For the recruiters…

Written by Michael A. Foote, CMB on . Posted in mortgage banker, mortgage broker, mortgage finance

Sooooo… I was asked a few times to comment about what I thought a good company would look like and how I would want to be approached by a recruiter. It’s been said that no one is an easier ‘sell’ than a salesperson. I think that may be true.

1. Be honest. Seems obvious, but if you are a start-up, we all know it. Don’t tell us how amazing it is… We know you have bumps in the road. And that’s OK. I personally LOVE start-ups and the vibe they can create. If you are a industry vet type of company and everyone is leaving because you have a maniac running Ops we know that too. I have UWM AE’s call us all the time… They STILL talk about how great they are now, and how they sucked two ago. Dude you got in the business last week.. I see your profile, you were selling water two months ago.. And NOW you are a wholesale mortgage expert?… Change your title to Wholesale Telemarketer… and let’s be real. Everyone sucked then… compliance was a nightmare, business was brisk, and we were all over our ski’s with trying to keep up.

2. “We have great Marketing” – This doesn’t mean you rent a marketing portal and can generate flyers. IF you have great marketing, real marketing, you’ll be driving leads to your LO’s. And that’s a whole ‘nother thing and at a greatly reduced comp no doubt. You are either CashCall/LoanDepot, or you are self generated. Yes, its nice to be able to create click ad pieces but please if that’s a top 3 selling item for your company, you are in trouble.

3. Know who you are going after. Most people looking to leave NEED the job. Those that you are trying to recruit DON’T. If an LO is crushing it, or even doing moderate business in today’s market. He/She wouldn’t want to leave after some vanilla pitch. Would you? “hey yea, I know its going awesome, but come over here where its exactly the same and you can start all-over and MAYBE recreate the same thing you ALREADY have. Cause transferring a pipeline and all your branding is so fun.

4. Our comp is the highest…. OK you are telling me I can compete with Cash Call and have 250 bps comp… Well now I know you are full of crap…next.

5. We do everything. And we are awesome at it… No you are not, you added FHA last week, which means you just finished test cases and that means you have a FHA U/W that will crush hopes and dreams to keep compare rates in-line. Yes we look at your ratios. Tell me what you REALLY do well and we can talk, but if its 1% financing I am out… I’m in Orange County. And that buyer rarely gets the accepted offer. You see know your target and know your company. We all have bank statement programs now.. that isn’t even really that hot anymore.

6. Online reviews. We look at these. Check your indeed reviews if LO’s are leaving and commenting, we see it, we know why and it is an issue.

7. Culture. This is a big one that recruiters love to tout. And YES it matters. We all want to work with NICE companies who care about the well being of a company and its people. But isn’t that assumed?? ¬†And if it wasn’t you wouldn’t tell us, right? The problem for many of us is, we’ve worked in mortgage for years… LOL. So we know that culture can mean ANYTHING good or bad. Culture could mean a supportive proactive consumer approach to pipeline mgmt with lot’s of tech…. Or it could mean a delusional narcissistic CEO with a vision of world domination… Not a bad thing if you are into it… but I’ve had that one already.. no thanks.

In my opinion the Culture pitch should be replaced, We will help you fund more loans, we’ll help you find more of them, and close them smoother PERIOD.. and here is how. Now tell me how you are going to do that, and you have something.

Let’s be frank – we do a simple job and sell one product usually, Mortgages. Originate Loans – let’s not oversell ourselves as the second coming of the messiah.