How much is a good loan officer worth? How much does a bad loan officer cost you? These are two great questions. When you think of “how much” with each question, don’t just think in financial terms. Sure money is a big concern, but it’s important that you consider time, energy, stress, and fit as well. How much time are you spending with high maintenance loan officers? How much energy are they costing you? How much stress? Do they “fit” within the culture of your company? Are they aligned with what you’re trying to accomplish? If you don’t put some thought and work into these questions, you’ll find the path to mortgage success very bumpy indeed.
Don’t feel bad, recruiting, hiring and retaining talented people is a difficult job. The first step toward success is to understand the nuances between recruiting and hiring. Recruiting to seek out talented players that will support your business’s outcomes, getting them onboard, and aligning their personal outcomes with the outcomes your company is trying to achieve is the trick.
You may have someone in your company who is excellent at recruiting yet falls short in the hiring process. In the restaurant business they have a saying, “get ‘em in…get ‘em out… get ‘em back!” We certainly don’t want to take that approach in the mortgage business. We could say, “get ‘em in… get ‘em going… keep ‘em!”
If you invest and commit to a recruiting effort, you must also invest and commit to the implementation of the hiring effort as well. I have seen many mortgage companies make great decisions, while falling short on the implementation process. This has a tendency to remove most of the value of a great decision. While managing, mentoring, and keeping talented mortgage originators are important to success, the purpose of this article is to get ‘em and get ‘em going.
Dave Bush is a speaker, entrepreneur, mentor, coach and consultant to business owners and other successful sales professionals across the nation.
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