in the home-buying process, requires significant effort to maintain a positive client experience and achieve success.
Sales, Finance, Real Estate, Market Analysis, Communication
Advizer Information
Name
Job Title
Company
Undergrad
Grad Programs
Majors
Industries
Job Functions
Traits
Mark Tomaszewski
Sales Manager/Sr. Loan Officer
Peoples Mortgage Company
University of Arizona
N/A
Psychology
Finance (Banking, Fintech, Investing), Real Estate
Sales and Client Management
Took Out Loans, Greek Life Member
Video Highlights
1. The job's dependence on external factors (like the real estate market and interest rates) presents a significant challenge, requiring adaptability and resilience.
2. Effective communication and coordination with multiple parties (real estate agents, title companies, inspectors, appraisers) are crucial for a smooth home-buying process and can be challenging.
3. The fast-paced nature of the job necessitates efficiency and quick problem-solving skills to ensure a positive client experience
Transcript
What is your biggest challenge in your current role?
I would say the biggest challenge is that part of my job is dependent on factors I can't necessarily control. For example, the real estate market.
The last year and a half has probably been the toughest in my business because interest rates shot way up. Refinances went away, so that was half of my business right there. A lot of people weren't buying and selling homes because they couldn't afford or didn't want an 8% interest rate.
Since much of my job depends on outside factors, that's a challenge. The harder it is, the harder you have to work. And the harder the market is, the less money you make in my job. So that's probably the biggest challenge.
It's not impossible to overcome those hurdles; you just have to work a little bit harder and have that work ethic.
Another challenge is that there are a lot of hands in the pot when it comes to the home buying process. You have real estate agents, title companies, inspectors, appraisers, and the mortgage company. There are a lot of people involved.
Sometimes it's challenging with communication and getting people to do things fast. The way I work is I like to get things done right away. I want to make sure that if you're buying a home, your experience is great, and part of that experience is getting things done quickly. You don't want to be sitting in limbo without knowing what's going on or just waiting for things.
Waiting on other people to do their job is sometimes challenging, depending on how they work and their level of communication.