In this episode, recorded live from NAMMBA Connect 2024 in Orlando, FL, we explore effective recruiting strategies for mortgage company managers focused on hiring loan officers. Moderated by Heidi Iverson from MMI—a company specializing in providing data on loan officers and mortgage companies—the panel features Fobby Naghmi, Gene Frazier, and Carolina Vergara. The discussion emphasizes balancing relationship-building with data-driven decisions, the importance of onboarding, and the strategic use of compensation.
Key Takeaways:
- Targeted Outreach: Merging personal connections with data helps identify and attract top loan officers.
- Onboarding Excellence: A robust onboarding process ensures the successful integration and retention of new hires.
- Compensation Strategies: The panel explores effective use of sign-on bonuses and guarantees to attract the right talent.
Notable Quotes:
- Gene Frazier: "Personal production makes more money... It's the most challenging role in the business, right, being a producing branch manager, balancing your time between your personal production and taking time to build and grow your team."
- Carolina Vergara: "If the offer letter is sent out, you have an amazing team on the back end to do the marketing and everything that's needed into the process of the transition, but setting expectations... If we need a week, it's a week. If we need a month, then it's a month having the date spoken upfront."
- Fobby Naghmi: "Right now, companies are using it, but I feel loan officers should start using data also... If we can show that your volume will increase 12% over a period of 18 months after joining because of the process we have, then now we can start debating on, once again, making data-based decisions."
Guest Speakers:
- Fobby Naghmi: Senior Vice President at Homecomings Mortgage & Equity
- Gene Frazier: Highlands Residential Mortgage
- Carolina Vergara: Mpower Team powered by First Option Mortgage
