Performance management is a vital part of every industry and extremely valuable for mortgage lenders.  Tracking employee performance correctly is vital to helping employees be more successful and to the future of the lending company as a whole.

Understanding the value of performance management is critical for a mortgage lender and streamlining the management process with data insights is necessary.

The Mortgage Performance Management Cycle

The performance management cycle is the length of time used to evaluate how an employee s is doing based on the quality of their work, their job duties, their learning ability, and other metrics. Many mortgage companies choose to use a 12-month performance management cycle, also referred to as an annual review. Other mortgage lenders might choose a quarterly or semi-annual cycle.

Still, many lenders choose to have a monthly review of every employee or a "rolling" style that is ongoing and takes a continuous look at the employees' performance over time. Doing it this way makes it easier to discover problems and address them quickly before they have weeks or months to become learned habits that could be detrimental to the employee and the lender.

How Streamlining Improves Mortgage Performance Management

To improve performance management, mortgage lenders can use the Performance Module in LimeGear to easily access and interpret data that helps simplify the process. Built exclusively for the mortgage industry,  LimeGear makes it easy for lenders to address  problems while tracking  employee performance, including:

  • Setting individual employee performance goals aligned with the broader objectives of the organization.
  • Clearly defining performance expectations for every KPI.
  • Understanding how weighted KPIs are used to measure employee performance.
  • Providing a feedback loop that keeps employees motivated and inspired by keeping performance metrics front and center.
  • Make informed decisions regarding promotion and incentive compensation.

LimeGear Performance Insights - CSAT KPI ScatterplotOne of the 100s of data visualizations in LimeGear

Managing Productivity and the Pipeline

The vast majority of  KPIs a lender uses to measure the performance of the employees are related to pipeline management and productivity. In other words, there is a strong focus on how the mortgage process moves and how quickly a mortgage application is denied or advanced to the next stage. LimeGear makes it easy to identify hold-ups and lag times, which could potentially cause problems.

LimeGear MMM - App to FundApplication to Funding Turn Times by Loan Officer in LimeGear

Measuring cycle times can include the time it takes for the application to make its way to underwriting or the number of days from processing to funding. The shorter these times are, the better, as long as the process is handled correctly and items don’t get overlooked or slip through the cracks. Mortgage lenders who measure and monitor this process are generally more successful.

Choose LimeGear for Your Mortgage Performance Management 

Because LimeGear offers convenient tracking of the performance management process all in one place, it is easier than ever before to see how well employees are performing. Accurately tracking employee performance is critical for the sustainable success of your mortgage company. When it comes to mortgage KPIs like app-to-fund cycle time or the hundreds of KPIs that define success, LimeGear helps you study and track them all in one place. 

Schedule a demo of LimeGear today to see how the right solution can help you improve performance management. 

Request a demo to discover a better way to get more out of your data & people with LimeGear by LBA Ware