Interest rates, it seems, are commanding a lot of attention right now. The prognosticators, forecasters, talking heads, political pundits and probably even some fortunetellers are all weighing in on where interest rates are headed. Will the mighty Fed raise rates in December, bringing about an event we haven’t seen in over a decade, just as they have been indicating for months now? Or, will the latest jobs and economic data persuade them to hold off for a little longer?
While the Fed rate change does not directly impact mortgage rates, the underlying economic factors do, and impacts from a rate increase on the mortgage banking business can be substantial, yet very uneven. As rates move higher, real estate and housing markets will be significantly impacted as cost to purchase increases. Some experts are predicting that a move from our historically low 4% interest rates to a more moderate 6% may imply markets such as San Jose, San Francisco and Miami could be overvalued by as much as 20%. Yet, that same move in interest rates would not likely have any impact in markets that are still undervalued such as Detroit, Atlanta and Chicago. In some markets, the money will continue to flow and the industry at large will see continued growth and prosperity; while in other markets, well the good times may not last forever. What does the future hold for your market; and for you?
Are you at a solid company with plenty of capital to weather a storm? Are you feeling a little uncomfortable about what might happen if a slight downturn hits the industry? Is your resume up to date? As a company, are you in a position to maximize your human capital during a potential uneven time in the mortgage business? Do you have a partner on you side to help you navigate the waters ahead? For search support, recruiting and merger exploration, as either a buyer or a seller,contact MSA today and bring some certainty to your future.
WORKING SMART NOT HARD
Are you a take charge kind-of-person or do you prefer having others along side as you journey down the path of life? Regardless of your personality, the old adage to “work smart, not hard” can pay huge dividends when you’re looking for a new career opportunity, especially in the mortgage banking industry. It’s no secret the market is flooded with quality candidates, both seasoned and recent college graduates, all of who are eager to show their worth. Working smart is leveraging the experience and contacts with a qualified search firm like MSA.
If you fall into the realm of a “take charge” type of person, working smart in this instance isn’t giving up control, rather maximizing your exposure to quality employers looking for your skills. How many resumes do you think employers receive on a daily basis? How many do you think are actually reviewed? More importantly, how often have you thought, “If I could just talk to someone about my experience”? For over 30 years, Mortgage Search and Acquisition has had the passion and taken the time to learn about YOU, what makes you tick, and what qualities make you an ideal candidate for our hiring customers. By leveraging our experience in the banking and lending industry, you’re working smarter.
As a person that ideally likes to have others around you, a counsel so to speak, you already fall into a category of working smarter. Ever hear of two heads are better than one? Of course you have because you typically like this methodology of problem solving. By getting to know you as a qualified candidate, we can better match your personality and strengths with the ideal hiring partner. Now that’s smart.
Mortgage Search and Acquisition has a passion for connecting qualified candidates with quality employers in the banking, lending and mortgage industry. Our experience and exceptional results has come from our passion to be the best and simply working smarter.
THEY DON’T FIT THE MOLD.
If someone is fun loving, gets along with everyone and can work a room; they have the perfect qualities to be in sales. Let’s say someone is great with numbers, very detail oriented and keeps all their projects running smoothly; they are destined for the accounting department.
It is easy to place people into a job when they have all the “right” personality traits, but what happens when you have someone who doesn’t fit? Sometimes you come across a unique candidate that has an odd array of skills. Someone who doesn’t blend into the status quo but yet you see incredible potential. Here are five ways to evaluate your situation to see if this unconventional candidate has potential to grow your business.
- Look at the candidate’s combination of skills: Find out what they are good at. Can they talk to people? Are they a Problem Solver? Do they have a knack for organization? Are they out of the box thinkers? Really try to delve into the intricacies of their personality without any preconceived notions of what they are supposed to be. Understand what they want out of working with your company and see if your priorities align with theirs. This will be one of the first steps in evaluating their potential and will help you decide if this is a good fit. Sometimes a great candidate might just be the wrong person to hire for your business because they aren’t what you need. A good example of this is something I see all the time in recruiting mortgage professionals. A client needs a retail Regional Manager. They interview a candidate who has all the traits they’re looking for, stellar references and a great resume. But…..they’ve been on the wholesale side of the business for the last 3 years. Often times, this little pesky fact is enough to get the resume trashed. But not so fast….if they’ve got strong leadership skills, have a demonstrated track record of success in recruiting and understand the retail side of the business, why not give them a shot? I have seen more success stories than I can count with clients that are willing to look outside the box.
- Take a look the way you’re doing things: Make sure the way your business is structured isn’t outdated and look up the latest industry trends to verify you are doing things in the most efficient manner. This unique candidate might be the perfect addition to your team to unlock untapped potential.
- Fit the job to the candidate; don’t fit your candidate to the job: Often times employers try to fit their candidates into a box, a metaphorical box of rules or regulations are put in place and have to be met in order to be considered for a position. For your unconventional candidate it is important to throw that box out the window and take their skills as they are, make a position that fits their complex personality and also fits your business. By making a position for your employee you ensure that both your needs and their needs are met.
- Don’t be afraid to say “it’s not a fit”: Sometimes it just doesn’t work. Similar to putting a square peg in a round hole, your candidate may be a very talented individual but just doesn’t fit with your business model. It is important to communicate this to your employee and determine if there is a way to create a better fit or simply call it a day.
- Create a plan for your new candidate to succeed: Your unique candidate may be extremely hard working, intelligent and creative but without a plan in place to utilize those skills it may be difficult for them to succeed. Make sure that both you and the candidate fully understand what is expected of them, what the goals are and how they should reach them. Of course, no one is suggesting hand-holding but a clear cut path that both Parties understand can make all the difference. With no direction or structure it is difficult to complete tasks to the best of their ability and it will frustrate them that the quality of their work is lacking. Your candidate should have clear goals in mind that can be accomplished and measured in order to have a happier employee – employer relationship.
MSA has been identifying the most qualified individuals for positions within the mortgage and financial industries for over three decades. This experience has enabled us to build a powerful national network comprised of the most talented individuals in the industry. If you’d like to get in touch with us about our Candidate or Employer services, please complete a contact form on our webpage and we’ll get back to you as quickly as possible.
TRUE EXPERTISE SPURS FROM UNDERSTANDING.
The hiring process is scary no matter what the industry. Navigating any market to find the right candidate or employee can be very difficult and requires genuine knowledge of people and the industry as a whole. At MSA, we have taken a bit of a different approach. We feel that our expertise comes from a true understanding of the market. With over 50 years of combined experience within the mortgage and financial services industry, we understand the complexities and small nuances of finding and matching a candidate with the right employer.
We think specialization is the ingredient that makes our business distinct. By focusing solely on the mortgage industry, we create an environment that puts everyone at ease with the services we provide. We know this isn’t the best path for everyone but take a look at some of the reasons we chose to specialize.
- Passion helps: At the core of our business is passion for what we do. We could have taken the path of recruiting for a culmination of industries with a blanket process and a structured rigid way of doing things, but that is not who we are. MSA is comprised of people who want the best for the employees and employers who have built a career within this industry.
- It increases our accuracy: We know this business inside and out and have the street cred to prove it. By concentrating on the hiring of financial professionals we have developed our own personalized strategies. This experience in the industry helps us stay on track and really understand what works and what doesn’t.
- We know when to improvise: Our expertise helps us know when to go outside the box. With knowledge of consumer interest and candidates who comprise the workforce, we can take our well-established business relationships and match every individual to the right business.
- Confidence is a plus: One of our biggest attributes is that we are confident in what we do. When you work with us, we bring a wealth of knowledge that is built from years of experience.
- We have compassion: Since we have pretty much seen it all, we know how hard it is to overcome hardship in this industry. We went through the storm and came out strong. By really understanding our candidates and clients, we can help get them through tough times while also providing the same level of customer service.
MSA has been identifying the most qualified individuals for positions within the mortgage and financial services industry for over three decades. This experience has enabled us to build a powerful national network comprised of the most talented candidates in the industry. If you’d like to get in touch with us about our Candidate or Employer services, please complete a contact form on our webpage and we’ll get back to you as quickly as possible.
IS YOUR CANDIDATE IS CONFIDENT OR JUST COCKY?
Many employers can agree that having a candidate with confidence is a definite asset. Confident candidates take more initiative, interact better with existing employees, and usually show some potential for leadership. Unfortunately with an over-abundness of confidence can come an overzealousness and cocky attitude, which can become an employer’s nightmare. Here are several signs that your candidate has a little too much confidence:
- A Lack of Empathy: Often employees can be extremely efficient and hard working individuals but have no regard for the people around them. Although someone may be going above and beyond in with his or her own work, it is important to remember that a team player mentality is extremely valuable. On smaller projects one person may thrive but one who does not value the whole team will be extremely difficult to deal with when the project becomes too much for them to manage.
- Disrespecting other people’s time: When a candidate shows a lack of enthusiasm or respect for someone else’s time it is a definite red flag in the hiring process. Most people know to be on time and punctual but it is just as important to make sure the candidate does not take up to much of someone else’s time. By making sure everything is punctual or does not run too long, an employee is showing respectfulness for what type of work the other person does and shows efficiency. Think about this the next time your interviewee tries to elongate an interview beyond the designated time frame.
- Impatience: When someone shows a lack of patience it can be detrimental to a business. Without a smooth workflow it is impossible to achieve any goal. An impatient person will often times throw off the balance of a company by bugging people about completing something or making snide remarks about the punctuality of another person.
- A Big Mouth: A candidate that does not know when to stop talking or has to tell everyone about his or her importance to the company is not someone you want on your team. This can cause lots of drama and turmoil among your employees and is just plain annoying for many people in and around your business. It’s fine (and expected) for a candidate to show themselves in their best light during an interview scenario, or highlight accomplishments, however when a candidate demonstrates an “I’m the best thing since sliced bread” mentality at the office, this is a problem.
- A Micromanager: Although this term is used allot these days, it does pop up in a lot of industries. Micromanagers are often cocky individuals who need to have a hand in everything (including routine or low level tasks) in order to ensure it is done “correctly”. These employees are often focused on making sure their vision is upheld rather than that of the team.
When the time comes for a hiring decision, do your due diligence….talk to people the candidate not only reported to, but a few who reported to them if possible. Did they have respect for this individual? Was he or she considered a strong leader? Cause drama in the office?
MSA has been identifying the most qualified individuals for positions within the mortgage and financial industries for over three decades. This experience has enabled us to build a powerful national network comprised of the most talented individuals in the industry. If you’d like to get in touch with us about our candidate or employer services, please visit our website and complete the contact form on our webpage and we’ll get back to you.
CANDIDATE EXPERIENCE 101
There are countless reasons why ensuring a candidate has a positive interview experience should be an important part of your recruiting strategy. Not only is it crucial in bringing on board the best candidates, it also helps to shape your brand perception among these individuals. The interviewing process is a reflection of your brand, and a good candidate experience will work in your favor, just as an in-store or positive client experience would. A 2012 Candidate Experience survey conducted by the Talent Board found that more than half of interviewees share their experience with their inner circle (~5 people), including whether that experience was positive or negative. On top of that, 31% of these individuals who had a positive experience and 20% of those who had a negative one say they would share their experience via social media, blogs, and sites like Glassdoor. Here are a few pointers that you can embrace to ensure a positive candidate experience:
- Communication: The more information you can provide about the position, the company, and the hiring process, the better. If you tell the candidate you will get back to them by a certain time, ensure you do so, even if it is just to let them know that the decision is taking a bit longer than expected. Transparency and honesty is key in gaining candidate trust, which can translate into brand trust and positive brand perception.
- Flexibility: Sometimes the best candidates aren’t the most flexible, which means you will have to be. Accommodating their schedule can show just how much you value them. Conveying this value can mean the difference between the right candidate taking the position and passing on it.
- Put Yourself In Their Shoes: Be attentive to the candidate and try your best to meet their expectations of the hiring process. At one point or another, we’ve all been job seekers. It is important to keep the company’s needs in mind through the interview process, but is also important to keep the candidate’s in mind as well. According to Talent Management, “one in seven job seekers (15 percent) reported having a worse opinion of the employer after they were contacted for an interview.” Putting forth your best effort to meet candidate needs can easily prevent your company from being part of that statistic.
- Seek Outside Help: If you’re not having any luck filling a position, teaming up with a recruiter specializing in your industry can be tremendous help. Recruiters are able to tap into resources that your company may not have access to. Most have a pool of industry connections, which can be used to identify the most qualified candidates for the position.
MSA has been identifying the most qualified individuals for positions within the mortgage and financial industries for over three decades. This experience has enabled us to build a powerful national network comprised of the most talented individuals in the industry. If you’d like to get in touch with us about candidate or employer services, fill out a contact form on our webpage and we’ll get back to you.
HERE WE GROW AGAIN!
Mortgage Search & Acquisition (MSA) is an Executive Search firm focused on the national Mortgage Banking and Financial Services industry. Based out of Dallas, with locations in Austin, Plano and Denver, our team has over 50 years of experience in providing outstanding candidates and profitable production opportunities to our national client base.
Business is booming! We are currently seeking an experienced Recruiter to join the MSA team. We offer the best commission split in the industry and the ability to work from your home office. We are seeking candidates who have a proven track record in commission based recruiting, experience with business networking and social media driven sourcing. Recruiting experience within the mortgage banking industry is ideal.
Our client base consists of small, boutique lenders to national banks. Our practice focus centers on identifying quality production opportunities for our clients, as well as traditional C-level executive searches.
If you have a minimum of 2 years recruiting experience in a commission driven environment, are self motivated and want to discuss an opportunity with MSA, please send your resume in confidence to [email protected] for immediate consideration.
THE ART OF THE RELATIONSHIP
I purchased my home in the heat of the crisis. (Isn’t it funny how anyone in the mortgage industry instantly knows what time period you’re referring to when you say “the crisis?”) A few years ago, a loan officer (“Summer”) with my lender began contacting me, dangling tempting refinance rates and cash out options. Most of the time, it was with a cheery email showcasing the mortgage flavor of the month, other times it was with a monthly newsletter, describing all the benefits of refinancing and the usual filler, seller mistakes, improving your gardening skills, etc. I would occasionally get calls as well. Not too often to be annoying, but at the same time, keeping her name top of mind. Ok, I’ll admit it, most of the time I ignored her efforts… I wasn’t interested.
The years ticked by and I continued to get communication from her. Until… (wait for it… wait for it…) I decided now might be the right time to refinance. So I called some other lender and got connected to the loan officer on call to handle my loan. Just kidding. I dug out one of those many discarded e-mails from the ever-persistent Summer and shot one back to her. Fast forward to yesterday, when I successfully refinanced my home with Summer’s name on the dotted line.
My loan was not without it’s challenges but Summer was right on top of things, keeping me updated and informed. She created a relationship with me. I personally get somewhat annoyed at the tons of mailers I get via snail mail, from loan officers, realtors, insurance agents, etc. It seems so… lazy to me. Impersonal. They always go in the trash. What happened to the days when people actually made an effort to get your business? Summer made a concentrated effort to stay in regular contact and in the end, it paid off.
Production leaders should be applying this same strategy to recruiting efforts. If you come across a good candidate who may not be ready to make a move, do you stay in regular contact? When you get new\better\different programs or an improved comp plan, do you pick up the phone and reach out? One of these days, you’re going to hit him\her at the right time. But… if your name doesn’t immediately come to mind when the candidate considers a change, chances are he\she is going to pick up the phone and call you to find out what their best options are. I know it’s easier to employ the school of thought that says, “I’m not going to chase him. If he’s interested, he’ll call me.” Show me that line of thinking and I’ll show you a flawed recruiting strategy. Don’t be obnoxious with it; that can work against you. But keep your name and company forefront in the candidate’s mind. If done correctly, odds are that it will eventually pay off, just as it did for Summer.
TRAVERSING THE CREDIT SCORE MAZE
Credit scores are based on five things: payment history, credit utilization, length of credit history, new credit, and credit mix. Sounds pretty simple, right? But delve into the world of trying to obtain the perfect credit score and you will see just how confusing it can be.
Payment history is pretty straightforward — pay on time, and the score goes up. However, if you are not opening up new credit, your score can plummet no matter how consistently you pay your bills. Also, without the right ratio on your credit card balances, you can get hit and the score lowers again. Word to the wise, don’t pay the whole balance on your credit card purchases, and whatever you do, don’t max out said credit card. The powers that be want you to maintain around a 30% balance on your credit cards. Well, I ask who does this benefit, definitely not the consumer. Why would you want to carry a balance on a credit card unless it was one with no interest being charged?
Also, the credit gods want you to finance that new car, but what is wrong with the one you have been consistently paying on for 2 years? Talk with a loan officer when trying to buy a home and you may hear that your credit is too old. Wait, what? Your answer may be I have 3 credit cards with low or no balances, and one I have had for 15 years and I am currently paying for 2 cars, one for 4 years that is almost paid off, and one that I bought 2 years ago. What am I to do to make everyone happy and get that lower interest rate? Why not look at the viability of my job? Or how I have paid my rent and utilities for the past 10 years? Shouldn’t that account for more than taking out some sort of credit line this year?
Changes are coming to how credit scores are obtained. Unfortunately, I think they may remain just as confusing as they are now and benefit the finance companies… not the consumer.
ADVANTAGES FOR EMPLOYERS TO USE A RECRUITER
Hiring is not just about filling a position; it’s about bringing in the right people to help your business grow and succeed. That’s why it’s extremely important that the best possible candidates for the position are identified and brought on board; these individuals will bring their own set of strengths to the table, which will aid in your team’s growth and success. Utilizing a recruiter can help you accomplish this goal much more effectively and much quicker than if you were to go at it alone. Here are the top advantages of partnering with an executive search firm to fulfill your hiring needs:
- Saves money & time: A great deal of effort is spent coordinating a candidate search; creating and posting job listings, sorting through received portfolios, scheduling interviews, and negotiating with qualified candidates. One major benefit of partnering with a recruiter on a candidate search is the amount of time and money you save through this process. Hiring a recruiter allows you to continue your day-to-day operations, and not worry about getting into all the nitty-gritty of the recruiting process. We take care of that for you. Recruiters have more time and an arsenal of resources to find the right candidates, so you can rest assured that they will be able to identify the best possible employees for your business.
- Experience & expertise: Recruiting is a science. You need to be able to identify the best person for the job, and make good use of your time and resources. Recruiters have mastered this process. Recruiters know what to look for in candidates. (We’ve been doing it for years!) We are able to eliminate individuals who don’t meet your needs early in the recruiting process, and are able to present you with only the most qualified.
- Industry specific: The benefits of using a recruiter whose expertise is in your industry are endless. We speak your language. We understand what qualities you require in a candidate and have an in-depth understanding of the field. This enables us to better understand your needs, and helps us easily identify the most qualified candidates.
- Expanded pool of candidates: Utilizing a recruiter broadens your candidate pool. Often times the best candidates are not seeking new jobs, and would not respond to a job listing, even if you put one up. Recruiters are able to reach candidates who may not be actively looking for a new position, but aren’t opposed to being approached about better opportunities. This enables professional search companies to reach the most qualified candidates, rather than the most available.
MSA is an experienced Executive Search firm dedicated solely to the Mortgage Banking industry. We offer a wide variety of services to address and fulfill your recruiting needs. To learn more about MSA and the recruiting services we provide to employers, visit our employer services page.
