89% of high-producing loan originators said that not having access to leading digital mortgage tools is reason enough to consider moving to a different company
BOULDER, Colo., Jan. 24, 2024 (SEND2PRESS NEWSWIRE) — Floify, the mortgage industry’s leading point-of-sale (POS) solution, commissioned an independent study of 150 high-performing loan originators (LOs) in 2023 to gain recruiting and retention insights. “High-performing” LOs were defined as being in the top 20% of closed loan dollars or volume.
Image Caption: Floify.
“With potential borrowers waiting on the sidelines because of high interest rates and rising home prices, it’s never been more important to have high-performing loan officers on staff to bring in every last possible dollar. Our goal with this survey was to understand how employers can recruit, engage and retain top-producing loan officers in the context of current market conditions,” said Sofia Rossato, Floify’s president and general manager.
“From the survey results we see a disconnect from what employers may be offering their top producers and what motivates top producers to stay or look around for greener pastures,” said Rossato. “Sometimes it’s the simple things – healthcare, a fun work environment or a good work-life balance that LOs find motivating – but again and again we found support with the best technology available, training and the ability to customize their tech stack to be very important.”
The survey found 89% of high-performing LOs said that not having access to digital mortgage tools is a reason to consider moving to a different company, while 95% said that flexibility to customize the technology they use is the top factor to their success. Ninety-three percent of top-performing LOs said they wanted a faster and easier way to collect documents from customers, but only 38% were “definitely happy” with their current method.
Among the survey’s other key findings is that 89% of top-performing LOs would seriously consider leaving for another company if that company offered a 20% increase in compensation.
Full survey insights can be viewed here.
About Floify
Floify is a digital mortgage automation solution that streamlines the loan process by providing a secure application, communication and document portal between lenders, borrowers, referral partners, and other mortgage stakeholders. Loan originators use the platform to collect and verify borrower documentation, track loan progress, communicate with borrowers and real estate agents and close loans faster. The company is based in Boulder, Colorado and is a subsidiary of Porch Group, Inc. (“Porch Group”) (NASDAQ: PRCH). For more information, visit the company’s website at https://floify.com/ or on social media at Facebook, LinkedIn or Twitter / X.
Forward-looking statements
Certain statements in this release may be considered “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Although the Company believes that its plans, intentions, and expectations reflected in or suggested by these forward-looking statements are reasonable, the Company cannot assure you that it will achieve or realize these plans, intentions, or expectations. Forward-looking statements are inherently subject to risks, uncertainties, assumptions, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Generally, statements that are not historical facts, including statements concerning the Company’s possible or assumed future actions, business strategies, events, or results of operations, are forward-looking statements. These statements may be preceded by, followed by, or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates,” “intends,” or similar expressions.
These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Porch and its management at the time they are made, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) expansion plans and opportunities, and managing growth, to build a consumer brand; (2) the incidence, frequency, and severity of weather events, extensive wildfires, and other catastrophes; (3) economic conditions, especially those affecting the housing, insurance, and financial markets; (4) expectations regarding revenue, cost of revenue, operating expenses, and the ability to achieve and maintain future profitability; (5) existing and developing federal and state laws and regulations, including with respect to insurance, warranty, privacy, information security, data protection and taxation, and management’s interpretation of and compliance with such laws and regulations; (6) the Company’s reinsurance program, which includes the use of a captive reinsurer, the success of which is dependent on a number of factors outside management’s control, along with reliance on reinsurance to protect us against loss; (7) uncertainties related to regulatory approval of insurance rates, policy forms, insurance products, license applications, acquisitions of businesses or strategic initiatives, including the reciprocal restructuring, and other matters within the purview of insurance regulators; (8) reliance on strategic, proprietary relationships to provide the Company with access to personal data and product information, and the ability to use such data and information to increase transaction volume and attract and retain customers; (9) the ability to develop new, or enhance existing, products, services, and features and bring them to market in a timely manner; (10) changes in capital requirements, and the ability to access capital when needed to provide statutory surplus; (11) the increased costs and initiatives required to address new legal and regulatory requirements arising from developments related to cybersecurity, privacy, and data governance and the increased costs and initiatives to protect against data breaches, cyber-attacks, virus or malware attacks, or other infiltrations or incidents affecting system integrity, availability and performance; (12) retaining and attracting skilled and experienced employees; (13) costs related to being a public company; and (14) other risks and uncertainties discussed in Part I, Item 1A, “Risk Factors,” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, and in Part II, Item 1A, “Risk Factors,” in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, as well as those discussed in subsequent reports filed with the Securities and Exchange Commission (“SEC”), all of which are available on the SEC’s website at www.sec.gov.
Nothing in this release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date of this release. Unless specifically indicated otherwise, the forward-looking statements in this release do not reflect the potential impact of any divestitures, mergers, acquisitions, or other business combinations that have not been completed as of the date of this release. Porch does not undertake any duty to update these forward-looking statements, whether as a result of changed circumstances, new information, future events or otherwise, except as may be required by law.
NEWS SOURCE: Floify
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