Open Question
What, however, can you do for your soon-to-be unemployed staff if you’re a lender without a servicing division? Or even if you do service loans, how will you help those people who may not have chairs when the production music stops? You can start by acting on the first bullet point above: tell people the truth. Doing so will demonstrate your appreciation for them and perhaps increase the likelihood of these folks returning to your firm when you might eventually need them.
And what about your local loan servicing companies? Maybe they’re not mortgage servicers, but they do handle other forms of consumer credit. There are individuals – often senior leadership -- in your organization who know people in these collections, credit card, and auto loan businesses, right? When the time is appropriate, reach out to their leaders to explain that you have well-prepared talent that understands consumer lending and will soon be available for them to hire. Consider it “bread upon the waters” to help those team members who have helped you be successful.
After all, won’t you want to be treated with this respect and assistance if you end up on the outside when the production treadmill slows down?