Want to Attract the Best Mortgage Loan Originators to Your Brokerage? Here’s How

wemloMortgage broker business, Mortgage Loan OriginatorLeave a Comment

Differentiating your mortgage company’s brand is not only a matter of finding a new angle or filling a niche need within the market. It starts with the people who help you work toward your goals. Hiring a talented team of mortgage loan originators (MLOs) is a critical piece of your success.

 

If you want to attract the best people for key positions, start by taking stock of your company and its goals.

 

Get Clear on Your Business

To become more attractive to prospective MLOs, you must be able to answer these questions:

  • Why am I in the mortgage industry in the first place?
  • What core values, beliefs, and principles are important to me for my company’s future?
  • What can I do better to support my team?

 

Taking the time to consider these questions will not only help you understand your business better, but will also allow you to take stock of what your company has to offer potential employees. This is essential if you want to attract new team members that are aligned with your vision and company goals.

 

Communicate — and Model — Company Culture

“Company culture” may be a bit of a buzz phrase, but it’s important that you talk the talk and walk the walk. You can post your company mission and vision statements on every wall in your office, but words only mean so much without action.

 

It’s up to you to set an example for the rest of your team.

 

If you want to foster a culture of success and excellence, make sure that your current employees are completely on board. Without that support, you can be sure that your message will not translate when you are looking to hire a new mortgage loan originator.

 

Identify Key Traits and Skills

Do you know what traits and skills an ideal candidate must have to help you create the culture you want? If not, start doing the research and asking the right questions:

  • In addition to understanding the mortgage loan originator role, do prospective hires show an aptitude for effective communication? What about customer service?
  • Are they organized?
  • Can they collaborate effectively?

 

Think of what would help someone interested in your position fit in with your company’s goals.

 

Clear Obstacles from Your Onboarding Process

It is not easy to switch jobs, so if there is anything you can do to clear obstacles for your new hires, consider it an investment in retaining them.

 

A few ideas include:

  • Give them a tour of the office (if applicable)
  • Set up a team lunch or happy hour to let everyone get to know each other in a low-pressure setting
  • Send a task their way from the very beginning, even if it’s just something small to help get their feet wet (or have them shadow an existing employee)
  • Give them a goody bag with branded office materials
  • Be available for questions
  • Ask them for feedback about policies, procedures, and the onboarding process — and listen to what they have to say

 

Give Them the Right Technology

If you want to attract the best MLOs, you have to provide them with the best tools. The best mortgage origination software is easy to use, offers customer service support, allows you to scale as business increases or decreases, and the people behind it are always striving to innovate and improve.

 

Learn more about choosing the best mortgage loan origination software here.

 

Encourage Partnerships

Last but not least, encourage and support your MLOs in creating partnerships with real estate agents. If your mortgage business is connected to a real estate office, set up a “getting to know each other” event to give everyone the opportunity to meet each other.

 

If you’re not connected with a real estate office, suggest your new employees spend time networking and getting into the community, especially if they are new to the area.

 

Either way, you may offer suggestions such as developing and growing a social presence (if they haven’t already), setting up open “office hours” in which agents can stop by and ask questions/share knowledge with each other, etc.

 

Everyone wants to stand out in the mortgage industry and word of mouth is a powerful way to do that. Building a solid company culture and welcoming environment plus being known for offering cutting-edge technology can help, which may result in attracting the high-quality employees you’re seeking!

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