A talent pipeline will give you a competitive edge in a disrupted mortgage market. Here’s why.

Oct 24, 2023

In a mortgage market where 8% rates are now a reality, the ability to adapt and thrive during challenging times is your key to success. It might be a tough market, but the ever-fluctuating nature of the industry is exactly why you need to make calculated moves that will set you up for success when the inevitable market rebound comes. Building a pipeline of loan officers is a strategic decision that can give you the competitive edge you need. Here’s why now is the perfect time to invest in one.

Navigate the market's cycles and inevitable talent scarcity

The mortgage industry is notorious for its cyclical nature, which can shift rapidly from a downturn to an upswing. So, the question isn't whether you'll face increased demand – it's when. In a competitive job market, finding qualified loan officers becomes a huge challenge. This is why building a talent pipeline during slower periods is your secret weapon.

By proactively identifying, engaging, and nurturing potential candidates, you're positioning yourself for the inevitable job reshuffle that follows a market disruption. As the market rebounds, your business will be well-prepared to meet customer demands without delays, as you'll have a pool of pre-screened, qualified candidates at your disposal.

Moreover, a talent pipeline is your tool for succession planning – for instance, you can identify and nurture candidates with leadership potential within your pipeline to ensure a smooth transition when senior loan officers retire or move on to other roles. In an ever-evolving industry, a talent pipeline also lets you identify and recruit adaptable loan officers who are well-equipped to navigate changes in technology, regulations, and customer expectations.

Perhaps most importantly, there's a significant financial aspect to this strategy: Cost savings! A curated talent pipeline eliminates your need for expensive, last-minute hiring and external recruitment agencies. And because it almost always results in better hires, you can reduce future turnover and its associated costs.

Identify the right candidates with the exact expertise you’re looking for

To succeed in the mortgage industry, you need loan officers with deep understanding in the areas that are most important to your business, whether that’s mortgage regulations, industry trends, market intricacies, or something else. Building a talent pipeline empowers you to identify candidates with the precise skills and experience you’re looking for. Not only does this help you reach your business goals, these candidates can hit the ground running when they join your team, reducing the time and resources you need to spend on training and development.

Your talent pipeline can also support your diversity and inclusion goals. As studies continue to prove, a diverse group of employees enhances your team’s decision-making, creativity, and ability to relate to a broad range of customers. Diversity strengthens your team and reinforces your reputation as an inclusive employer.

Mortgage companies particularly struggle to find and engage their ideal candidates when the market is tough. Modex Profiles can help you reach the loan officers you’re looking for because it gives you total visibility into a loan officer’s performance. You can view data on each loan officer’s production level, number of units, production and product mix percentages, real estate data, and licensing details. This level of specificity lets you narrow down your best candidates right off the bat, before you ever even consider picking up the phone.

Find and engage your ideal loan officers at scale

A talent pipeline provides you with the luxury of time, a valuable asset in recruiting. With time on your side, you can strategize about who you’re looking for and what you need to do to incentivize them. Over 70% of potential candidates are passive talents, and traditional recruitment practices often do not reach them effectively, let alone motivate them to move. If you are smart in how and where you show up, you can actively build relationships with loan officers who will want to come to you when they’re ready to switch employers.

Your approach can help strengthen your brand, too. Demonstrating your commitment to talent development and a strong company culture enhances your reputation as an employer, and a positive employer brand is a significant asset in attracting top candidates and establishing a competitive edge in the market. Moreover, it can reduce turnover and help you build loyalty, as loan officers are more likely to stay with a company that invests in their development and offers opportunities to help them achieve more.

Modex Profiles gives you access to thousands of engaged loan officers across the country who are waiting for you to reach out. It offers an easy-to-use messaging platform where you can have conversations with potential candidates and view verified, end-to-end details on their production without ever leaving the platform. You get the benefit of direct access to loan officers, a customizable profile to help you stand out, and the presence on a rapidly growing platform to help you come out on top.

Building a talent pipeline is not just a wise strategy – ­it's your secret weapon in a disrupted mortgage market. It prepares you for market fluctuations, ensures you have the right talent, and empowers you to engage with the best candidates on your terms. Ultimately, it's a win-win strategy that saves costs and strengthens your brand. Claim your company profile for free to start building your loan officer pipeline now.

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