By KIMBERLEY HAAS
Leaders at Big Purple Dot and CoreLogic have come together to launch a platform that provides detailed production data on loan officers and a service to help lending companies in their recruiting efforts.
Roxana Davidoff, Founder and CEO of Big Purple Dot in Irvine, California, recently sat down with The Mortgage Note to explain why this data is needed by lenders as the housing market cools following a whirlwind pandemic-driven surge.
“We understand where we are headed in this environment, where before people were hired just to fund a loan. Business was so hot people were funding loans every single day. Now the music has slowed down and people need to take a look now, and they need to understand we don’t need all these people in a seat to fund loans. We need good, qualified originators that are going to be effective and increase production,” Davidoff said.
The recruiting platform enables those in the mortgage industry to analyze a loan officer’s, lender’s, and broker’s loan production volume, loan type, as well as the number of loans generated. They can then reach out to potential new hires with technology tools such as video messaging, SMS, and automated marketing to engage top talents, according to a press release.
Davidoff explained why lenders are looking for this information when recruiting.
“People want to have better insight into your productivity, what you’re going to add to their company, what your production volume is going to look like, and make sure you are the right fit,” Davidoff said.
Big Purple Dot President and Chief Technology Officer Aldo Sarmiento agreed.
“In today’s challenging market, lenders need to know more loan production details when hiring prospects to ensure they will excel,” Sarmiento said in a statement.
An independent mortgage banker used the platform to recruit originators and has since generated an additional $450 million in volume from those loan officers.
The mortgage banker used a single text message CRM campaign, according to leaders at Big Purple Dot.
Davidoff said CoreLogic in Irvine, California, is the nation’s leader in mortgage data so they were the ideal partner for this platform.
The company’s combined data from public, contributory and proprietary sources include over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk, and related performance information.
The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector.
Brian Battaglia, Executive of Property Intelligence at CoreLogic, said in a statement that given Big Purple Dot’s unique position as a mortgage customer relationship management leader, this strategic alignment is an excellent opportunity to help lenders make better choices when hiring loan officers.
“When it comes to mortgage CRM technology, Big Purple Dot is at the forefront,” Battaglia said.
How do lenders keep their talent from being recruited away?
According to an article by Jessica Davis published in Housing Wire, rather than further cutting costs and reducing expenses, some lenders are instead choosing to grow and the battle for talent is there, especially at independent mortgage banks, as mortgages are their single revenue stream.
Loan officers start looking for a new job when they struggle to effectively close loans due to a lack of tools, product mix, or support. They may also look to transition to a new shop if they fall out of alignment with their current leadership, Davis said.
“A big part of why some LOs are leaving their current shops today is because the leaders of those companies – and to be fair, the LOs themselves – are operating from a place of fear,” Davis wrote.
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