With the amount of change inside the mortgage indus- try over the past decade, there has been enormous
resources dedicated to training company
employees. Rightfully so, given simply trying
to stay current is pushing the training limits
when it comes to mastering systems, products
and compliance requirements — not to
mention developing leadership, utilizing
social media and coaching sales talent.
Despite all of this, are there areas where
mortgage companies should be investing
more? Perhaps a riddle will answer this
Many wish they had it, most know
they need it, but few are willing to
invest in it. The answer? Ongoing
training for mortgage leaders
A losing game
Mortgage companies lean heavily
on regional managers, area managers and branch managers to recruit and
build teams in local markets. In a 2016 survey, the Stratmor Group found that branch
managers make the most effective recruiters
of experienced loan officers. Branch managers ranked
better at attracting talent than internal recruiters,
external recruiters paid by placement and even external recruiters on retainer. With this being the case,
investing heavily into training these recruiting leaders
Many of these managers will admit their weakness
is in recruiting. They find it difficult to make the necessary time, or they lack decent phone scripts. They
are winging it with face-to-face meetings with little
preparation and little planning on the next steps for
each recruit. They feel unable to tell the story of their
company and articulate the vision of where their business is headed.
Many on the frontlines of recruitment don’t know
how to win on LinkedIn. They aren’t sure where to
find information on top originators and thus struggle
building a top-recruits list. Few are using a customer
relationship management (CRM) program and those
who have one rarely know how to navigate it well
enough to gain the full value from the effort.
Most aren’t measuring lag and lead metrics that are
critical to motivating them when they don’t see immediate results. All of this leads to a tendency to move
away from recruiting. No one wants to play a game
they are convinced they will lose. These are all areas
that can fixed by training.
It isn’t as easy as identifying the need and fixing it. Even
when a company is onboard with investing in resources
for recruiting, tensions can get in the way of gaining
the backing of the company leaders who are charged
with advancing those recruiting efforts. This tension
comes from the belief that by focusing on re-
cruiting efforts, a leader will get pulled away
from managing the current team’s production.
With the ongoing issues facing the mortgage
industry (low housing inventory, shrinking
mortgage applications and rising interest rates)
most recruiting leaders are primarily focused on
getting their team’s mortgage applicants across
the finish line.
Still, given the current environment, companies would be hard
pressed to find anything more
important than attracting top
origination talent. So where
should a company begin
when evaluating their larger
needs around recruiting training? Start by understanding
where the recruiting leaders are
in key areas. It’s vital to establish
benchmarks and measure gains
going for ward.
Ask recruiting leaders in your mortgage
company to evaluate their recruiting skills.
Determine how much time they spend on it
each week. Understand how they identify
top talent. A simple question is just to ask
them what the organization can do to help
them become a better recruiter. Do they use
CRM software or have a step-by-step system to
recruit? What role does social media play in helping
Richard Milligan is president of 4C Recruiting, a company
specializing in coaching leaders in the area of recruiting.
Milligan coaches based on a system known as Recruiting
Made Simple. It focuses on building systems that will allow
a leader to maintain a primary role in leading a team while
having a clear, sustainable plan for recruiting success.
More information can be found at www.4Crecruiting.com.
Reach Milligan at firstname.lastname@example.org
or (405) 414-1150.
Puzzles Mortgage Industry
Managers are best positioned to recruit talent, but many shy away from the task
By Richard Milligan
Illustration by Dennis Wunsch
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