Ready to close more loans in less time and compete with other strong mortgage teams? Consider a scenario where you leave for vacation and need your mortgage team to carry on while you are away. The right employees, team size, and work ethic should be able to handle everything while you are away.
Or, perhaps, you’re ready to scale your business up. And, you feel like you don’t have enough hours in the day to complete all of your tasks alone. A great mortgage team will take you to the next level as a top producer.
So, keep reading to learn what to look for in dependable mortgage teams. Especially during the hiring process!
Accept Trial and Error
There is no perfect formula for hiring people for mortgage teams. It may take some trial and error to find the right people for your specific audience and goals. So, be prepared for the fact that sometimes you will hire a person you think is a great fit. But, they turn out not to be the right candidate for the position. Your hiring success will certainly continue to improve over time.
Focus on your mission and what qualities you need in a team member. This could manifest in their experience, effort, effectiveness, and overall attitude. No team member is perfect. So, you can decipher if the person fits into the specific workplace dynamic you have cultivated. Bringing in money and prospects is one thing, but if a new employee brings down the team’s morale, that could be a red flag.
So, keep focusing on what needs to be accomplished in your workplace. Then, create a vision for your team, and feel free to pull inspiration from other mortgage teams. With the right people, your business can thrive!
Why do mortgage company leaders hire new people for their team? Well, by hiring additional employees, you can start to hand-off some of your tasks. This creates time to focus on new initiatives or additional files.
As a loan officer, you understand the stages in the loan process. Originators start by bringing in the loans. In their day-to-day, this can look like completing sales tasks, building relationships, bringing in leads, and converting them. Then, originators also complete everything that needs to be done in order to close those loans. The most productive originators spend most of their time bringing in the loans. Plus, they hire others to help complete the loan process.
So, don’t feel like you have to do everything from lead to close by yourself! Take the leap and hire people to help you become the best you can be. Gain help and watch the growth take place.
Find Stand-Out Employees
There are so many questions that you can ask during the hiring process. But first, ask yourself what type of employee you are looking for to join your mortgage team. Do you want a team of go-getters and problem solvers? Probably, if you don’t want to have to micromanage them during every step of the process.
When you hire someone or delegate a task, they should be able to take the reins. Of course, you’ll need to train your new hires and help them learn everything they need to know to be successful. But, you want them to figure out their own ways of meeting the challenges that arise on a daily basis.
After all, you probably want to hire people who can grow into their jobs. Then, they can be flexible among industry changes.
Set Expectations For Mortgage Teams
Be clear about what you want and when. Properly train and guide your employees, but let them learn on their own as well. Delegate a project, tell them how it should look, and set a deadline. Also, be sensitive to their existing workload. The last thing you want to do for mortgage teams is overwhelm them.
So, make sure to be transparent throughout each work day. Then, if they are able to commit to a project and agree on a specific deadline, but don’t get it done on time, that’s on them.
Give your team members decision making abilities. Then, responsibility and ownership should follow.
Each member within mortgage teams should bring something fresh to your business. So, make sure to empower them and make sure they are equipped with the resources they need. Many loan officers jump between companies frequently. So, focusing on company culture is important to improve team retention.
Once you hire employees that fit your team dynamic, you can focus on stretching them in their new role. Don’t ask for the impossible. But, challenge them enough to learn how to close more loans in less time for themselves!