In today’s technology-focused world, a mix of live, personal edu- cation and training, web-based training programs and concise and easy-to-use training videos can provide employees with the tools necessary to become well-trained mortgage professionals.
A strong training department is a necessity as well, and if a company
needs help in this area, mortgage training companies can fill any gaps in
With the wide age range of originators in our industry, training
programs need resources that can be tailored to different age groups.
Many millennials, for example, value knowledge over a degree, and half
of this generation doesn’t feel they need to be in a classroom to learn.
Training offerings must balance the vast differences between millennials and veteran originators — many of whom are in their mid-50s.
Hubs and boot camps
One solution that helps bridge the generation gap is a company-specific, branded training hub. These hubs can provide ongoing
training needed for experienced team members, onboard new team
members and develop the next generation of loan officers. Hubs also
can deliver on-demand training, which provides a quick and easy way
for team members to see the training available, participate when it
fits their schedule and choose the style of training that is best for their
Millennials tend to be collaborative and inclusive, and they expect
their place of work to be the same. Through online training, mentoring
and coaching, companies can provide training programs that meet the
needs of this generation of employees. According to a study from the
Intelligence Group, 72 percent would like to be their own boss. If they
must work for a boss, however, 79 percent of them want that boss to be
more of a coach or mentor and 88 percent prefer a collaborative work
culture rather than a competitive one.
When designing training programs, collaboration, coaching and
mentorship are vital to engaging new originators. For college graduates who have no mortgage experience or just one to two years of
sales experience, boot-camp style programs can be very successful.
Mortgage boot camps combine educational course work and required
exams to monitor progress followed by a mentoring period where
students learn from veteran originators.
An effective boot-camp program should include traditional training
classes as well as online and video-based training. In addition, a strong
mentorship program is critical to the ongoing success of boot-camp
participants. As trainees enter the market, their mentors can help them
with day-to-day issues after the training team is no longer available
to guide them through the day.
Not every successful loan originator makes a great mentor, however,
but there are several critical characteristics that can help determine the
best mentor candidates. The most important traits include the ability
to listen, a willingness to provide one-on-one guidance and a desire to
continue their own learning.
A mentor who focuses on providing honest, relevant feedback in
an environment of continuous learning will help to create a successful
mentor/mentee relationship. In short, mentors need to be people who
are dedicated to the mortgage industry and want to pay it forward.
Boot-camp style programs have shown huge success rates. Boot-camp trainees who graduate as loan originators tend to hit million-dollar production months more quickly than new originators who did
not attend such a program. In addition, those who graduate as loan
assistants often play bigger roles within their teams in hitting those
Experienced loan officers new to a company also need to be trained.
Companies should develop a 60- to 90-day onboarding plan to help
new hires acclimate to the company’s systems and meet the people
they need to know to get their job done. These programs can help
ease the frustration and stress of starting anew and create engaged
employees from day one.
In addition, as with boot camp trainees, pairing new hires with
mentors can provide an ongoing resource to help them continue to
succeed in growing their business. Along with mentors, consider
providing dedicated operational support for new originators, including an experienced operations team as well as someone to oversee
their pipeline. This will help originators transition to their new company
in the shortest amount of time.
“Collaboration, coaching and
are vital to
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