PERSON OF THE WEEK: As mortgage volume continues to contract, lenders are reducing staff and freeing up excess capacity. However, they are still aggressively recruiting top sales talent.
Getting the attention of the best LOs is a challenge. Getting them to jump ship can be even more difficult.
To find out what it takes to attract the best LOs, MortgageOrb He recently sat down with Michael Hughes, associate sales effectiveness manager at Mortgage Cadence and a former loan officer.
Q: How long was LO mortgaged and what was your experience?
Hugs: I joined Mortgage Cadence in May 2021, but for the previous seven years I was LO at a regional bank. I loved it and the relationships I built with my clients. In fact, I was originating loans until the day I started here. At the time, technology was playing such a big role in our work as loan originators that I began to consider moving into technology sales and looked at a number of industries.
After meeting the team at Mortgage Cadence, it became clear that this was the place for me. I made the move at the right time because with volumes starting to normalize, lenders have more time to assess future technology investments. As they do, they find that better lending technology helps them attract better teams, and therefore we see a lot more interest from lenders.
Q: What exactly are lenders now looking for in a loan origination system?
Hugs: In many ways, lenders are looking for the same thing they’ve always been looking for: a modern system built on the latest technologies that gives them the flexibility to power their own workflows and business processes rather than adopting what the developer has built into the platform. . They want to be able to easily work with any provider they choose, and not just LOS developer partners. They want the power to create better processes that ultimately take the friction out of business and speed up loan closing.
But on top of all that, we’re talking to more lenders who are focusing on the LO experience. They’re looking at LOS as a recruiting tool, and they’re right.
When making loans, I was always looking for tools that would make it easier for me to find businesses and better meet the needs of my clients on the road to smooth closings.
Lenders who are serious about hiring the best people in the industry are taking a closer look at new loan origination technology.
Q: What does it really take to get the attention of LOs?
Hugs: That’s a good question and I think more lenders are talking to their sales teams right now. Having good support in the company has always been important. Good managers are a huge draw, culture is very important, sometimes even more important than the initial compensation plan.
But for most LOs, the technology stack the company offers them can make or break the deal. An LO will want to have autonomy, but it will ultimately come down to what will make the job easier.
At the end of the day, if an LO can close more loans and still has time to be home with family or friends, and do the things they want to do with their life, that’s the company they’ll want to work for. . That requires technology.
Q: In terms of functionality, what does an LO need to achieve that goal?
Hugs: Since all LOs have different approaches to how they build their business, it’s hard to create a one-size-fits-all approach. The real answer is that the LO needs everything it takes to train them to do the best possible job of getting borrowers through their process to the closing table.
Q: Do LOs today expect recruiters to understand mortgage technology?
Hugs: I think so. The LO a lender is trying to recruit will have questions about the company’s technology, and if the lender can’t answer those questions over the phone, they’ll never get a visit.
But that’s not to say that everyone in HR needs to understand the lender’s tech stack. When I worked at the bank, I was often called in to sit down on a call with a potential recruit and explain what we were using in our day-to-day. It helped them get a complete picture of what they might be doing by changing organizations.
It helped them to hear all about the culture and the brand, but it always came down to the question: how easy is it to get a new loan on the platform and keep the borrower happy?
All LO’s know they’re not going to grow their pipeline and they’re not going to have raving fans without the technology to help them do it.