MLO Stay-Put Proposition

Happy New Year ?? Recruiting Enthusiast!

I hope everyone had a wonderful holiday season and is ready to get back to recruiting talent. This is going to be an interesting year for recruiting.

During Q4 2023, I shared a few new ideas to help Sales managers play a pivotal role in attracting new talent to their teams, but sometimes their efforts yield limited results despite positive input.

Let's talk about the main challenge. Through discussions with many Sales Managers I spoke with, the common narrative was they were searching for a secret sauce or a better strategy to get them in front of more MLOs that are actively in search of a new HOME.

Yes, these managers were desperate. At first, they wanted our team to help them get in front of more qualified MLOs, and from there, they would court and close the MLOs.

The conversation started with how their current process is working or not working. From there, I wanted to know their recruiting plans, approach, and struggles to move the needle.

At first, we discussed our proven MLO Recruiting approach to cast a wider net and help them develop rapport through social media. This would help them connect with MLOs in their market, and build relationships with new MLOs, turning a COLD CALL into a WARM CALL.

Although this new approach requires a lot more work on their end, turning over every rock to find the productive MLOs.

When they do find someone willing to listen, presenting their value proposition in hopes that it is compelling enough to lure that talent to them. The results were successful for the managers willing to commit to a new approach.

From there, I asked a series of questions.

• 1. How many MLOs do they want to hire in the next 6 months?
• 2. How many have they hired in the past 6 months?
• 3. How many MLOs quit and went to work for a competitor? And why did they leave?

#3 was surprising! While these Sales Managers were so concentrated on finding new team members, their team was out courting with the competition. By the time these managers realized it, their MLOs were walking out the back door to join another team. I get it!

Executive memos ?? from the corporate office are demanding their Sales Managers "HIRE MORE QUALIFIED MLOS." But they are missing the most important element, the STAY-PUT strategy.

The executive teams of lenders are more focused on the consumer and have lost sight of who brings the business in the door. Yes, it's their MLOs and their support team.

Budget cuts and layoffs of support staff have fueled MLOs to consider looking around for a new HOME.

Think about it. ?? When business is down and MLOs are forced to explore their options, they are not looking to their current employer, they are promoting their book of business to a team that shows them the LOVE.

Today's successful Loan Officers have used social media platforms to create and promote ?? their own brand identity and not so much their employers.

We see this every day, (Loan Officer Name) powered by (company name), putting the loan officers out as the face of their brand.

The Co-Branding has been lost and most MLOs feel like they are FREE AGENTS.

This type of self-marketing strategy has made it easy for recruiters and competitors to find MLOs, present their value proposition, dangle a transition package, and then, BAM, they're gone. Unfortunately, it's probably too late to reel them back.

This is why over the past few years, there has been so much movement in the mortgage industry, there is no more LOVE shown for the Loan Officer from their current employer. They view their employer as just a place to do loans.

Years ago, top producers were less likely to consider making a move, because the idea of moving was a daunting event they would avoid. Unless the conditions started to affect their wallet and they were pushed to make a change.

In reality, a majority of productive top-producing MLOs will give their company every chance, before determining if their lender is no longer a good fit and they may have to move on to greener pastures.

Once a Loan Officer determines it's time to switch companies, it may be too late.

Lenders must be more vigilant about identifying ?? their MLO's challenges, and then executing retention strategies that keep the MLOs fully engaged in the organization.

This is an approach Sales Managers must take on themself and develop to keep their team together. A "MLO Partnership-Proposition" (MPP) approach can significantly help a Sales Manager's employee retention rate.

The MPP should reflect the value the MLO is to the Sales Manager. This must incorporate all aspects of the MLO's work expertise, and team value into a co-branded campaign to help them drive new referral partners and more business that ensures their success.

The MPP must define how the Sales Manager's vision aligns with the MLO's business and career aspirations.

From there, it should clearly define not only the “features and benefits” of their organization but more importantly, the partnership with their Sales Manager.

This is where your Loan Officers will determine the value they can expect from the employer and you their Sales Manager in return for STAYING-PUT.

The MPP becomes the foundation of the employer and employee partnership. It must clearly define the unique business opportunity for its employees and potential employees.

By Co-Branding, you will lock in MLOs, before they start getting their feelers out and exploring their options.

Investing in your Loan Officer's business will pay dividends for years to come. An MPP is a marketing plan and retention tool that ensures your Top Producers are not out talking to the competition.

Remember, for a MLO to lift their book of business and move to a new organization is a daunting task.

Loan Officers work with a team and that team is like a family, so they will reconsider the move when they start to feel the LOVE again.

Happy Headhunting!