It is no secret that many companies are “aging out” of the mortgage business, as the average mortgage professional today is in their 50s. One of the biggest challenges companies face today is how to bring the next generation of mortgage loan originators into the industry. Accutrust Mortgage Inc. has become a leader in organically growing a new segment of mortgage professionals with its newly implemented intern mentoring program (IMP).
The owner of the company, Donald Lambert, believes that recruiting and developing sales teams from outside the mortgage industry will offer them a marked advantage in the marketplace.
“In the past, growing has focused mainly on recruiting seasoned loan officers from competitors; however, the shortage of licensed originators has forced us to find alternative methods to enhance our existing sales force,” he says.
Comparable financial industries such as financial planners, stockbrokers, insurance agents and accountants have been able to attract quality talent and require comprehensive training and knowledge before allowing them to reach, service and retain clients. Accutrust has decided that that the time to start is now for the overall growth and health of its company, as well as the industry.
The goal is simple, says Lambert: “We are building a sales force for tomorrow. We have developed a corporate hiring initiative which includes an allocation of new loan officers to complement our seasoned folks.”
Accutrust has mirrored its new program after many found in other sectors of financial industry companies. Candidates for the intern mentoring program are carefully chosen and possess key indicators of future success as a professional mortgage loan officer. Once the candidate is hired, they are matched with a mentor/manager. The selected mentors are company “champions,” who strongly support the company vision and are great role models for the new loan officers. The training program and assimilation includes a thorough training of the interns, as well as the mentors.
The interns are first taken through the process of obtaining their mortgage originators license. This includes the required 20-hour NMLS course, three-hour state courses, and passing the NMLS test. Accutrust has a “mortgage classroom” set up and its more seasoned people spend part of their time teaching and helping the new hires prepare for the testing.
However, in reality, the real education begins after the license is obtained, when the loan officers begin writing mortgage applications. This is when the mentoring becomes such a crucial piece of the loan officers training. It takes a long time to get comfortable in the sales process.
Lori Medeiros, one of the new recruits, says that “having an experienced loan officer help me learn the regulatory compliance and teach me by example has been a critical part of my success.”
Hiring and growing can be risky, says Lambert. But experience is not always a guarantee of success, and Accutrust has seen the benefits of “growing our own. They bring with them some invaluable traits including, enthusiasm, motivation, and a new sense of energy.”
