Top 10 Loan Officer Recruiting FAQ’s
1. How do I start to plan the growth of my sales team?
A good Business Plan always has a “Recruiting Plan” that outlines the goals, strategies and techniques required to attract and hire season professionals, with “an existing book of business”.
2. Where do I find the best Loan Officers?
The best Loan Officers in your market are not waiting for you to run ads in the newspaper or post a job online. They are literally a phone call away, you just need to learn the FREE resources and proven techniques and have a recruiting campaign that will attract them to your company brand.
3. Why do Loan Officers make career moves?
Contrary to what you have heard, money is not the key motivator for Loan Officers. Though they will not likely take a pay cut in a career move, they will consider a lateral move if it is in their best interest. The top three reasons Loan Officers make a move is:
- The current company is failing or has closed.
- The level of fulfillment service is compromising the relationships with clients.
- A chance for advancement or opportunity to take their business to a new level.
4. What type of Initial Approach should I use?
When you approach an individual that is gainfully employed, the first meeting should be informal, two mortgage industry professionals discussing the industry challenges and career advancement opportunities.
5. When should I make an offer to a Loan Officer?
The Final Offer stage of the interview process with a Loan Officer should only take place, once you have met the candidate, and both parties feel the move will help them meet their career aspirations and after they have committed to your verbal offer.
6. Is it ethical to recruit a Loan Officer from my competition?
Yes, competing for talent is the same as competing for clients. Ask yourself if you would have a problem if you were competing with your competition for a client, would you do what you could to win the client? Of Course! But be careful if you’re thinking about raiding the competition. When you start recruiting employees from your competition, you may be playing with fire. Everyone is open game amongst your competitors unless you’ve specifically agreed not to recruit from them.
Generally speaking, the courts protect the employee’s right to freely seek employment in a competitive marketplace. If the competition is taking care of their employees, they will probably never leave, but if not, then, they’re usually “free agents” at that point.
7. Are Loan Officers actively looking at new opportunities?
Yes, with the consistent change in regulations and fluctuating levels of business or maybe their company is shutting down. Many Loan Officers are being proactive and keeping their feelers out there.
The question is, are they calling you? If not, then you had better create a system to keep your name “Top of Mind” so they think of you when they start to look around.
8. How do I structure a transition package for a new Loan Officer?
The days of FAT checkbooks and HUGE sign-on bonuses are behind us. Loan Officers are seeking an employer that can support their business and in turn provide an opportunity for new business.
It has been our experience to structure a Short-term comp plan tied to a Loan Officer Business plan, meeting certain thresholds and targets.
9. Does it make sense to hire inexperienced Loan Officers?
Yes, the business is finally cleansing out the bottom-feeder and unfortunately some of the unfortunate few good player. There is plenty of room in the mortgage industry for a NEW Generation of exciting talent to emerge.
10. How do I know if I have enough interview activity to meet my “Net Hiring” Goals?
If you are a look at your candidate pipeline activity in the same way you manage the branch pipeline, you can pretty much determine if you will hit your targets. Recruiting talent is like filling a pipeline of prospects, you will just need to learn how to measure you activity. A general “Rule of Thumb” is 10 candidates = 3 offers resulting in 1-2 Net Hires, you must consider counter-offers.
Loan Officer Recruiting Blueprint will introduce you to the Secrets of the Recruiting industry that focuses on specific recruiting techniques and strategies to Fast Track your recruiting activity. We want to help you make this year, your best year ever…
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Here is one recent note of appreciation from a client, printed with his permission: “I have been is Sales Management for 35 years and the Loan Officer Recruiting Blueprint Published By the EMAC Recruiting Academy is a book that should not only be read by mortgage professionals and corporate recruiters, but by anyone who has the need to search out, recruit and hire top performers in any industry….Mr. McGrath has nailed it, this book is a must read!” Tony D – Los Angeles, CA