As older, more experienced LOs hit retirement age and exit the business, mortgage bankers are under increasing pressure to hire and train younger sales professionals. To successfully recruit these up-and-coming workers, managers will need to understand the differences between generations so they can bridge the gap and attract new sales talent. Here’s what you need […]
In mortgage banking, it seems to be a perpetual question: “How do I motivate LOs in a tough market?” The short answer is you can’t. Motivation is an inside job. But, good managers CAN create a positive environment that supports their team’s efforts to hit their sales goals. Here are the details: • Hire right. […]
According to self-made millionaire Steve Adcock, 90% of success depends on one single skill that he says young people are terrible at – interviewing. Adcock, a former software developer who retired at age 35, recently shared 5 tips to get it right. Here are his tips for interviewing success: Dress the part for the […]
Mortgage managers who fall prey to these common myths could be holding your organization back from achieving better sales results. Let’s take a closer look: Myth #1: Anyone can sell. Many managers believe that quantity (feet on the street) is more important than the quality of their LOs when it comes to selling. However, research […]
For lenders that want to attract and retain younger LOs, investing in training and career development will be essential. Why it matters: By 2030, members of the Baby Boomer generation will be at least 65 years old. This means many older, more experienced sales professionals will be exiting the workplace and taking their selling […]
If your sales force isn’t tapping into a more multicultural market, you and your lender could be leaving millions in new business on the table. Why it matters: The buying power of African American, Asian American and Native American consumers, has increased exponentially to $3 trillion in 2020. Source: University of Georgia’s Selig Center […]
As U.S. demographics shift, it is smart business to ramp up recruiting of non-white sales professionals. Why it matters: • In July 2022, the DOJ settled its first case on modern-day redlining with a non-bank. The settlement penalty was $25 million. • The DOJ cited many factors including the location of branches and the […]
Employee underperformance is by far one of the hardest issues for mortgage managers to contend with. Managers who hire a poor sales performer are faced with the reality that they did not properly evaluate a sales candidate during the interview process and made a bad hiring decision. Hiring mistakes often occur when managers rush […]
If you’ve been in mortgage banking for any length of time, you’ve hired at least one salesperson who aced the interview and met production benchmarks – on paper – but failed to perform past the onboarding process. During my management career, I certainly hired my fair share of candidates who talked a good game and […]
There is no hotter topic in business than the Great Resignation — a term coined by economists for the mass exodus of employees from their jobs that began in 2021. The disruption caused by the global pandemic enabled many employees to rethink their careers, work/life balance, long-term goals and working conditions. The result? A […]