Increase Your Purchase Business: Why mortgage businesses should prioritize recruiting needs.

A few years ago, during the refinance boom when interest rates were at a historic low, mortgage companies found tremendous success focusing on handling refinances with a far-smaller focus on home buying. Today, as rates increase, people no longer qualify for the same loans and inventory has gone down, making market conditions unfavorable for refinancing. Mortgage companies need to increase their purchase business, and recruiting must be at the forefront of this strategy. Now, more than ever, mortgage companies need to differentiate their value proposition by building a platform capable of helping loan originators understand the significance of a new company's ability to increase their purchase business.

Finding the Right Loan Originators to Increase Your Purchase Business?

Mortgage lenders experienced unprecedented growth in volume during the refinance boom, but as marketing conditions gradually leveled, the only thing that kept many companies afloat was their purchase operations. Faced with plummeting profits and the inability to replace their volume, many of these mortgage companies have cut expenses via layoffs, impacting the quality of their service and overall value. Alternatively, they could recruit purchase loan originators (individuals, branch managers with followers, or an entire company) attached to the home buying experience.

When recruiting, mortgage firms must select those originators who never lost sight of the purchase business. In other words, mortgage companies should avoid recruiting those who spent all their time and energy chasing after the refinancing bandwagon. The loan originators with platforms set up primarily for refinance will have difficulty rebuilding and may have even reduced their technology and marketing capabilities during their layoffs. Mortgage companies should prioritize those originators with platforms that can support a purchase business – and there is no better solution to streamline the acquisition processes than talent management software.?????

The Advantages of Talent Management Software?

Considering that the average time it takes to identify, fill, and onboard a position?is 42 days, it’s best to avoid outdated hiring methods. By leveraging talent management software, businesses can manage talent pipelines and build central and easily accessible repositories. These solutions allow organizations to make data-driven decisions by categorizing candidates by location, licensing, volume and products. Mortgage companies looking to put themselves in the most optimal spot to help originators increase their purchase business can accelerate the recruiting process while enabling greater collaboration between hiring managers.

Talent management systems also come with valuable tools that let recruiters set interview reminders, create meetings and add notes on prospects while ensuring all contact information is up-to-date, leaving no qualified loan originator behind. Additionally, these software solutions come equipped with insight technology that can uncover crucial competitor data, giving mortgage firms an advantage over others in their industry. Moreover, these valuable insights allow companies to craft comprehensive, practical, and data-driven growth initiatives. Ultimately, it will be those companies that are set up to take advantage through these core components around home buying who will win.

Empower Your Organization to Strategically Grow with Model Match

During this unique time, it is pertinent that mortgage companies help originators understand the benefits of increasing their purchase business – and, with Model Match, they can remove the guessing games, and hone in on the most qualified people in the recruitment pool, quickly and effectively.??