Simple Technique to Prepare for the Next Loan Production Boom

Avoiding an Awkward Conversation

Let's talk today about hiring processors, transaction coordinators and other support staff. That probably sounds strange because there’s a decent chance many of you have recently laid off some of your people. But something I know to be true in the mortgage industry is we are typically late to let go, as well as late to hire. Something else I know is that right now you should be thinking about your plan once you get busy again.

The Reality

Respected voices within the mortgage space like Barry Habib have been laying out some very good cases as to why we will see lower interest rates within the next three to six months. Typically, when this happens, we wait until we have more loan and refi volume than we can possibly handle… and then we scramble to put together our team. Think about that for a minute.

 The Right Move

If I were you, what I’d be doing right now is staying in close communication with the people you furloughed or let go, touching base with them on a very consistent basis. Let them know you’re thinking about them. Let them know you’re keeping a close eye on the market and interest rates, and the minute the opportunity presents itself, your goal is to bring them back on board.

The Rub

What is going to happen is that rates will eventually drop and once they do the market will be flooded with people looking to hire processors and support staff for their teams. Do you want to compete with that? Is that the time when you want to put in the work to hire back a valued team member you had to let go of?

The Result

By maintaining your relationship with a former team member you’re increasing the equity you built with them during the time they worked for you. This way when the need arises to bring them back on board, the conversation is not an awkward one. But more along the lines of we’ve made it through a time, so let’s do this!

Tim Braheem is the Head Coach at Performance Experts and the Host of the 360 Experience Podcast. Tim used this technique as an originator, as do his clients in the Leadership 360 program. He shares more about Staying in Touch with Staff in his weekly business and life tip videos. Click this link to watch.

Remember that while numbers are quantitative, a good loan officer can also make them relative.