NMP - December 2016 - 10


Recruiting, Training and Mentoring Corner

Recruiting? It's Your Sphere
BY DAVE HERSHMAN

ates are up. While
loan officers who
were totally
focused on
refinances get out
on the street for
the first time in years, managers
will be contemplating recruiting
more loan officers, so that they
can keep up the same company
or branch volume in what may
be a lower volume year. Those
managers will hire recruiters,
cold call and/or advertise to
bring in loan officer candidates.
And for 30 years, I have been
counseling that there is a better
way. But if you don't believe me,
then read this excerpt:

R
DECEMBER 2016 n National Mortgage Professional Magazine n

NationalMortgageProfessional.com

10

Per a 2016 Loan Officer
Recruitment and Retention Study
of high-producing loan officers
by Floify LLC, 43 percent found
their employers through a
colleague who referred them to
the company. A quarter of the
originators were recruited by
their new employers, while 15
percent worked for a company
that was involved in a merger.
Only eight percent reached out
to the new employer on their
own initiative.
The way I have read the study,
which was released as a white
paper, is that only 25 percent of
loan officers are recruited by the
methods that most turn to when
looking to expand their staffs.
What is the better way? What I
teach loan officers and
managers is to open their eyes
so that they will see the many
opportunities around them ...
and these opportunities are

going to be a part of their sphere.
Where in their sphere? Well, the
study gives a great lead in that
regard.
If 43 percent were
recommended by a colleague,
then the greatest opportunity a
manager can take advantage of
is their present employees-
includes loan officers and
operations personnel. Many of
your employees have been in the
business for years. That means
they know a great number of
people still employed in this
industry, including loan officers.
Thus, I would focus upon these
relationships. Many also many
know those who want to get in
the industry.
The next question is-how to
you take advantage of these
relationships? The most
traditional method is to offer an
incentive for the employee to
help recruit. And while this is
certainly a great idea, it is not
typically enough to get the
employees engaged enough in
recruiting. To get a higher level of
engagement, you need to add
additional levels of involvement.
Ideas might include:
l Bringing up the topic on a
regular basis. For example, in
your last sales meeting did you
bring up the topic of
recruiting? Did you ask for
your loan officers help and let
them know how important their
help is in this regard? You
need to do this not once-but
on a regular basis.
l Distribute recruitment
materials and give them
guidance regarding what to

"What I teach loan officers and managers
is to open their eyes so that they will see the many
opportunities around them ... and these opportunities
are going to be a part of their sphere."
say to those they know.
l To go even further, meet with
your employees and have them
list those they know well who
of a high quality. Would they
be willing to make an e-mail
introduction and/or set up a
lunch? Promise your employee
that you will not be calling to
harass their contacts, but just
to network-which is another
strategy we will cover at
another time.
There are other ways to get
employees involved, from holding
contests to having a formal
mentor program in which they
can participate. But I think you
get the idea. I don't understand
why someone would put an

advertisement somewhere
before they exhaust all
possibilities through there
sphere.
And don't get the impression
that your employees are the
only part of your sphere which
can bear fruit. I hope to get to
some of these in future
columns as well.
Yes, I have been training the
industry on recruiting and
leading for decades, and have
written a book for the MBA on
the topic. We even have
included this topic in our online
mortgage school. But if you
won't believe me, hopefully
you will believe the hard data
which proves the point every
time.

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 - December 2016

Contents
NMP - December 2016 - Cover1
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NMP - December 2016 - 1
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NMP - December 2016 - Cover3
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