How the Mortgage Industry can Overcome Hiring Challenges

Suppose you’ve been working in the mortgage industry for a while. In that case, you know the pain that recruiters and branch managers experience as they struggle to hire and retain mortgage originators and other officers. You might be tempted to think we are suffering from a lack of talent, which is not the case. Read on for the common hiring challenges in the industry and how to fix each of them.

1. Attracting Qualified Candidates

One of the reasons recruiters and branch managers in the mortgage industry are suffering is that they often attract the wrong candidates. They end up selecting the best candidate they can have at the time – not an expert who best suits the job. For example, if you’re looking for an experienced mortgage originator and end up with mathematicians, you can choose one who has worked in a financial institution. The person may not serve you for long if they can’t walk the borrowers from the application process to the close of sales.

Solution:  The recruiters and branch managers should create ads that clearly outline their hiring requirements. They can use an application form with the right ‘knock-out’ questions.

Let’s say you need a mortgage originator with five years of experience. Ask a closed-ended question to know whether they meet the requirement. With a yes/no question, you’ll find it easy to screen suitable applicants.

2. Winning the Right Candidates

Since the mortgage industry is growing fast today due to the steady increase in human population and economic power, there is a high demand for qualified candidates. In particular, employers are hungry for highly efficient mortgage loan originators since they determine their ability to close sales. In other words, other recruiters are competing with you for the attention of the same candidates.

Solution: Before reaching out to highly competent candidates, research what keeps them happy and motivated in their jobs. Use the finding to craft personalized emails that describe what you offer instead of what you want from them.

3. Hiring Quickly

It’s challenging to hire fast in the mortgage industry since you need to hire an individual who understands the consequences of misleading customers or making mistakes. Nonetheless, slow hiring might also cost you a lot of time and money. The unavailability of core members of your team in the office means delayed operations, which could be costly. Besides, as already mentioned, the mortgage industry is a hot job market, so you can lose skilled job seekers whenever you hesitate to make critical hiring decisions in time.

Solution:  Review your process and remove stages that lead to the following:

• Looking in the wrong places to fill in vacancies
• Hinders prompt communication
• Servers no purpose

You can use your Applicant Tracking System to find out which of them needs to be removed.

Note: If you need a lot of time to find the right candidate, explain that to your hiring teams and set expectations well in advance.

4. Building a Solid Brand Image

Building a good employer brand is often difficult since many people consider honest reviews unwelcome, especially if they are negative. Besides, it’s not easy to meet the salary demands of all your employees.

Solution: Ensure you pay competitive wages and salaries and maintain a positive employee-employer relationship. Also, ensure good candidate experience. Moreover, always reply to online reviews courteously.

5. Using Objective Data

Using recruitment data and metrics is an excellent way of making the best hiring decision. However, collecting and processing the details can be a difficult task.

Solution: Use systems like Google Analytics and your recruitment software to capture and analyze the information. Be sure you settle on the right metrics that the mortgage industry and your company consider most important.

Wrapping Up

Now, if hiring mortgage originators or any other officers have been a challenge to you, you know what to do. The mortgage industry is a hot market, so use fast and efficient systems to attract and retain suitable candidates. You also need to ensure the applicants and your employees have a positive experience.