Mortgage Recruiting and Recruitment Training and Coaching

JCHS Releases New Household Projections

Wood on Fire - Topics of Lumber Industry

by Dan McCue

Research Manager
Today, the Joint Center for Housing Studies posted its latest household projections. These new projections incorporate several updates to data that were made since our last projections in 2010. The 2013 projections use the Census Bureau 2012 Population Projections (released in late 2012 and early 2013), and also use more recent data to derive headship rates (ratios of households per person), specifically using data from the 2011-2013 Current Population Estimates and Current Population Survey March Supplements.
Aside from the new data, the JCHS projection methodology remains largely unchanged from that used to create the 2010 series. The most notable change is that unlike in 2010 we do not make any adjustment to the Census Bureau’s population projections, as our concerns about what seemed to be overly high estimates of future immigration levels have now been addressed in the latest projections from Census. Since we…

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March 28, 2014 Posted by | Uncategorized | Leave a comment

J.P Morgan whistleblower gets $63.9 million in mortgage fraud accord

J.P Morgan whistleblower gets $63.9 million in mortgage fraud accord

March 09, 2014

A whistleblower will be paid $63.9 million for providing tips that led to J.P. Morgan Chase & Co’s agreement to pay $614 million and tighten oversight to resolve charges that it defrauded the government into insuring flawed home loans. The payment to the whistleblower, Keith Edwards, was disclosed in a filing on Friday with the US district court in Manhattan that formally ended the case.

In the February 4 settlement, J.P. Morgan admitted that for more than a decade it submitted thousands of mortgages for insurance by the Federal Housing Administration or the Department of Veterans Affairs that did not qualify for government guarantees. J.P. Morgan also admitted that it had failed to tell the agencies that its own internal reviews had turned up problems. The government said it ultimately had to cover millions of dollars of losses after some of the bank’s loans went sour, resulting in evictions and foreclosures nationwide.

David Wasinger, a lawyer for Edwards, did not immediately respond on Friday to requests for comment. About $56.5 million of Edwards’ award concerns the FHA portion of the case, and $7.4 million concerns the VA portion. It is unclear how much of the award will go to his lawyer. Edwards, a Louisiana resident, had worked for J.P. Morgan or its predecessors from 2003 to 2008, and had been an assistant vice president supervising a government insuring unit. He originally sued in January 2013 under the federal False Claims Act, which lets individuals sue government contractors and suppliers for allegedly defrauding taxpayers. The US Department of Justice later joined as a plaintiff.

Copyright Reuters, 2014

March 10, 2014 Posted by | Housing, Mortgage, Mortgage Banking, Mortgage Company, Mortgage News, Mortgage Regulation, Real Estate, Regulations, Uncategorized | , , , , | Leave a comment

Why Loan Officer Recruiting and Retention are One in the Same

Why Loan Officer Recruiting and Retention are One in the Same
Outside of regulations, talent is the second crisis facing the Mortgage Industry today. There are huge advantages in hiring talented employees, who already know the local market and some examples of those advantages are:
Talent is the one sustainable advantage you can get in this business. Any other advantages like operations, products or pricing are not really an advantage since the competition can catch up in those areas. Thou those three areas are critical in having a strong value proposition in recruiting. Knowing who the players are and where they work provides valuable insight that cannot be had anywhere else. Such hires know how their former employer thrived or struggled in areas like operational efficiencies, attracting and retaining customers and expanding wallet share with existing clients. Those items will be of great interest to your company as they create an advantage in the market. Hiring talented employees from rivals that serve in revenue-producing roles is ideal. Mortgage Companies that rank talent acquisition and talent retention are undoubtedly  far more successful and profitable than their competitors who don’t. You have to win with better execution, and that always comes down to people.
And those advantages will be used against you, if you and your company do not support a robust recruiting culture. So it is critical that companies take steps to make sure that highly regarded loan officers and valuable managers stay put. And that starts at recruiting!

March 5, 2014 Posted by | Branch Manager, Coaching, Employment, Employment Trends, Executive Recruiting, Interviewing, Loan Officer Recruiting, Management, Management Developement, Mortgage, Mortgage Banking, Mortgage Banking Recruitment, Mortgage Company, Mortgage Loan Officer, Recruiter, Recruiting, Recruiting Trends, Recruitment Coaching, Recruitment Training, Sales Leadership, Sales Management, Sales Management Training, Sales Manager Training, Training | , , , , , , , , , , , , , , | Leave a comment

Mortgage Delinquency Rate Continues to fall

Mortgage Delinquency Falling

Eye on Housing

The Mortgage Bankers Association recently reported that the delinquency rate for mortgage loans on one-to-four-unit residential properties decreased over the fourth quarter of 2013 by 2 basis points to a seasonally adjusted rate of 6.39%. This is the lowest recorded share since the first quarter of 2008.

The decline in the delinquency rate reflected a decrease in the share of mortgages 60-90 days past due and the share of mortgages 90 or more days past due, but mortgages 90 or more days past due fell more. In the fourth quarter of 2013, the share of mortgages 60-90 days past due fell by 1 basis point to 1.06% and the share that was 90 or more days past due fell by 11 basis points 2.45%. Meanwhile, mortgages that were between 30 and 60 days past due rose by 10 basis points over the quarter to 2.89%. An earlier post illustrated that…

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February 28, 2014 Posted by | Uncategorized | Leave a comment

Case Study: Employee Engagement Directly Affects Recruitment

Employee Engagement and it’s affects on Recruiting

The Iowa Talent Consortium

Seven in 10 American workers are “not engaged” or “actively disengaged in their work, meaning they are emotionally disconnected from their workplaces and less likely to be productive says the State of the American Workplace Report© recently published by the Gallup, Inc.  It releases the results of a three-year study involving 350,000 employees.

Among the findings were that remote workers are measurably more engaged than non-remote workers, workplace perks are no substitute for engagement, and that the biggest driver in employee engagement is good managers.  In fact, the preface of the study written by Gallup, Inc. CEO Jim Clifton focused on leadership and how it is holding the economy back.

I am content that this study reflects the true nature of the American workforce but not surprised.  Recruiters have long been privy to the ugly side of the employee marketplace in microcosm with their own corporate experiences.  For example, I…

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February 27, 2014 Posted by | Uncategorized | Leave a comment

Here’s where home prices are about to take off

Home Prices and where they are going.

February 27, 2014 Posted by | Uncategorized | Leave a comment

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 | 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 | , , , , , , , , , , , , , , , , , , , | Leave a comment

CCowan and Associates- Who we are

CCowan and Associates- Who we are

Who We Are

Over the past 25 years, CCowan & Associates has established itself as the “go-to” team for mortgage banking recruitment and retention training. Using the innovative, customizable, and dynamic training process our talented coaches have perfected in those twenty-five years, we deliver successful retail mortgage sales recruitment and retention training that encompasses multiple levels of mortgage sales—from originators and sales managers to branch, area, regional, divisional, and C-level leadership in the retail and wholesale mortgage industry. Our satisfied customers will tell you that no other consulting firm in the mortgage sales arena can deliver the return on investment that CCowan can and does.

The CCowan Process

Our remarkably successful training model is so effective because it focuses on one goal: delivering measurable results through process tracking and accountability. Here’s how it works: the initial, introductory call between a CCowan coach and one of your mortgage sales professionals will be followed by weekly sessions during which our coach will use accountability-based metrics to review the previous week’s activities, progress, and results of your manager to ensure that she or he fully engages in the training process, consistently applies and learns to adapt its methods, and reliably follows through to achieve your recruitment goals.

What Makes CCowan Right for You

CCowan doesn’t offer outmoded, vanilla, “one-size-fits-all” training. Instead, we custom-tailor a unique training program for each of our clients and each of our participants so that our individualized, one-on-one coaching system produces measurable results, whether your recruiting manager is a rookie recruiter or has years of proven, successful hiring experience. In addition, our coaching process is scalable company-wide, and can be systematically and strategically delivered to an entire retail sales management team. Because we build this flexibility into our training process and because our coaches are experts in the field, we can guarantee that our training is not only the best mortgage-banking recruiting training available at any price, but also the best investment you can make in your employees’ and your company’s success.

How to Get Started

Call me today at 321-363-4384, and let me show you the better, more profitable recruiting results your team can achieve through one of the cost-effective recruitment-coaching solutions available through CCowan & Associates!  If your recruiting managers are doing well, we can take them from good to great. If your company is experiencing high sales-team attrition, or your managers are not delivering the results you need for growth at this critical time in the mortgage business, we will show them the path to recruitment and retention success.  When I share with you the details of our process, our record of success, and what we can achieve for your company, I know you’ll want to take the next step: an in-depth Recruiting Core Competency Evaluation to determine how much your managers can benefit from the game-changing CCowan & Associates’ recruitment training program.

July 30, 2012 Posted by | Branch Manager, Coaching, Employment, Employment Trends, Executive Recruiting, Housing, Management, Management Developement, Marketshare, Marketshare Growth, Mortgage Banking, Mortgage Banking Recruitment, Mortgage Company, Real Estate, Recruiter, Recruiting, Recruiting Trends, Recruitment Coaching, Recruitment Training, Sales Growth, Sales Leadership, Sales Management, Sales Management Training, Training | , , , , , , , , , , , , , , , , , , , , , , , , , , , | Leave a comment

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