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. Today, let’s talk about locating great new talent for your business.
There are countless sources to consider in locating quality recruits, but there are two sources to that have driven the highest percentage of new professionals into our industry. The first is referrals from your current LOs. When you’re looking for new talent, ask your team if they know anyone who would be a good fit. Offer a referral fee if they recommend someone that you hire. Studies show that 35% of all new loan officers entering the industry come from a referral from another LO!
The second source is your current database. Consider you sphere of influence, all past customers and business associates. Would they, or even their children, be interested in entering the mortgage industry? Announce to your database that you are hiring new talent. Remember, you receive higher quality referrals when you explain that you are hiring AND training!
As you source, know that some careers transition beautifully into our industry. Jobs that require great communication skills, strong management and organization, and self-motivation tend to do well in the mortgage space. Here are some specific professions to look for:
- Stock Brokers/Financial Planners
- Insurance Agents
- Auto Dealers
- Restaurant Managers
- Real Estate Agents
- IT Sales Professionals
- School Teachers
- Loan Processors, Bank Tellers, and Bank Customers Service Representatives
- Wholesale Account Executives
- Recent College Graduates
Be sure to check back next week as we talk about screening applicants to ensure you select the best talent for your team. Want to learn more about how XINNIX can empower your team and your business? CLICK HERE to contact us today!