36 NOVEMBER / DECEMBER 2019 HUMAN RESOURCES Tracy Marks President LenderSelect Mortgage Group tracymarks@lenderselectmortgage.com LenderSelect Mortgage Group is an associate member of the Indiana Bankers Association. Mortgage Loan Officers How to recruit the best As the home buying season continues, make sure your financial institution is fully staffed with motivated, successful mortgage loan officers who will take your business to the next level. There are a number of considerations to make when it comes to recruiting the best “fit” people for your work environment, so you’ll need to think in strategic steps as you approach the process to finding the right talent. Determine What You’re Looking For There are two distinct types of loan officers – those who are internally focused and those who are externally focused. Both have their advantages, and you should probably have a mix of both on your team. An internally focused loan officer may rely on referrals generated within the branches and not be overly interested in getting out and about generating mortgage production. This type of loan officer will be more likely to seek a base salary with a small (bonus) commission structure. While they may be nervous to dip their toes into a performance-based compensation plan, they have great skills and could become shining stars with a bit of finessing. An externally focused loan officer is one who is always on the go, building relationships with agents, builders, insurance agents, CPAs, financial advisers, etc. They are hungry to thrive and are driven by a commission-based role. Externally focused loan officers are vital to your organization, as they will help scale your business beyond your four walls and grow market share within the community. Being self-generating and not reliant upon the institution providing referrals, these loan officers may command a higher compensation, and they’re worth it. Start Your Search From Within Once you’ve determined who it is you’re looking for, it’s time to begin your search. If you’re seeking an internally focused loan officer, don’t hesitate to first look within your own office – these are individuals who are already familiar with your business and your clients, and they have the ability and resources available to become great loan officers. If you are seeking a gogetter in the mortgage industry, don’t hesitate to ask for recommendations from your peers, which we’ll dive into below. Expand the Search Outside Sometimes, finding a diamond in the rough is as simple as asking others in the industry for recommendations. Consider the different individuals and companies you work with on a regular basis to close a mortgage: • Title insurance companies – Because they work with loan officers from many financial institutions, they have a pulse on the industry and who may be looking for a new opportunity. • Mortgage insurance representatives – Once considered the human resources recruiters of the mortgage industry, local mortgage insurance reps may be helpful in introducing you to potential loan officer candidates. • Real estate agents – Identify the agents you enjoy doing business with, or would like to do business with, and find out who their favorite loan officers are. • Current employees – Don’t be afraid to ask your current team members if they know of anyone in the
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