How to Find, Recruit, and Retain the Best Loan Officer Talent

February 17, 2021

When exploring new opportunities why do individuals opt to work at one organization over another? If you are a hiring manager, you might be quick to jump to the conclusion that, that candidate wants to work for the place that will drive them up the ranks up to #1 faster than you can say, “supercalifragilisticexpialidocious.” However, that isn’t always the case. Today, job seekers flock to work for organizations that represent them not just monetarily but culturally.

When hunting for their next gig, one will surely add up all of the pros and cons of joining an organization.

They might ask themselves questions like:

What is my potential to grow?
Are there any perks or benefits?
How passionate are my co-workers about the company and what they do?
What tech tools will they provide me with so I can do my job to the best of my ability?
What do pay increases look like?
Are there benefits?

This goes without saying, how you position your company is fairly important. LO candidates are interviewing you too!

How to Retain and Recruit the Best Loan Officers

Regardless of the size of your company, your net worth, or how long you’ve been in business – it doesn’t mean that you cannot obtain and retain top talent and keep those employees around for the long haul. Recruiting the best loan officers and making them feel secure should without a doubt be incorporated into your retention strategy.

In 2018 or 2019 we could predict where the market was headed. 2020 hit us with a whammy. The current situation has given us endless opportunities but has struck us with a burden of uncertainty.

Creating a comprehensive recruiting strategy by implementing tech tools, like Sales Boomerang will weaponize your team. They’ll have access to the best leads, ‘their own pool of borrowers’, and will be ready to take on any twists and turns the market takes. Showing them how imperative a customer retention strategy is where they can easily recapture all of their customers and keep them in their pool.

The Role of Technology

Many LOs need to get away from thinking that all interactions with their borrowers is transactions. It’s not. Show them this with your enormous tech stack. The bigger their database the larger their paycheck after all.

Technology and compensation go hand-and-hand. Those that have seen the positives of technology will identify tech to the growth of their production. Offer your LOs the best in class tech you’ll not only saturate them with leads but you’ll keep their pockets full.