For most parents, when their child is born they want to take parenting leave, either maternity or paternity leave, to spend time with their partner and newborn, and there are several options for brokers.
In many offices, fellow brokers will be able to share the extra workload of a broker who is on leave. In some cases, brokers on leave may offer to split the commission on a loan, whether it's a new loan or a loan in progress. Other offices may agree to share the workload and not split commissions if all brokers feel the workload will be shared evenly over the year.
Many aggregators will also process loans on behalf of brokers. This can be a very attractive option for brokers since the fee is often fixed and relatively low. Brokers that are sole operators of their office often find this a good option as it can be more profitable than arranging for a fellow broker to do the loan and it's better for client retention.
If an office is lenient and child-friendly, brokers can bring their kids to work with them. This can be balanced with working from home since often a home office requires not much more than a phone, a fax and a computer.
The most important thing is that clients receive a good and consistent service. If clients are going to be seen by other brokers or colleagues when a broker is on leave, it is important the clients know this and feel comfortable with the arrangement.
At 1st Street we strive to create a good balance between staff parenting leave and client satisfaction. We have a very flexible office; staff are welcome to bring their babies into the office while they work, and this is often done in conjunction with working from home. Most brokers in the past have chosen to remain as the face of the loan, handling the communications with clients, but letting other brokers handle the back-end of the submission for a percentage of the commission.