When to hire your first employee?

Jerome, $8M/month solo is impressive and you're right that it's time. The trigger for me was when I started turning down deals — that's revenue you're leaving on the table. My first hire was a loan coordinator who handled doc collection, lender communication, and closing coordination. This freed me to focus on origination and relationship building. Within 6 months, my volume went from $6M to $10M/month because I could take more deals. The overhead fear is real but the math usually works: if a coordinator costs you $60k/year and they help you close 2 more deals/month at $10k average commission, that's $240k/year in additional revenue. The ROI is clear.

Loan coordinator first. Always. They free up the most time for the least cost.

Robert and Angela — the ROI math is exactly what I needed to see. Going to start the hiring process this week.

I waited too long to hire. Lost 6 months of growth because I was scared of overhead. Don't make my mistake.

what do you pay a loan coordinator? and do they need to be licensed?

Yolanda — $45-65k/year depending on market and experience. Licensing requirements vary by state for loan coordinators vs. loan officers. In most states, coordinators who don't originate don't need a license. Check your state's requirements.