Mortgage Branch Managers: Do You Know How To Recruit Loan Officers?

The mortgage business has been through Hell the past few years. As a recruiter I’ve watched thousands of mortgage professionals leave the business altogether. Instead of destroying a wonderful recruiting niche, the demand for loan officers and branch managers has surged. Those who’ve stayed the course will profit as the real estate market recovers. Branch managers who know how to recruit loan officers will benefit the most.

Many medium sized mortgage operations have seized opportunity with both hands by absorbing smaller operations. This has proven to be a smart move. Former owners of small mortgage companies have joined larger organizations. The parent company handles the compliance issues, and offers funding advantages that come with volume. Operating under a larger umbrella has some perks. The world did not end and life is starting to look good again for mortgage professionals.

Countless mortgage brokers and one-man-band operations didn’t survive. Mergers, bank closings, limited sources of funding are only a few items on a long list that have impacted the revenue of mortgage companies from coast to coast. The need to recruit talent has not diminished. Mortgage operations with in-house recruiters, cannot keep up with the demand.

For several years the estimated number of loan originators leaving the business was tracked at 4000 a month. A new generation of loan originators is entering the market. Understanding the fine points of recruiting is more important than ever. If you’re a branch manager or team leader trying to grow your local operation, set yourself apart by developing an effective, systematic recruiting process.

There’s no need to rely on in-house or contingency fee recruiters. If you’re lucky enough to have the help of a recruiter, take that assistance with a smile. Learn how to recruit for yourself and you won’t need outside help. When you know how to recruit you control your income and surge ahead of the competition.

Recruiting looks easy but it’s not. It’s frustrating to think you’ve got a sure hire and then find the candidate vanished without warning. Recruiters have survival skills. We use a system. We follow a process to maximize our efforts. We work efficiently and so can you. We earn every penny of our fees.

Branch managers and team leaders come across recruiting opportunities every single day. Those who know how to recruit are positioned to capitalize on these opportunities. They will be the biggest winners in the new world of the mortgage industry.

Would you like to hire 4 – 8 new loan officers in the next 12 months? How are you going to accomplish your goal? How many candidates must you qualify before you interview one? How do you not waste time on undesirable candidates? How will you recruit efficiently if you don’t have an effective process? There’s a better way than the prevalent ‘hit-or-miss’ method.

Don’t be so desperate to hire a loan officer you’ll accept a sub-par candidate. Raise your standards above ‘Do you have a NMLS license and a pulse?” We train recruiters. We train branch managers and team leaders to recruit as well. Everyone has had to adjust and change if they work in any part of the mortgage business.

When you know how to recruit loan officers you’ll feel more in control of your local universe and income. This is one set of skills that will also prove valuable in your primary business development. Seek out recruiter training and work with a mentor or coach until you have a defined recruiting process. Once you have a system you’ll set realistic hiring goals and meet those goals with ease.

by Kimberly Schenk, Executive Recruiter, Trainer, Author