Name recognition, production numbers, word of mouth, gut feeling…do use any of these in your recruiting strategy? Do you find that what has worked in the past isn't as effective today? In a market where we've watched the refinance portion of our business plummet by half two years in a row and the number of relevant loan officers drop at nearly the same rate, lenders need the best people to help their organizations make it through. But who are the "best people?" Mega-dollar producers can bring in volume, but they can kill a company's culture and loyalty isn't guaranteed. If you're not chasing a loan officer for their production numbers, how can you be sure they'll be worth your time and investment? You need a secret weapon.
You can choose your recruiting targets by any or all of the following criteria:
- Average loan type and amount closed by month
- Percentage of government and jumbo loan transactions
- Number of real estate partner relationships
- Percentage of business loan officer receives from agent partners
- How much business loan officer does in LMI and MMCT areas
- Closing history by year, quarter and month
Diving into data like this can help you identify loan officers who align with your goals, are coachable and poised for growth. Hallmark Home Mortgage Senior Vice President Ryan Woodruff describes the difference dynamic data has made for his efforts: "We're a home-grown organization, currently with 19 offices in eight states. An important part of our growth strategy is identifying people who fit our culture. Until we found InGenius Data, we had difficulty finding reliable data that was presented in an accessible way to help us with our particular recruiting goals. We're not a "go get business anywhere you can find it" company. We need people who are the right fit."
Companies can't afford to fly blind in today's tumultuous climate. Recruiting must be strategic in order to attract the people who will help you weather the storm and be ready when the tide turns.
Jeff Walton is CEO of InGenius. With over 35 years in home mortgage and as a CEO and President of large national mortgage companies, Jeff is focused on helping the industry achieve high performance using actionable intelligence. Interested in learning more? Book an intro call with InGenius Data.
