• About Us
  • Contact Us
  • Editorial Policy
  • Privacy Policy
  • Terms & Conditions
Friday, January 27, 2023
The Washington Mail
  • Home
  • World
  • Business
  • Tech
  • Entertainment
  • Health
  • Lifestyle
No Result
View All Result
The Washington Mail
No Result
View All Result

Michael Hughes: The Importance of Lending Technology in the Recruiting Process

by Editorial Board
August 30, 2022
in Tech News
Michael Hughes: The Importance of Lending Technology in the Recruiting Process


Michael Hughes: The Importance of Lending Technology in the Recruiting Process
Michael Hughes

PERSON OF THE WEEK: As mortgage volume continues to contract, lenders are reducing staff and releasing excess capacity. However, they are still recruiting aggressively for top sales talent.

Getting the attention of the best LOs is challenging. Getting them to jump ship can be even more difficult.

To find out what it takes to attract the best LOs, MortgageOrb recently sat down with Michael Hughes, associate manager for sales effectiveness at Mortgage Cadence and a former loan officer.

Q: How long were you a mortgage LO and what was your experience?

Hughes: I joined Mortgage Cadence in May of 2021, but for the previous seven years I was a LO at a regional bank. I loved it and the relationships I built with my clients. In fact, I was originating loans right up until the day I started here. By that time, technology was playing such a big role in our work as loan originators that I began to consider shifting into technology sales and looked at a number of industries.

After meeting the team at Mortgage Cadence, it was clear that this was the place for me. I made the move at the right time because with volumes beginning to normalize, lenders have more time to evaluate future technology investments. As they do so, they are finding that better lending technology is helping them attract better teams and so we’re seeing much more interest on the part of lenders.

Q: What exactly are lenders looking for now in a loan origination system?

Hughes: In many ways, lenders are looking for the same things they always have been: a modern system based on the latest technologies that offers them the flexibility to power their own workflows and business processes instead of adopting whatever the developer has built into the platform. They want the power to work with any vendor they choose easily, and not just the LOS developer’s partners. They want the power to create better processes that finally take friction out of the business and speed the loan to close.

But in addition to all of that, we’re talking to more lenders who are focusing on the LO experience. They are considering the LOS a recruiting tool – and they’re right.

When I was making loans, I was always looking for tools that would make it easier for me to find business and better satisfy my clients’ needs along the way to smooth closings. 

Lenders who are serious about recruiting the industry’s top people are taking a closer look at new loan origination technology.

Q: What does it really take to get the attention of LOs?

Hughes: That’s a good question and one that I think more lenders are talking to their sales teams about right now. Having good support in the company has always been important. Good managers are a big draw, culture is so important, sometimes even more important than the initial compensation plan.

But for most LOs, the tech stack the company offers them can make or break the deal. An LO will want to have autonomy, but ultimately it’s going to come down to what’s going to make the job easier.

At the end of the day, if an LO can close more loans and still have time to be home with family or friends – and do the things they want to do with their life – that’s the company they’re going to want to work for. That takes technology.

Q: In terms of functionality, what does an LO need to realize that goal?

Hughes: Since LOs all have different approaches to how they build their business, it is hard to create a one-size-fits all approach. The real answer is that the LO needs everything it takes to empower them to do the best possible job getting borrowers through their process to the closing table. 

Q: Do LOs today expect recruiters to understand mortgage technology?

Hughes: I think so. The LO a lender is trying to recruit is going to have questions about the company’s technology – and if the lender can’t answer those questions on the phone, it’ll never get them to come in for a visit.

But that’s not to say everyone in HR needs to understand the lender’s tech stack. When I was working at the bank, I would often get called in to sit on a call with a prospective recruit and explain what we were using in our day-to-day. It helped them get a full picture of what they might be getting into when changing organizations.

It helped them to hear all about the culture and brand, but it always came down to the question: how easy is it to get a new loan into the platform and keep the borrower satisfied? 

Every LO knows that they’re not going to grow their pipeline and have raving fans without technology that assists in doing that.



Source link

Tags: HughesimportancelendingMichaelProcessRecruitingTechnology
Editorial Board

Editorial Board

Get the latest news and updates on World News, Business, Tech, Entertainment and more.

Related Posts

Microchip Technology logo

Microchip Technology (MCHP) Set to Announce Earnings on Thursday

by Editorial Board
January 26, 2023
0

Microchip Technology (NASDAQ:MCHP - Get Rating) will release its earnings data after the market closes on Thursday, February 2nd. Analysts...

Cal Poly and Stanford project awarded grant for student-led technology research

Cal Poly and Stanford project awarded grant for student-led technology research

by Editorial Board
January 24, 2023
0

SAN LUIS OBISPO, Calif. – A collaborative project on ethical and social impacts of artificial intelligence between California Polytechnic State...

WhatsApp

WhatsApp testing a new feature that lets users share high quality images

by Editorial Board
January 22, 2023
0

WhatsApp developers seem to be constantly working on bringing new features to Meta’s instant messaging platform. A recent report by...

Next Post
US: Review of possibly privileged Trump papers already over | Lifestyle

US: Review of possibly privileged Trump papers already over | Lifestyle

Popular Stories

  • DYOR Paving the Path to Digital Supremacy in Web 3.0 and NFT Industries

    DYOR Paving the Path to Digital Supremacy in Web 3.0 and NFT Industries

    0 shares
    Share 0 Tweet 0
  • Top Three Fruity Slots

    0 shares
    Share 0 Tweet 0
  • Congratulations on Lenercom ESS Won the iF design award 2022!

    0 shares
    Share 0 Tweet 0
  • Entrepreneur Davide De Vries redefines online sales through his distinctive mentorship programs.

    0 shares
    Share 0 Tweet 0
  • morph: The Web3 Brand That Bridges The Gap Between Real and Virtual Worlds Through Digital Innovation

    0 shares
    Share 0 Tweet 0

Recommended

Circus World elephants to retire after summer of 2023

Circus World elephants to retire after summer of 2023

September 14, 2022
U.N. General Assembly: Live Updates, Speeches and News

U.N. General Assembly: Live Updates, Speeches and News

September 22, 2022
Tencent and Sony Interactive Entertainment collectively acquire 30.34 percent of FromSoftware

Tencent and Sony Interactive Entertainment collectively acquire 30.34 percent of FromSoftware

August 31, 2022
  • About Us
  • Contact Us
  • Editorial Policy
  • Privacy Policy
  • Terms & Conditions

© 2022 The Washington Mail. All Rights Reserved.

No Result
View All Result
  • Home
  • World
  • Business
  • Tech
  • Entertainment
  • Health
  • Lifestyle

© 2022 The Washington Mail. All Rights Reserved.