Good employee recruitment takes patience

Mortgage professionals are known for their mobility, often switching jobs every few years – or even every six months. In this competitive talent market, recruitment and retention can be a struggle, but patience, as always, is a virtue that can make the difference.

“You have to be patient to wait for the right experienced person, and also patient to grow people new to the business,” says Brian Koss, Mortgage Network executive vice president. “We hope people we are hiring today will be running the company in 20 years. It’s a different view. I don’t know many places that are thinking that long-term.”

Now in its 30th year, Mortgage Network has proven that it’s possible to hold onto top talent. Roughly 60 employees have received Rolex watches to celebrate 10 years with the company, and the 25-Year Club is always growing.

Koss says it all comes down to picking the right people and giving them the tools to shine. While some lenders try to recruit “anybody who can breathe,” Koss is selective. He always has his eye out for talented originators closing deals along the East Coast, where his Massachusetts-based company operates.

It can take years for these high-performers to decide they are ready to move on from their current lender and join Mortgage Network, but Koss says it’s worth the wait.

“We want to work with the people we want to work with and who truly value what we can do for their business,” Koss says.

The company’s Minor League program also develops talented industry newcomers “from scratch” with no experience required. These fresh recruits learn the business by assisting with a thousand loans -- a “case study” model, Koss says. 

Once an employee is part of the team, Mortgage Network strives to help them meet their personal goals through coaching and business planning. The company’s marketing and technology teams provide expertise so originators have more time to close deals.
 
“We focus on how to get better at your craft,” Koss says. “A lot of that is creating systems and support. People see the path and say, ‘I can do more here.’ It should feel like 2+2=6.”

That productivity adds up to happy originators who are less likely to leave. Many of Koss’s top employees tell him that they never respond to the deluge of recruiter calls they receive every day because it’s just a distraction.

For the frequent job changers, Koss says he understands the temptation to move around, but it comes with a cost.

“Every time you move, you lose at least six months of income if not a year. Koss says. “You have to tell everyone where you went and learn all the systems. It can take a year to get really efficient again. Being somewhere a long time, you have connections and good will built up in the company. So unless you are really unhappy at your company and you can see it costing you significant money, then don’t move for promises.”