A New Way to Network

Networking. You hear people talk about it all the time, especially in the mortgage industry. Usually as a way to justify the expense of business trips. ;-) But what does it really mean? Let’s turn to Merriam-Webster:

networking

noun net?work?ing \ ?net-?w?r-ki? \

the exchange of information or services among individuals, groups, or institutions; specifically: the cultivation of productive relationships for employment or business

To most in the mortgage industry, “networking” is going to a conference, conducting some short meetings, milling around the floor of the expo hall for an hour or so, and hitting a couple of cocktail receptions. I always looked at it a little differently in my years as a lender.

I’d argue there’s few industries where professional networking done right can have more impact on personal performance and a company’s bottom line than the mortgage industry. It’s a cyclical business with volume fluctuations that are often unpredictable. The rules and regulations lenders must abide by have been in a constant state of flux for the last 20 years, with more gray than black and white. Numerous third-party providers are needed to originate, manufacture, and service mortgage loans. And the technology in the industry is evolving so quickly right now, making assessing and adopting these new tools so vital to firms’ future financial health.

Peer-to-peer networking has always been at the heart of the value we look to provide our lenders at The Mortgage Collaborative. At our biannual conferences, on our biweekly lender networking calls, and at roundtables and receptions we host at other industry conferences. Our Collaboration Labs take things to the next level for lenders that want to truly use professional networking to help them operate their businesses more effectively.

The premise is simple. We form Lab groups from lenders who express an interest in participating, consisting of 4-6 companies of similar size and scope that don’t compete directly with one another. One of the participating companies serves as the host. The Mortgage Collaborative team facilitates the execution of a mutual NDA, the collection of a set of defined benchmarking metrics and key performance indicators, and all of the planning and communication related to the Collaboration Lab and the agenda. 

Labs are one and a half days long:

• Day one (half day) begins with lunch, is followed by an afternoon of the participants getting to know one another and their companies better, and concludes with a dinner reception that evening.
• Day two (full day) sees the group take a deeper dive inside each firms pre-submitted side-by-side operating metrics, business best practices, and strategic discussion on current and future initiatives.

We had 19 TMC Lender Member companies participate in four different Collaboration Labs in the spring of 2017. 34 Members will participate in six Labs in November and December of 2017. Another 23 Member companies have expressed an interest in hosting or participating in a Lab in spring of 2018.

The companies that have participated have consistently said the same thing. Here’s a couple of testimonials that sum it up well from participants in two separate Labs this past spring:

"I got more constructive and challenging thought content in the past one and a half days than in the last three industry conferences I've attended. Like all of your Members, I have more demands on my time than ever in my career. So providing real substance creates compelling value.” ~ Stan Foraker, EVP Mortgage Banking - First Commonwealth Bank

"Two great days spent with an amazing and very talented group of mortgage professionals. A lot of idea sharing and deep discussions on best practices. Definitely walked away with many very executable action items.” ~ Christopher A. Spaker, AMP, President - CNB Mortgage Company

More information on our Collaboration Labs can be found here. Or check out this video footage of one of our spring Labs hosted by Jason Madiedo and Alterra Home Loans.