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tristanhunt
3309 Posts |
 Posted - 11/19/2007 : 8:17:35 PM
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As many of you know my company is and has been highly focused on expansion in commercial & jumbo residential for the past few years, and like all of you we've recently been watching the residential market shift strongly to GSE / FHA loans. With a lot of correspondents and brokers going out business, and limited earnings potential and hiring capacity from most retail banks, we feel that there is probably some real talent out there, and maybe they need a place to hang their hat, maybe they need an opportunity to grow beyond the product available at their previous place of employment. We've added a lot of originators lately from the various net branch systems which failed, but are seeking to seriously ramp up headcount on the government and conforming side.
We're looking for ideas on how to hire additional FHA / VA / conforming L/Os in this market. Ideally seeking people with their own space or work-from-home, so long as they are in of our states. NOT really seeking people in high cost or depreciating markets unless they have strong fundamentals or are willing to dial nationally.
The following is more intuitive than researched, but I'm looking for an additional 75 to 100 originators, with the following characteristics:
1. FHA / VA or Conforming experience
2. No felonies or fraud cases
3. Capable of generating electronic disclosures
4. Familiar with Point.
5. Effective without direct daily supervision
An existing book of business is obviously a huge plus, but not a pre-requisite.
Doesn't sound that tough right?
SO where would YOU go to find them? :
1. craigslist? (not liking that option)
2. monster/careerbuilder etc? (not liking that much either)
3. a staffing company? (we would not pay the bounty from our side though, unless they waited for a loan to close, too much risk of exploitation there)
4. one of the old net branch recruiters? (we are not a net branch, but maybe their old client base can be vetted to find the performers)
5. Contract a dedicated new HR person internally/externally? (might be easier to support, pay on a bounty with a small draw)
6. Another suggestion?
Let me know if you guys have been having any luck hiring, if you have any tips for finding solid producers in this market, and of course if you know any quality loan officers seeking bluer skies we'd love to talk to them about joining the team. |
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NNMS
992 Posts |
Posted - 11/19/2007 : 8:27:03 PM
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| I'm surprised you don't consider Nevada a depreciating market. I'm definitely interested in more info. Email me please. |
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darkstar
25952 Posts |
Posted - 11/19/2007 : 8:29:51 PM
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>>>SO where would YOU go to find them?
I think you'll find plenty right here...I get calls from good people in bad shops looking for another good place quite frequently...I will be sending them to this link now...
I can say, very confidently, all that take advantage of the opportunity to work with you will surely benefit...Best of success to you!... |
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tristanhunt
3309 Posts |
Posted - 11/19/2007 : 8:46:18 PM
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quote:
Originally posted by NNMS
I'm surprised you don't consider Nevada a depreciating market. I'm definitely interested in more info. Email me please.
Agreed, we do see plenty of weakness in Nevada and every national market, but we are long term investors, and we do like some of the employment fundamentals in certain MSAs which we believe may regain traction when the capital markets eventually return. In Nevada, Las Vegas in particular seems to finally have long term underlying job growth (just look at the revpar in the locals casinos to see wage & disposable income growth for the residents!) . We also have to maintain substantial brick and mortar there and have desks available, and still write a little jumbo business in vegas, condo/condotel in particular |
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tristanhunt
3309 Posts |
Posted - 11/19/2007 : 8:54:51 PM
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quote:
Originally posted by darkstar
>>>SO where would YOU go to find them?
I think you'll find plenty right here...I get calls from good people in bad shops looking for another good place quite frequently...I will be sending them to this link now...
I can say, very confidently, all that take advantage of the opportunity to work with you will surely benefit...Best of success to you!...
Thanks Stephen, I appreciate the nod. I'm thinking that it may be ideal to pick up groups who have worked together at other shops that may be shutting off the lights, so we can get applications en masse. Do you know if there are any companies who are providing career assistance to these loan officers who are being put out of work by major brokerages? |
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NNMS
992 Posts |
Posted - 11/19/2007 : 8:55:10 PM
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| You're really looking for Vegas then? We have brick and mortar in Reno... |
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Donald1955
6067 Posts |
Posted - 11/19/2007 : 8:59:38 PM
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| Thanks for taking the time to offer something positive on this post and help others. |
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tristanhunt
3309 Posts |
Posted - 11/19/2007 : 9:08:57 PM
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quote:
Originally posted by NNMS
You're really looking for Vegas then? We have brick and mortar in Reno...
We're looking nationally, except in Ohio really, and do not require desk rental, but if someone is in Vegas and wants to sit in the company facility, they're more than welcome to rent a desk. (but not mandatory, own-office or home-office is OK).
Are you the broker/branch manager of your firm/location?
If so, or even otherwise, I'd love to know how you're finding the job market for loan officers in Reno, in particular if there is major hiring happening at the retail banks, or any other forces aside from slow business causing loan officers to voluntarily leave the business (as opposed to brokers shutting down and having to let everyone go).
I will ask one of our team to reach out to you tomorrow. |
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darkstar
25952 Posts |
Posted - 11/19/2007 : 9:12:01 PM
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quote:
Originally posted by tristanhunt
quote:
Originally posted by darkstar
>>>SO where would YOU go to find them?
I think you'll find plenty right here...I get calls from good people in bad shops looking for another good place quite frequently...I will be sending them to this link now...
I can say, very confidently, all that take advantage of the opportunity to work with you will surely benefit...Best of success to you!...
Thanks Stephen, I appreciate the nod. I'm thinking that it may be ideal to pick up groups who have worked together at other shops that may be shutting off the lights, so we can get applications en masse. Do you know if there are any companies who are providing career assistance to these loan officers who are being put out of work by major brokerages?
I haven't heard of any yet, there is definitely a market for it...As far as companies turning off the lights, Bob(1003.com) may know quite a few and/or a list of LOs looking for shops... |
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tristanhunt
3309 Posts |
Posted - 11/19/2007 : 9:15:03 PM
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quote:
Originally posted by Donald1955
Thanks for taking the time to offer something positive on this post and help others.
With all the negative press and negative sentiment, we can't help but be positive about the unscrupulous, the undercapitalized or the overexposed exiting the real estate & finance industries, at the retail and the investor level. And of course there is as much money to be made on the short side of a market as on the long, you just need to be prepared to find it! |
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tristanhunt
3309 Posts |
Posted - 11/19/2007 : 9:17:24 PM
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quote:
Originally posted by darkstar
quote:
Originally posted by tristanhunt
quote:
Originally posted by darkstar
>>>SO where would YOU go to find them?
I think you'll find plenty right here...I get calls from good people in bad shops looking for another good place quite frequently...I will be sending them to this link now...
I can say, very confidently, all that take advantage of the opportunity to work with you will surely benefit...Best of success to you!...
Thanks Stephen, I appreciate the nod. I'm thinking that it may be ideal to pick up groups who have worked together at other shops that may be shutting off the lights, so we can get applications en masse. Do you know if there are any companies who are providing career assistance to these loan officers who are being put out of work by major brokerages?
I haven't heard of any yet, there is definitely a market for it...As far as companies turning off the lights, Bob(1003.com) may know quite a few and/or a list of LOs looking for shops...
I was thinking about Bob when I wrote the note about net branch recruiters and their old client bases, I just really don't want anyone to pay an upfront fee to become an employee of mine, but maybe he's got other ways of doing things. I'll drop him a line definitely, and thanks for the good idea Stephen! |
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NNMS
992 Posts |
Posted - 11/19/2007 : 9:20:24 PM
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quote:
Originally posted by tristanhunt
quote:
Originally posted by NNMS
You're really looking for Vegas then? We have brick and mortar in Reno...
We're looking nationally, except in Ohio really, and do not require desk rental, but if someone is in Vegas and wants to sit in the company facility, they're more than welcome to rent a desk. (but not mandatory, own-office or home-office is OK).
Are you the broker/branch manager of your firm/location?
If so, or even otherwise, I'd love to know how you're finding the job market for loan officers in Reno, in particular if there is major hiring happening at the retail banks, or any other forces aside from slow business causing loan officers to voluntary leave the business (as opposed to brokers shutting down and having to let everyone go).
I will ask one of our team to reach out to you tomorrow.
My husband is the Broker.
Business is slow due to declining values, however we see this as a good thing. Too many loan officers were simply order takers and had NO idea what they were doing. We CHOSE to let many go based on their lack of performance, lack of knowledge, lack of abiding by or even knowing laws and the amount of time spent overseeing them.
I believe at this point it is a matter of weeding out the real loan officers from the folks who jumped in because they heard this is a great way to make a ton of money with literally no knowledge.
Many mortgage shops have closed here which is good for us. |
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tristanhunt
3309 Posts |
Posted - 11/19/2007 : 9:51:16 PM
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we're seeing a very similar dynamic, and feel just like you do, we've been waiting for years for a lot of the more unscrupulous brokers & less disciplined L/Os to exit stage left. I can't help but think that some babies are getting thrown out with the bathwater though, which is why we've been ramping.
We feel so well positioned primarily because we never really played subprime, and so while we saw a lot of people get awfully rich doing awfully questionable things, we're still rather well capitalized and have superior infrastructure to support outside L/O production.
I think the tricky part is just as you said, how do you separate the wheat from the chaff, and find L/Os who can produce? Our feeling is that you can't be afraid of the phone in a market like this, and people who can consistently prospect, and I mean every day, are still our best producers internally.
I'll drop you a line personally tomorrow, good night.
quote:
Originally posted by NNMS
quote:
Originally posted by tristanhunt
quote:
Originally posted by NNMS
You're really looking for Vegas then? We have brick and mortar in Reno...
We're looking nationally, except in Ohio really, and do not require desk rental, but if someone is in Vegas and wants to sit in the company facility, they're more than welcome to rent a desk. (but not mandatory, own-office or home-office is OK).
Are you the broker/branch manager of your firm/location?
If so, or even otherwise, I'd love to know how you're finding the job market for loan officers in Reno, in particular if there is major hiring happening at the retail banks, or any other forces aside from slow business causing loan officers to voluntary leave the business (as opposed to brokers shutting down and having to let everyone go).
I will ask one of our team to reach out to you tomorrow.
My husband is the Broker.
Business is slow due to declining values, however we see this as a good thing. Too many loan officers were simply order takers and had NO idea what they were doing. We CHOSE to let many go based on their lack of performance, lack of knowledge, lack of abiding by or even knowing laws and the amount of time spent overseeing them.
I believe at this point it is a matter of weeding out the real loan officers from the folks who jumped in because they heard this is a great way to make a ton of money with literally no knowledge.
Many mortgage shops have closed here which is good for us.
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paultaylor
361 Posts |
Posted - 11/20/2007 : 01:09:58 AM
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Tristan,
The issue with Las Vegas is that 99% of the population here is transient. I've found it extremely difficult to find a body, let alone a capable body, who plans on being in the city for more than 6-18 months.
Something you may consider is calling, or good old B2B, on some local mom-pop shops. I've watched our business park get FILLED with vacant signs in the windows over the past few months. |
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tristanhunt
3309 Posts |
Posted - 11/20/2007 : 03:51:16 AM
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Thanks Paul, I think we should get someone calling down the phone book, good old fashioned prospecting never hurt anybody, and I think it's a good option for capturing the long tail, but I'm sure someone is efficiently handling career counseling or placement for the larger shops which have gone under. In particular I would LOVE to have people who have been downsized from state, regional & super regional banks, or even national lenders who have been re-organizing their workforces a lot lately.
And just to be clear (I may have to go back and revise that original post), we're in 44 states, and Las Vegas is just one city in which we have offices, and one where office space is available to new hires on an optional basis for a small fee. We're hiring nationally with the exception of Ohio & North Dakota. By no means are we explicitly or exclusively seeking L/Os near Las Vegas, but we're not going to avoid them either.
quote:
Originally posted by paultaylor
Tristan,
The issue with Las Vegas is that 99% of the population here is transient. I've found it extremely difficult to find a body, let alone a capable body, who plans on being in the city for more than 6-18 months.
Something you may consider is calling, or good old B2B, on some local mom-pop shops. I've watched our business park get FILLED with vacant signs in the windows over the past few months.
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superthor1022
2799 Posts |
Posted - 11/20/2007 : 05:57:13 AM
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Hans- I am sorry I didn't get back to you. I will try to call later today.
-thor
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tristanhunt
3309 Posts |
Posted - 11/20/2007 : 4:40:13 PM
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| no issues thor, I hope things are developing on your end. Let me know if there's anything we can do for you at all |
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ezlimitz
289 Posts |
Posted - 11/24/2007 : 04:33:05 AM
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How does the 1099 payment fit in with the FHA's rule that all loan officers be W-2'd?
Also, how do you handle worker's comp. for your empoyee's and minimum wage requirements?
quote:
Finally we pay the first $500 as W2, the balance corp to corp (for which we send your LLC/Corp/etc a 1099).
Also, what if one of your canidate(s) has an existing office with a few other producers? How do you handle the office itself..as in the leases, names of buisiness, ect.
Do you require your L/O's to fund all of thier business through you or can that maintain thier separate identity?
Just curious. |
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tristanhunt
3309 Posts |
Posted - 11/27/2007 : 04:19:18 AM
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As I'm sure you can understand, I can't discuss legal or regulatory questions on an internet messageboard, but I'll try to answer the others:
1. Existing offices/groups: OK, but each loan officer must become an employee (passing screening & signing employment contracts).
2. We do not allow our employees to conduct mortgage origination business for multiple companies.
quote:
Originally posted by ezlimitz
How does the 1099 payment fit in with the FHA's rule that all loan officers be W-2'd?
Also, how do you handle worker's comp. for your empoyee's and minimum wage requirements?
quote:
Finally we pay the first $500 as W2, the balance corp to corp (for which we send your LLC/Corp/etc a 1099).
Also, what if one of your canidate(s) has an existing office with a few other producers? How do you handle the office itself..as in the leases, names of buisiness, ect.
Do you require your L/O's to fund all of thier business through you or can that maintain thier separate identity?
Just curious.
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ezlimitz
289 Posts |
Posted - 11/27/2007 : 04:39:19 AM
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So then if I have an existing office with a good team....
Can I leave my leases and contracts with vendors like the phones in place as they are or do I have to make some changes?
Also, since you cannot respond to how you handle the minimum wage and worker's comp issues can you just e-mail me your policy?
Also fwiw it would seem to me that if you can solicit employment opportunities that you should be able to offer publicly how you handle compliance issues...why can't you just put it in writing here? It's not like its a trade secret or something right? Not trying to be confrontational..although it probably reads liket that...just really curious about how you do what you do and do it legally. So many people here have been burned by "net branch" companies ....or whatever they call themselves these days...it seems that compliance shouldn't be so secretive.
Thanks |
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jmb
297 Posts |
Posted - 11/27/2007 : 09:30:47 AM
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| Do you have an email address? |
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tristanhunt
3309 Posts |
Posted - 11/27/2007 : 5:10:37 PM
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hey just want to be clear, we are not soliciting employees on this site, simply asking for recommendations and advice on any emerging employment channels in this down turn, and we are not a net branch.
Should any loan officers reading this thread be interested in pursuing employment, please feel free to send a resume or curriculum vitae to hr@centuriant.com. |
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hlawler
182 Posts |
Posted - 11/27/2007 : 5:24:25 PM
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I am also hiring loan officers and am currently using Craigslist. In the past I have had no response, however now I am getting resumes now. A lot of loan officers that are working out of their homes and have no direction or business plans. My add specified that I am looking for originators to cover specific areas of town and work with my foreclosure specialists (realtors)with down payment assistance programs. Once I made my ad more specific, I got more resumes.
Good luck! |
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tristanhunt
3309 Posts |
Posted - 11/27/2007 : 5:31:38 PM
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Thank you!
So are you advertising in each location where you need to hire independently (e.g for each suburb in a metro do you have a separate post?). Are you finding that the applicants are primarily coming from broker shops or are you also seeing retail bank people?quote:
Originally posted by hlawler
I am also hiring loan officers and am currently using Craigslist. In the past I have had no response, however now I am getting resumes now. A lot of loan officers that are working out of their homes and have no direction or business plans. My add specified that I am looking for originators to cover specific areas of town and work with my foreclosure specialists (realtors)with down payment assistance programs. Once I made my ad more specific, I got more resumes.
Good luck!
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dkendall1979
13276 Posts |
Posted - 11/27/2007 : 5:36:05 PM
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Hans!
it's been a while. I sent you an email, let me know what your thoughts are. |
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tristanhunt
3309 Posts |
Posted - 11/27/2007 : 5:37:08 PM
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sure buddy I'll check right now - HT
quote:
Originally posted by dkendall1979
Hans!
it's been a while. I sent you an email, let me know what your thoughts are.
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hlawler
182 Posts |
Posted - 11/27/2007 : 5:59:49 PM
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The resumes I have received are from broker L.O.'s, real estate agents, senior processors with government experience, and one handy man. You get quite a mixture through Craiglists.
The mortgageboard.com is mortgage industy specific. I have not used them yet, but you might check them out since you are hiring nationally.
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tristanhunt
3309 Posts |
Posted - 11/27/2007 : 7:17:08 PM
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One of our VPs mentioned the mortgage board during a recent conference call, and I personally had a look at it last week. It seems like there are a lot of superfluous non-mortgage companies advertising on the site seeking unlicensed or inexperienced personnel for "junior" or "assistant" L/O positions (which I assume to mean telemarketing), and they seem to post a whole heck of a lot, clogging the board!
quote:
Originally posted by hlawler
The resumes I have received are from broker L.O.'s, real estate agents, senior processors with government experience, and one handy man. You get quite a mixture through Craiglists.
The mortgageboard.com is mortgage industy specific. I have not used them yet, but you might check them out since you are hiring nationally.
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mwt
45 Posts |
Posted - 11/29/2007 : 09:23:30 AM
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I went to centuriant.com , but there was little info there. Where can we find more information about your company. I've run an FHA shop for years, and have a few LO's that are quite knowledgable as well. I just need to find out more so that I can ask specific questions.
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tristanhunt
3309 Posts |
Posted - 11/29/2007 : 12:15:20 PM
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quote:
Originally posted by mwt
I went to centuriant.com , but there was little info there. Where can we find more information about your company. I've run an FHA shop for years, and have a few LO's that are quite knowledgable as well. I just need to find out more so that I can ask specific questions.
I just want to reiterate that this thread was not intended to recruit loan officers, but to talk to mortgage brokers about what recruiting methods are working for them as we research our hiring strategy. |
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tristanhunt
3309 Posts |
Posted - 11/29/2007 : 2:19:21 PM
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| This is a request for advice on what is working for hiring in this market, not an announcement by any means |
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