NMP - October 2016 - 10

Recruiting, Training and Mentoring Corner The Future of Management BY DAVE HERSHMAN he focus of this particular issue of National Mortgage Professional Magazine is "The Future of Mortgage Banking." As I am writing this, I would envision articles on technology, online originations, regulatory activity and more. But what about the future of management in the industry? Since I have been in the mortgage industry for more than 35 years, I have seen significant evolution. But I also have seen much that has not changed. What has not changed? T OCTOBER 2016 n National Mortgage Professional Magazine n NationalMortgageProfessional.com 10 l It still takes a lot of work to get one loan closed. In some respects, the work is more intensive, despite a significant infusion of technology. l Our sales managers are still our top producers and because pipeline management is difficult, they have little time to recruit and mentor. l Our primary mode of recruiting is still cold calling producers and offering them bonus checks to come aboard. We have little in the way of standardized assessments to make sure we are paying checks to the right people. Two questions follow: 1. Will these fundamentals change in the future? 2. And if one of these change- what course will it take? For example, let's say that loans get easier to close because of the technology which is integrated into our industry. This means that top producing managers have more time. We could go in three directions from there: 1. With their free time, they spend more time recruiting and mentoring. 2. With their free time, they increase their production even more. 3. Because mortgages have become easier to close, online marketing becomes more successful on the purchase side and thus, managers must spend more time marketing to keep the same market share. What is more likely to happen between these three? Most likely a combination of the above. But we will throw in one future scenario which we know is inevitable. Because the aging of our sales force in the mortgage industry, there will be a need to bring new blood into the industry. It is certainly easier to hire rookies and place them into online sales scenarios, as opposed to integrating them on the "street" in which they will need to develop relationship with referral sources very quickly. Thus, for "street" loan officers, it will become more important for companies and managers to assess the education, experience and traits of prospects before bringing them into the industry. We have tools to assess traits, but little has been advanced within this industry to focus upon "... for 'street' loan officers, it will become more important for companies and managers to assess the education, experience and traits of prospects before bringing them into the industry." the experience and educational side of the equation. For many, hiring loan officers who are rookies means hiring out of college, and thus, the experience factor would be minimalized. But again, for street loan officers, we should not assume that a rookie means no experience. There are plenty of experiences which would help them succeed on the street-including real estate, sales, financial services and even mortgage operational experience. To succeed in the future, we must teach companies and managers how to fully assess the candidates they will have to bring on because of this need to hire new blood. This is why we have developed experience and trait assessment systems as part of our recruiting and mentorship training. One bad hire can cost a producing manager and company enormous costs in terms of time, money and reputation. Speaking of mentorship training, in this scenario for the future we will also have to teach our managers to become mentors. No longer will they have the option to produce and supervise a group of purely experienced loan officers. The good news is that it does not have to be the managers who accomplish all of the mentoring. Enabling our senior loan officers to become mentors brings many benefits to the table, not the least of which would be bestowing management experience upon those who make up our elite sales team. In the future, there will be plenty of changes. But in the case of an aging sales force and the need to bring in new blood, the future is now. We cannot afford to wait until the end of the refinance boom to rebuild our sales resources. Dave Hershman is a top author in this industry with seven books published, as well as the founder of the OriginationPro Marketing System and the OriginationPro's online comprehensive mortgage school. Dave is also director of Branch Support for McLean Mortgage. He may be reached by e-mail at Dave@HershmanGroup.com or visit OriginationPro.com. http://www.NationalMortgageProfessional.com http://www.OriginationPro.com

Table of Contents for the Digital Edition of NMP - October 2016

Table of Contents
NMP - October 2016 - Cover1
NMP - October 2016 - Cover2
NMP - October 2016 - 1
NMP - October 2016 - Table of Contents
NMP - October 2016 - 3
NMP - October 2016 - 4
NMP - October 2016 - 5
NMP - October 2016 - 6
NMP - October 2016 - 7
NMP - October 2016 - 8
NMP - October 2016 - 9
NMP - October 2016 - 10
NMP - October 2016 - 11
NMP - October 2016 - 12
NMP - October 2016 - 13
NMP - October 2016 - 14
NMP - October 2016 - 15
NMP - October 2016 - 16
NMP - October 2016 - 17
NMP - October 2016 - 18
NMP - October 2016 - 19
NMP - October 2016 - 20
NMP - October 2016 - 21
NMP - October 2016 - 22
NMP - October 2016 - 23
NMP - October 2016 - 24
NMP - October 2016 - 25
NMP - October 2016 - 26
NMP - October 2016 - 27
NMP - October 2016 - 28
NMP - October 2016 - 29
NMP - October 2016 - 30
NMP - October 2016 - 31
NMP - October 2016 - 32
NMP - October 2016 - 33
NMP - October 2016 - 34
NMP - October 2016 - 35
NMP - October 2016 - 36
NMP - October 2016 - 37
NMP - October 2016 - 38
NMP - October 2016 - 39
NMP - October 2016 - 40
NMP - October 2016 - 41
NMP - October 2016 - 42
NMP - October 2016 - 43
NMP - October 2016 - 44
NMP - October 2016 - 45
NMP - October 2016 - 46
NMP - October 2016 - 47
NMP - October 2016 - 48
NMP - October 2016 - 49
NMP - October 2016 - 50
NMP - October 2016 - 51
NMP - October 2016 - 52
NMP - October 2016 - 53
NMP - October 2016 - 54
NMP - October 2016 - 55
NMP - October 2016 - 56
NMP - October 2016 - 57
NMP - October 2016 - 58
NMP - October 2016 - 59
NMP - October 2016 - 60
NMP - October 2016 - 61
NMP - October 2016 - 62
NMP - October 2016 - 63
NMP - October 2016 - 64
NMP - October 2016 - 65
NMP - October 2016 - 66
NMP - October 2016 - 67
NMP - October 2016 - 68
NMP - October 2016 - 69
NMP - October 2016 - 70
NMP - October 2016 - 71
NMP - October 2016 - 72
NMP - October 2016 - 73
NMP - October 2016 - 74
NMP - October 2016 - 75
NMP - October 2016 - 76
NMP - October 2016 - 77
NMP - October 2016 - 78
NMP - October 2016 - 79
NMP - October 2016 - 80
NMP - October 2016 - 81
NMP - October 2016 - 82
NMP - October 2016 - 83
NMP - October 2016 - 84
NMP - October 2016 - 85
NMP - October 2016 - 86
NMP - October 2016 - 87
NMP - October 2016 - 88
NMP - October 2016 - 89
NMP - October 2016 - 90
NMP - October 2016 - 91
NMP - October 2016 - 92
NMP - October 2016 - 93
NMP - October 2016 - 94
NMP - October 2016 - 95
NMP - October 2016 - 96
NMP - October 2016 - 97
NMP - October 2016 - 98
NMP - October 2016 - 99
NMP - October 2016 - 100
NMP - October 2016 - 101
NMP - October 2016 - 102
NMP - October 2016 - 103
NMP - October 2016 - 104
NMP - October 2016 - Cover3
NMP - October 2016 - Cover4
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201910
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201909
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201908
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201907
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201906
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201905
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201904
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201903
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201902
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201901
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201812
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201811
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201810
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201809
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201808
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201807
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201806
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201805
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201804
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201803
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201802
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201801
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201712
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201711
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201710
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201709
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201708
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201707
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201706
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201705
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201704
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201703
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201702
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201701
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201612
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201611
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201610
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201609
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201608
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201607
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201604
http://www.nxtbookMEDIA.com