One of the top priorities for mortgage branch managers is attracting top-tier talent to join their staff. After all, the more talented your staff, the better your clients are taken care of.
One of the problems that has recently been pointed out by various industry experts, however, is that younger people don’t seem to be entering the field as much as their parents did. So, the question becomes how does a branch manager and the mortgage industry as a whole lure millennials into becoming the next generation of loan officers?
When it comes down it, part of the problem the industry is facing is largely due to the mentality that most career mortgage folks have had for a long time: If it isn’t broke, don’t fix it. In a regulated industry like ours it can be difficult to implement change. Therefore, the mortgage industry has had trouble moving into the Internet/technology space. Loans have always been done a certain way following a specific set of laborious steps. In a sense, the mortgage process should be complex and require a lot of hurdles because it involves extremely large purchases – often the largest purchase an individual will ever make. If we don’t alter how we do business and meet the consumer where they want to be met in terms of their customer service expectations, however, we hurt our businesses and we lesson the likelihood that young people will want to become a part of the workforce.
Technology may be a solution.
When it comes to work, millennials place value on things like making a difference in the world, having schedule flexibility, being challenged and remaining active on their mobile devices.
If you want to make a difference in the lives of other people, the mortgage industry provides a pretty unique opportunity. If a loan officer is given the tools and support they need from their manager then they can provide a swift closing process for the consumer. If the process goes smoothly then maybe that consumer isn’t as stressed as they would be if they had to keep worrying about when/whether their deal will close. Mortgage intelligence technology can help a loan officer stay on track, make sure certain milestones are being met and that the close happens on time, which puts a consumer in their home and ready to start their future. That can be life-changing.
The days of a loan officer being required to sit at their desk and wait for the next steps of the loan process to happen are long gone. Technology allows us to get up and leave the office while keeping an eye on the loan steps from a mobile device, thus allowing loan officers to meet with clients offsite or invest in professional development courses – schedule flexibility.
A little friendly competition is a good thing, both for in-office relationships and business. If your branch is using technology to quickly and accurately track the status of all of your loans then you have the ability to push out real-time data for the whole branch to see. This can result in some pretty fun competitions among various departments based on goals and production.
Everyone in your branch owns a smart phone more than likely. Millennials love their phones and want to be on them more than you would probably like. (And to be honest, this probably applies to more than just millennials.) Having mortgage intelligence technology that is immediate and available via a mobile device is a real plus when it comes to hiring younger employees. If they see that they can stay on track and keep their clients on track with their loans using their mobile devices, then the more likely they are going to want to work with you.
Technology isn’t the only thing that is going to help you attract new recruits. Your branch will need to have a good reputation for treating employees right, have proper training mechanisms in place and many more things, but showing that you are with the times and willing to communicate with the consumer how they want to be communicated with can go a long way.
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