When we think of education in the mortgage industry, we often think of internal education. That is, we think of providing education for our employees so that they may better serve our customers. We place a great deal of importance on getting the appropriate certifications and qualifications for those in our company. But that isn't the only education that matters ...Click to continue
I am a big fan of being approachable as a leader. If employees have questions they need answer, they should feel free to ask you directly. Having an open door for your employees can minimize the risk of them making poor decisions.Click to continue
“What makes a great leader in the mortgage industry?” This question came up during a dinner I shared recently with one of my industry peers.Click to continue
There is one quality in a leader that doesn't tend to get a lot of attention. I have spoken a lot about the importance of integrity, the importance of conviction, the importance of education, and so on. But if there is one quality in a leader that can increase effectiveness in dealing with employees more than any other, it is approachability.Click to continue
More than ever in our industry, we need to be careful that our compensation structures are meeting the most current regulations. In many industries, compensation isn't a regulatory issue. It's merely a component of motivating the workforce. In the mortgage industry, however, we've got much more to worry about.
Allowing LOs to share in the profits. Pooling compensation with each LO having different rates and fees. Paying higher commissions to LOs who bring in more revenue. These are all seemingly innocent activities that could get lenders into a lot of trouble.Click to continue
If there is one critical trait that is often overlooked in leadership, it is the ability to effectively communicate. When hiring leaders for our organizations, we often focus on the business end of things. How will the leaders move the company forward?
The reality is, however, that organizations are made up people. If the leader you bring in cannot move the people forward, he or she will not be able to move the business forward. And, in order to move people, the leader must be able to communicate.Click to continue
When you're building a leadership team, one of the most important things to consider is whether or not the candidate is results-oriented.
Of course, almost everyone is going to put "results-oriented" on their resumes, but that's not what I mean. I mean people who have actually done things and improved their organizations. Does the resume talk about what they "can do" or what they "have done?"Click to continue
Building a successful leadership team for your organization is not an easy job. Even in an employer's market—where equally qualified candidates are vying for just a few positions—it can be difficult to choose the right people. If everyone is equally qualified, how do you know who to recruit?Click to continue
The third step to building a winning team is probably the hardest to do and the one done least effectively. Sometimes, you've got to fire people. If you don't let the people go who are dragging your team down, it's going to ruin you. Like a gardener who wants his garden to thrive, you've got to pull out the weeds.Click to continue
There are numerous schools of thought regarding whether you can groom a leader or if certain people have the predisposition to be better leaders than others. The same question arises regarding our personalities. Wikipedia states, “The study of personality has a broad and varied history in psychology with an abundance of theoretical traditions. The major theories include dispositional (trait) perspective, psychodynamic, humanistic, biological, behaviorist, evolutionary and social learning perspective.Click to continue