The Recruiting Problem

Great initial conversation

Maybe this has happened to you. A typical scenario, where you talk to a prospective loan officer, a loan officer who is GOOD, you have a great conversation, where you tell them all of the things that you and your company can do for them:

• All the purchase programs you have
• How it is you can help them build their realtor business
• How you can better serve their consumers
• How it is you can make their life easier
• How you can help them to make more money

but they're not ready today

During the course of this meeting, you know that they believe it to. You are all on the same page, they can see how you can help their business and it’s a great meeting. But they are not ready to make a move today.

So you follow up

You leave that meeting, you send a follow up email “hey, thanks for the time, I really appreciate it”,

The Breaking Point

They're only going to be ready when they are ready – when they’ve reached the Breaking Point.

• The reality is/ let’s face it High producers leave when they’re pissed.
• They’re pissed at underwriting, pricing, turn times – you name it. Making things more complicated they won’t leave their company until they have a lull in their pipeline. That’s even more problematic given LO compensation considerations.
• They don’t leave for bells and whistles, marketing programs or things that get them more loans. Producers don’t need bells or whistles and they don’t need more loans.
• So when they’re pissed and when they can afford to leave their company, they’re at the Pivot Point.
• Have you lost a recruit to a competitor because you weren’t in front of them at the very moment they decided to change companies?
• Every company has experienced that problem more today than ever before.
• Being in front of them at the exact time – the pivot point - is impossible unless you’re stalking them. At minimum they become annoyed – actually a negative result if your recruiters are actively doing their job.

Forcing the Action

Lenders try to force the action– because they’re not the first lender they think of at the exact moment in time that they are ready and can afford to make a move.

So what is it they do to try to force the moment?

Wasted money

Right now competitors are throwing 5 and 6 figure signing bonuses at producing lo’s and branches