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The 5 P’s of Recruiting Mortgage Sales Professionals – With a Unique Perspective

February 18, 2016

 

 

Great mortgage companies are built with exceptional people!

 

In the mortgage recruiting business, potential sales professionals are evaluating different companies in search of an ideal situation to advance their careers. Often referred to as the “Five P’s”, these essential factors are:

 

1. Pay: Common questions and issues that arise are: What is the compensation model and structure? Is there a salary or draw against commissions? What commission structure/basis points are paid on closed loans? What infrastructure and marketing support are provided that affects my pay or compensation? 

 

2. People: What is the culture of the organization? Are there strong senior management leaders? Are they trustworthy and transparent? Do they focus on their employees or are they fixated on profits?

 

3. Process/Performance: This refers to the infrastructure of the company. What are the processing and underwriting turn times and procedures? What technology support and infrastructure has the company implemented? What are the company’s compliance, licensing, closing, accounting, and human resources policies and processes? 

 

4. Products: Common questions that arise are: Is the company a direct lender, correspondent, or broker? What are the internal overlays and minimum credit scores? What niche products does the company offer directly or through wholesale relationships?

 

5. Pricing: This refers to the interest rates. Who controls the pricing and margins, corporate office or the branch manager? What pricing engine is utilized? Can the interest rates be reviewed to see how competitive the company is in the marketplace?

While there is no perfect mortgage lender, mortgage sales professionals are looking for a company that provides the best combination of the above based on their career and personal goals. However, there may be 5 other P’s to consider so you can determine what is motivating the individual to make a change. These include:

 

• Pain: Determine which “P” or “P’s” the candidate is not happy with at their current company.

 

Promise: Inquire as to which “P” the candidate feels hasn’t been what the company promised.

 

• Purpose: Ask why the candidate wants to make a move.

 

• Production: Find out the candidate’s production numbers and how they generate business.

 

Profits: Identify how focused the candidate is on profits and compensation models. Are they entrepreneurial and a risk-taker or do they prefer corporate to take the risks?

 

 A final thought about another P: Potential. When mortgage lenders put their sales professionals in a position to be successful and maximize their potential, both parties win. 

 

 Jeff Flees • jflees@loan-academy.com • (877) 721-4822

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