Over the past decade in the mortgage industry, we have all experienced tremendous change, opportunities and challenges. As we look toward tomorrow, XINNIX believes the future of the industry will be built with new sales professionals, carefully selected, properly trained and effectively assimilated into the workplace. With a limited pool of experienced Loan Officers to pull from, mortgage companies are experiencing an overwhelming demand for new sales professionals. At XINNIX, we have developed a proven, award-winning model for bringing new loan officers into your company. We call it the XINNIX Formula for Success. This begins with Sourcing.
Successfully sourcing rookies can be broken down into four steps: 1) Locating, 2) Screening, 3) Assessing, and 4) Compensation. Last week, we discussed locating talent. Today, let’s talk about the screening process.
Screening candidates during the application process gives you the opportunity to quickly sort through both desirable and unsuitable applicants. Initial methods of screening are resume review and a brief phone interview. When performing either of these screening methods, consider these recommended core criteria when determining a candidate’s strengths:
- Employment history and stability
- Earnings history
- Sales background
- Size of database (network)
- Quality referral sources
- Business success
- Personal drive
At XINNIX, we have completed an extensive review of 50 top-producing Loan Officer graduates who have been through the XINNIX System to learn what sets them apart in the market. Here are some traits we identified as common to successful LO candidates:
- Excellent verbal communication skills
- Ability to build long term relationships with realtors, builders, financial planners, CPAs, attorneys, and another referral sources
- Need for achievement in a highly competitive sales environment
- Ability to connect with customers for repeat business
Once a candidate has successfully passed your initial screening, it is time to schedule the face-to-face interview. Be sure to create questions for both phone and in-person interviews that identify the key attributes listed on your job description.
As you receive candidates who don’t fit the position you need to fill, it is important to give your applicants a status on their resume. Here are three reasons why sending a rejection letter matters:
- It helps the candidates move onto other opportunities. They may have applied for many positions but might be solely relying on your company’s opening for their next job.
- It keeps them from wondering about their status. Searching for a job is tough enough, and sending a rejection letter promptly is a respectful business practice.
- It is quite possible the candidates will need a mortgage in the future, and your company’s brand is being reflected.
Be sure to check back next week as we talk about assessing applicants to uncover sales aptitude. Want to learn more about how XINNIX can empower your team and your business? CLICK HERE to contact us today!