The Forgotten Half of the Recruiting Pipeline
Research has shown that most Branch Managers and Sales Managers in the Mortgage Lending Industry do not have a formally structured Recruiting Pipeline that they use daily, week in and week out. It is where you would keep score and you can track your progress and ultimately your team’s growth. To be successful as a Sales Leader you are always growing your team or as the saying goes “Either you are growing or you are going”. And by going, that does not mean you are going anywhere positive. Loan Officer Recruiting is a 24/7 aspect of any Branch Manager’s duties and the managers that are successful at recruiting understand that. Having a Recruiting Pipeline is as vital to the manager as a Loan Pipeline is to the Loan Officer. To have a snap shot of your recruiting activities in one centralized place that you can check the needed recruiting actions on a daily basis, is the cornerstone of successful recruiting. It is where you record and track all relevant recruiting information, such as how many suspects have you sourced, how many of the suspects do you convert to prospects and in turn how many of those prospects become qualified candidates? What should a pipeline consist of? To understanding that, realize that there are six basic phases in recruiting process and those distinct phases with abbreviated explanations are:
Phase One Suspects (Sourcing)
Phase Two Prospects (“Getting to know one another” and establishing mutual interest)
Phase Three-Candidates (Interviewing, Underwriting, Qualifying, Referencing and Business Plan Development)
Phase Four – Hot Candidates (Soft Commitment to Pro-Forma, Compensation, Spousal Buy-In and Pre-Close)
Phase Five- Offer and Close (Formal Offer and Acceptance with Start Date Confirmation)
Phase Six- Counter-Offer and On-Boarding (Walk the new hire through resignation to starting date and mentoring over the first 90 days or so).
Recruiters and Mortgage Companies all use different terminology for all these phases but the key is to have a central place to list of all Suspects that you have ever sourced and how did you source them. Then listing those that you converted to Prospects and the time that it took and then the percentage that then become a Candidate, not only can you see what areas in the recruiting cycle that you excel at but also the areas that you can still grow and develop. It will also give you the elapsed time from first contact to this point in the recruiting process; additionally it will offer you insight to how much recruiting activity that you require to meet your hiring goals, it also should give you a baseline of recruiting activities and conversation ratios that are needed to get Candidates to the interviewing process. This is a lot of data and insight to what you need to accomplish to reach this crucial point in the recruiting cycle. But now, this is the half way point, it is when the Interviewing Process really starts, but not the Recruiting Process. That started back at Suspects and this is the forgotten first half of the Recruiting Pipeline. What we see as a major stumbling block to Loan Officer Recruiting, is how the Branch Managers get evaluated on, as to their recruiting activities. That usually starts at the “Candidates Phase” and how many Loan Officers are they in the process of Interviewing and how many Hires have they made year to date. That is not “putting the cart before the horse”, that is not having a horse and only having a cart with one wheel. These first sections are where most of the real recruiting activities happen but this is not where the glory of recognition is. Unless companies start recognizing the most labor intensive part of the Recruiting Pipeline it will continue as the most neglected part of the recruiting activities that their Sales Leaders do.
February 27, 2014 Posted by recruiterchuckcowan | Branch Manager, Coaching, Employment, Employment Trends, Executive Recruiting, Housing, Interviewing, Interviews, Loan Officer Recruiting, Management, Management Developement, Marketshare, Marketshare Growth, Mortgage, Mortgage Banking, Mortgage Banking Recruitment, Mortgage Company, Mortgage Loan Officer, Mortgage News, Mortgage Outlook, Recruiter, Recruiting, Recruiting Trends, Recruitment Coaching, Recruitment Training, Sales Growth, Sales Leadership, Sales Management, Sales Management Training, Sales Manager Training, Selling, Training | Coaching, Employment, executive recruiting, Financial Services, Growing Marketshare, Loan Officer Recruiting, Management Training, Mortgage, Mortgage Banking, Mortgage Banking Recruiting, Mortgage Production, Mortgage Production and Originations, Mortgage Sales Recruiting, Originations, Recruiting Trends, Recruitment, Recruitment Coach, recruitment coaching, Sales management, Training | Leave a comment
About Chuck Cowan and CCowan and Associates
CCowan & Associates is a relationship based recruiting firm specializing in the Mortgage, Banking, and Financial Services industries. We bring over 100 years of combined consulting experience to a broad spectrum of clients, ranging from medium and regional-sized companies to the largest, best, and brightest of the Fortune 100. CCowan & Associates owns a reputation for bringing “High Impact Players” to our clients. Our placements have driven billions in funded production volume and millions in profit to bottom lines. Additionaly, partnering with best-in-class organizations has provided a preferred first choice destination for top performers. This has resulted in a tremendous increase to the Value Proposition our partners have taken to the market. Our firm offers a full suite of customized, fee-based recruitment services. If your company mission is to achieve sustainable, profitable results then CCowan & Associates wants to be your results-driven recruiting partner.
For organizations wishing to adopt a more self-sufficient recruitment strategy, CCowan also delivers the expertise, experience, and curriculum to individually train recruiting managers to build their own teams successfully and autonomously. CCowan & Associates has expanded our menu of services to include individualized coaching and training for Branch, Area, and Regional Managers. This cost-effective, high value strategic partnership achieves an exceptionally better quality of hire, resulting in increased production. It has also enhanced both management and subordinate retention rates. The “Identify, Underwrite, Recruit, Hire and Retain” CCowan behavioral model becomes a part of our clients’ cultural fabric.
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Chuck’s Recent Posts
- A GENERATIONAL OPPORTUNITY TO MAKE A CAREER MOVE IN MORTGAGE BANKING ORIGINATIONS?
- What exactly does being different and adapting to the new mortgage buying environment look like for the loan officer in the future?
- Top 10 Mortgage Origination Companies First Quarter 2018
- Loan Officer Recruiting Should Not Be Modeled After A Recycling Plant
- Moving Forward
- Where American Incomes (and House Prices) Have Peaked … And Faltered
- Nevada Home Prices Remain 37% Below Bubble Peak — Houston, Riverside and Dallas Lead In YoY Gains
- Mortgage Purchase Applications Flat, Refi Application Rise 11%, Bank Of America Shows Increases In Mortgage Originations
- Richmond Fed’s Lacker And The Fed’s Mortgage Favoritism (Not Helping Mortgage Purchase Applications, Only Investors)
- Last Time this Happened, the Housing Market Crashed
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- Continued Deterioration in Origination Quality October 26, 2018As home lenders and investors have recently been a little more relaxed about credit qualifications compared to just after the crisis, mortgage quality has weakened. Still, quality is better than before the crisis.During the past three years, the quality of residential loans originated has weakened, though credit quality remains far stronger than the early 20 […]
- Best Mortgage Lenders By Category October 26, 2018A report based on a recent survey of consumers who were shopping for a residential loan has identified the best home lenders in a variety of categories -- including government programs, jumbo loans and online services.The 10-question survey of prospective mortgage borrowers found that before they applied for a home loan, 40 percent checked their credit repor […]
- Business Falls to 6-Month Low at Freddie October 26, 2018New business at the Federal Home Loan Mortgage Corp. retreated to its lowest level in six months. Delinquency, meanwhile, remained at its lowest level in a decade.When September was over, Freddie Mac's total mortgage portfolio stood at $2.1513 trillion -- including a $0.2278 trillion in mortgage investments and $1.9235 trillion in outstanding mortgage-r […]
- Continued Deterioration in Origination Quality October 26, 2018