Formula for Successfully Recruiting Exceptional Mortgage Loan Officers
Great mortgage companies are built with exceptional people!
While change is constant in the mortgage industry, loan officers are very skeptical during the recruiting process. They may have been subjected to “false promises” in the past or just have an innate fear of change. In today’s competitive mortgage marketplace, why are some companies extremely successful in recruiting outstanding loan officers while others struggle?
The reality is that the candidate experience is the key decision factor in whether a loan officer accepts an offer.
(Career Opportunity + Company Infrastructure + Compensation + Work-Life Balance) multiplied by the Candidate Experience = Candidate’s feelings about working for your company
Career Opportunity refers to the loan officer’s opportunity to advance their career, role, and referral network.
Company Infrastructure refers to the management, culture, operations, compliance, underwriting, processing, closing, products, pricing, marketing, and technology (LOS, Mobile Applications, CRM, and Pricing Engine).
Compensation refers to the W-2 income earned and benefits received.
Work-life Balance refers to prioritizing your time between work and lifestyle (health, family, pleasure, leisure, and spiritual).
Candidate Experience refers to the response a loan officer has towards a mortgage company’s job application process and the manager(s) involved.
Unfortunately, some managers think their company is so great that loan officers are lining up and will endure whatever they have to in order to work at the company. These managers don’t intentionally mistreat candidates; they just don’t relate to the loan officer’s needs. Too often, the senior manager will make a great first impression; however, the follow-up is poor and attention to the loan officer’s concerns is dismissed. The usual response from the loan officer after going with a different company is, “If they can’t respond to me when they are recruiting me, it’s only going to get worse if I worked for them.”
Most “A” players are going to thoroughly review the career opportunity, company infrastructure, compensation plan/offer, and work-life balance of multiple mortgage companies when making a change. The deciding factor is often how they are “courted” and if they are treated “special.” A high touch, fast, and streamlined process will successfully project the company’s brand and help ensure that at decision time, the exceptional loan officer accepts your offer and is excited about working for your company.
If you are looking for a better career opportunity, contact Jeff Flees today for independent advice you can trust. At Loan Academy, we specialize in confidentially connecting exceptional branch managers and loan officers with the mortgage industry’s top lenders.
Jeff Flees • email@example.com • 877-721-4822
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