Due to Covid restrictions and increased work from home opportunities, many people have chosen to look for homes outside the city. That coupled with the interest rates is creating an increased demand for homes. It is not uncommon for a home to have multiple offers and end in a bidding war. This article from Bankrate.com illustrates the bustle of the mortgage industry perfectly. Mortgage rates are low and will keep stimulating demand, and the housing supply will stay limited. The article also states strong demand with low supply, which will drive home prices to increase throughout this year.
This surge also drives a significant increase in demand for the Mortgage Industry Workforce. We have recently been hiring numerous Mortgage Underwriters, Processors, and Closers. Candidates are often on the job market for just a few days before they get offers. For this reason, it is so important to have a fast yet effective interview process to ensure hiring suitable candidates for the organization.
Here are three simple ways to help you get ahead in your procurement of a mortgage associate.
1. Know what you are looking for. With a speedy hiring process, you will ensure that you will not lose the right candidate. It is crucial to have a list of skills you want and need for your position. Review the job description and alter as needed before posting. You will receive a better candidate if the correct responsibilities are advertised.
2. Advertise compensation. Pay is one thing that hiring managers and candidates are hesitant to talk about but to get the best person for your team, you should be transparent about salary. This will also narrow the candidate pool for you and save time for your organization.
3. Streamline the interview process. Set a timeline and stick to it while hiring for these talent-specific positions. Maintain an effective hiring process by following procedures, requesting feedback from the hiring managers in a timely fashion, and not having a lengthy interview process.
Each of these items is essential if you want to secure great talent before another organization does. For more information about how we can assist in streamlining your interview process, contact us today!