What Will Sales Monkeys Do?

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An average loan officer from 2000-2006 got a pile of leads on their chair every week. These were generated by telemarketing leads, Internet leads and even those “win a Car” displays in the malls of the Midwest. The loan officer would call the people up, and try to “slam dunk,” the customers into various loans of different and dubious suitability.

These people had/have no care or need for relationships–if an average fee was $8500 a loan, and they could do 5 a month, the average split being something around 47% paid these 20 something modern Matchstick Men could make $240,000 for stripping equity as a “multi state lender’s representative.” These folks had closing ability, and had good communication skills, to a point, but they were clearly overcompensated, and the market is rejecting the idea that a bunch of 20 somethings, fresh from the used car lot can be in charge of the financial fortune of good people in America. But where will they go?

None of these failures had a need for prolonged relationships with the same Realtors, Customers, CPAs, Attorneys. It was a series of quick, one night stands with their customers–that they’d hope to never see again. What happens to the guy that brings home a new woman each night do when he hits 40 and is more like Herb Tarlek than Brad Pitt? Where are all of you exiting lenders going?

What industries are currently paying so much to so many for so little? My guesses are Pharm Sales, Insurance, and maybe even Energy if they can dumb the job down enough.

What are your guesses?

Chris Johnson runs The Ten Day Team at First Ohio Home Finance in Westerville, OH. He is happy to put pithy guest posts on your blog if you email chris@tendayteam.com

Last 3 posts by Chris

• Some Economics of Wholesale Lending: Yet another Reason Why it's a dead man walking. - January 14th, 2008
• We told you about this AGES ago. - January 10th, 2008
• Monday's Blame Game: The S&L Crisis. - January 7th, 2008