Recruiting the best LOs, part 2: Profiling

by MPA24 Jun 2014
By David Lykken
Special to MPA


Recently, on my Lykken on Lending radio show, I had the fantastic opportunity to discuss the five steps of recruiting top loan originators with mortgage industry expert Casey Cunningham. Yesterday, I discussed the first step--sourcing. Today, I want to discuss the next step in the process -- profiling.
 
The central idea behind profiling, in my mind, is doing research on the LOs you would like to potentially see become a part of your organization. Of course, as I discussed previously, the top LOs will much of the time be those who currently work for your fiercest competitors. If they're winning business that you and your team aren't able to win, then there's a good chance that they're desirable prospects for recruitment.
 
I don't want to downplay the LO's ability to produce, but that isn't the only thing you'll want to look for. You need to know, not just that the LO can close deals, but that he or she is also a good fit for your organization. For example, is he or she a team player? If you recruit a superstar but it adversely affects the rest of your team to do their jobs, you'll probably encounter a net loss. You want someone who galvanizes the current members of your team, not someone who antagonizes them. When recruiting, then, make sure to not only look at how well the potential candidate produces but also how well he or she is going to boost the morale of your team and fit in with your culture should you make the hire.

David Lykken is 40-year industry veteran who has been an owner operator of three mortgage banking companies and a software company. As co-founder and Managing Partner of Mortgage Banking Solutions, David consults on virtually all aspects of mortgage banking with special emphasis executive leadership development, corporate strategic direction and implementation as well as mergers & acquisitions. A regular contributor on CNBC and Fox Business News, David also hosts a successful weekly radio program called “Lykken On Lending” (www.LykkenOnLending.com) that is heard each Monday at noon (Central Standard Time) by thousands of mortgage professionals. Recently he started producing a 1-minute video called “Today’s Mortgage Minute” that appears on hundreds of television, radio and newspaper websites daily across America.

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