“Originators that aspire to advance their career, to take it to the next level, one attractive option is becoming a branch manager. Within that model there is originating and non-originating branch manager. So a loan officer who is currently originating has those two options,” Frank Kuri, SVP of Branch
Development at Residential Home Funding, told Paydayloans247. “In either case it’s a way for them to earn income that’s also based on overriding compensation and profit compensation from the branch office.”
Kuri, an industry veteran of over 30 years, was at the forefront of the branching trend, which he says was introduced to the industry in the late 1990s.
He views the move from originator to branch manager as a way for industry players to take their career to the next step.
To become “the guy.”
“So, right now, those loan officers are working for a branch manager or a sales manager and they may be thinking, ‘you know what – I want their position. I want to be the guy,’” he said. “I’m able to give them that opportunity.
“It’s an advance by becoming a branch manager in an office within their market and they can either originate and manage their team and increase income through bonus and additional compensation based on the office or they can be non-originating and take a step back and earn a piece of the deals the loan officers who work for them originate.”
When it comes to evaluating whether an originator has the chops to make it as a branch manager, Kuri said it’s done on a case-by-case basis.
Typically, an originator should have at least five years of experience. And in some states, such as New York, that’s a requirement.
However, exceptions have been made for the exceptional.
There are some requirements an originator must have, along with experience, according to Kuri. Not least of which is an entrepreneurial spirit.
“They have to be able to manage others. Some of them are super originators and are great at developing relationships with clients, (but some have trouble managing people),” he said. “They also have to know how to manage a profit and loss statement.”
Looking to take your career to the next level? Branching may be for you.