We run an annual compensation survey providing key data on professionals across the major functions and areas within the mortgage banking industry. Our survey program has been highly recommended by the Mortgage Bankers Association (MBA) for over 10 years.
Comprehensive Compensation and Performance Solutions
In addition to our robust compensation survey product for mortgage banks, we provide a dynamic, interactive Mortgage Sales Effectiveness Platform that helps clients assess their sales compensation and performance effectiveness. We provide a full suite of solutions, including benchmarking support, incumbent-by-incumbent analysis, and productivity breakout of mortgage banking employees.
McLagan and Mortgage Banking Association (MBA) Partnership
The partnership with the Mortgage Bankers Association (MBA) and McLagan connects the MBA’s industry network with McLagan’s deep experience in compensation benchmarking and compensation plan design within the financial services industry.
McLagan consultants participate in and present key talent and reward trends at the annual MBA HR Symposium held each Fall in Washington D.C. Many of our clients use this meeting as a networking event to collaborate with fellow mortgage banking colleagues.
Through this partnership, McLagan and the MBA conduct a survey focused on Mortgage Banking firms in the United States. To view past Mortgage Banking Survey participants, please click here.
Holistic Compensation Intelligence
Our report collects incumbent-level data by both function and specialization. We report on key compensation elements, including:
- Base Salary
- Bonus % of Salary
- Cash Bonus
- Compensation as % of Loan Volume
- Loan Production
- Long Term / Deferred Awards
- Number of Loans
- Total Cash
- Total Compensation
In addition to the national market view, we also provide information on compensation that is scoped by geographic region, firm revenue, servicing portfolio size, loan production size, and number of employees.
To view a sample of our compensation report, click here.
Coverage of Key Mortgage Divisions and Functions
We analyze key compensation elements and metrics across specific functions and support areas within mortgage banking. Our survey benchmarks compensation for key positions in the industry, including roles within the following functional areas:
- Mortgage Banking: Executive Management and Production
- Mortgage Banking: Infrastructure
- Mortgage Loan Servicing
To see a full list of the positions covered, please contact us.
Customized Support for Clients
Our consultants provide full benchmarking support for compensation data. We provide guidance in matching your employees to our survey structure, which can serve as a tool to help normalize and understand internal equity.
We provide customized analyses comparing each client’s surveyed employee pay levels to the competitive market and the flexibility to pick peer groups for select cut benchmarking reports.
Maximizing Productivity and Driving Growth
Understanding your relative market position in mortgage banking is key to maximizing your sales productivity, attracting and retaining the best talent, and developing strategic plans to ultimately drive growth.
We have developed a suite of data applications and analytics within our Mortgage Sales Effectiveness Platform to assist clients in driving growth and maximizing performance for sales roles. Our clients find this platform key to their annual planning and it supplements our compensation survey insights.
- Performance and Pay Benchmarking: Clients can access detailed loan volume and loan unit based production data, then compare compensation levels against competitors to assess the effectiveness of compensation plans and sales deployment strategies.
- Incentive Plan Design: We help clients design new incentive compensation programs for commercial real estate divisions, mortgage origination platforms, and commercial mortgage operations within firms.
- Pay Advisory Services: Many of our clients come to our team to provide year-end advisory services to management and compensation committees as well as guidance to banks regarding regulatory impacts in incentive plan design.
- Opportunity Analysis: We provide the ability to view loan officer pay and productivity data on a regional, state, and CBSA basis to help identify where there is opportunity to improve pay and performance positioning.
- Multiple Peer Cuts: Via our interactive platform, clients can view data across bank and non-bank peer groups and cut datasets based on custom peer groups.
Clients may choose the Standard, Premium, and Partnership levels of service, depending on firm needs.
Moving Beyond Pay: Market Intelligence and Insights
Beyond compensation surveys, McLagan offers a broad range of Market Practice Studies throughout the year. These studies provide clients with the deep industry knowledge and insights needed to maintain competitive position, drive organizational change, execute long-term business strategies and drive results. Some of our Market Practice Studies specific to mortgage banking firms include:
- Mortgage Banking Incentive Plan Study: We provide aggregated insights on current incentive plan design features for the origination and operational positions within residential mortgage banking. Plan design topics include: commission payout metrics, performance measures, funding criteria, merit budget data and market practices related to merit budgets, bonus pool accruals, eligibility, performance measures, and long-term incentive plan design.
- Mortgage Banking Sales Effectiveness (Pay & Productivity): We analyze the relationship between performance and compensation for Loan Officers and Sales Management. This study gives client’s access to an interactive portal that provides your firm’s pay and productivity positioning (count and volume) against the market. Additional data elements include effective payout rates (as bps of volume), average loan size, and regional and market based pay and productivity statistics.
To learn more about McLagan Market Practice Studies, click here.
Survey Pricing, Access, and Support
Fees for McLagan’s Mortgage Banking compensation surveys vary based current membership status with the MBA. Please contact McLagan for details on pricing.
Survey purchases include 24/7 access to the McLagan Client Portal. This puts survey results and insights in reach at all times.
All survey clients are assigned a dedicated relationship manager to provide benchmarking support during the survey input, position and employee level analysis, and access to webinars and roundtables where clients receive the latest in hot topics in the market and networking opportunities with industry peers. We provide a variety of rewards and compensation advisory solutions to assist clients with their compensation, performance, and talent strategies.