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Ask the Expert: Part II - Rookies or seasoned pros, which do I hire?

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Mortgage Professional America | 19 Jan 2015, 08:09 AM Agree 0
Here's the second part to last week's question on whether to hire young professionals or seasoned mortgage professionals.
  • ROBERT NOLAN | | 19 Jan 2015, 10:47 AM Agree 0
    If you don't mind I'd like to take a shot at answering this question from both a previous LO and training coach for LO's. In 2007 I decided to develop a skill using personality assessments to help originators and sales managers understand how they communicated both between themselves and other professionals like Realtors. Over 1,000 LO's were interviewed, both male and female, and it was interesting to link their understanding when communicating or miscommunicating with others regardless of age or experience, just their preference for things like gathering information and making decisions.
    The first question I ask any manager wanting to hire someone is: What are your communications styles vs. the candidate? Example: do you as a manager gather information in a very factual way or do you look at the possibilities the candidate can bring to the table? Or, is the opposite true?
    Another major finding in the survey was that the highest percentage of those who preferred gathering the facts and applying that information logically vs. emotionally to the 1003, are actually the ones who also provide the most complete application.
    Loan officers who prefer spontaneity (or think I can always get that later or have my assistant take care of it) vs. coming to a conclusion when taking the 1003 need to be identified before they drain everyone's time and add stress.

    The other question generally asked is: Why did you leave your last position or company? Lack of communications is at the top of the list.
  • M McGinnis | | 19 Jan 2015, 11:35 AM Agree 0
    Don't forget about training and accountability. As an Area Manager I help Branch Managers make hiring decisions.
    The one piece that is often overlooked is accountability. In referral based operations
    Where Loan Officers have more freedom to be out of the office you run the risk of just renting the LO if your manager isn't holding the LO accountable from the very beginning. I recommend Monday and Friday meeting with the LO. Monday you go through the weekly plan with Loan Officer. On Friday you meet to see if the LO actually did what they said they would do all week.
    Many BMs get busy running the Branch and don't take this process serious.
    Generally most production base people will work harder if they know they have to account for their week every Friday. The manager can also understand what's working for that LO and what is not and provide the proper coaching.
  • ROBERT NOLAN | | 19 Jan 2015, 01:26 PM Agree 0
    M McGinnis: Accountability is certainly important but how long is the Monday and Friday business meeting? Are the LO's required to come into the office and meet face to face or are they able to Skype or Go to Meeting etc. How long are the reporting meetings? Does everyone meet or call-in at the same time or is this an individual report? How many LO's can be managed on any given day?
    The problem I often observe(d) over four decades is that too many reports create too much creative reporting and whenever I work with high producers they like accountability but not too much. Just my two cents.
  • Sbharkness | | 26 Jan 2015, 10:18 AM Agree 0
    As a 23 year mortgage officer the last three as a producing manager I find it interesting that these regional & branch managers think they need to (or can) hold a mortgage officer accoutable?
    Here is how I look at the situation. I am in control. I own the business relationships that bring in the dollars. I am out in the field everyday same as my mortgage officers. All the company is to myself and my mortgage officers is a conduit to sell my mortgages. The last thing I need or will tolerate someone that thinks I work for them because in truth...they work for me! It is their job to provide the backroom operations to quickly and efficiently process, close, and fund the mortgage. At the same time running the mortgage through the various compliance/investor audits. Yes I am fully aware of what happens to a mortgage after it funds and how it makes its way to sale as a mortgage backed security. The best company to work for is one where the actual owners are still in the game as originators. Companies such as these that I amfortunate enough to work for one go the extra mile to do what ever is necessary to help the mortgage officer in the field get the job done. Management is extremely helpful and appreciative of what we do. This in turn fosters a relationship between the producing mortgage officers/branch managers where each wants to help the other.This company I am fortunate enough to have found not only pays the most but more importantly treats the mortgage officers with the respect they deserve. After all...when you bring in the product that generates the revenue that allows the company to exist.....them whom really we for whom?
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