I really find it amusing to find managers complaining that they can’t hire loan officers because they get stuck focusing on the “magic” question. What is this magic question? Here it is…
What is your split (or your commission plan)?
Why is this so amusing to me? Because it is the managers of this industry that have the responsibility to help loan officers conquer their own “magic” question—
What is your rate on a 30-year fixed mortgage?
If we are going to be able to help our loan officers succeed, should we not be setting an example by not getting stuck on such a “standard” question? You know this question will come from loan officers looking for a company. You should have a plan of attack. Here is my advice…
First, if you are getting this magic question from all of your candidates, this is a bad sign that your recruiting plan is producing the wrong candidates to begin with. In my mortgage school I teach loan officers that their goal is to set up a business model that has their prospects calling in and asking—
“You are the expert, what should I do with regarding to purchasing a home and financing it.” Or “I just purchased a home and John said I should call you and find out what to do.”
The business model that produces strong personal referrals puts you in a position to succeed by not having to start with the magic question as often. That is the whole goal of the model—to have to deal with the question of rate 20% of the time instead of 80% of the time. Your recruitment plan should have the same goal.
On the other hand, every plan no matter how efficient will still produce the magic question a certain percentage of the time. So you still need to be able to handle the question when it comes. You must have a plan of attack for the question you know is coming.