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HR departments: Golden opportunities for loan officer referrals

HR departments: Golden opportunities for loan officer referrals

In today’s ever-changing mortgage industry, loan officers are placing an emphasis on diversifying their referral partner network as they search for new leads and creative ways to stand out.* Partnering with human resources (HR) departments presents a golden opportunity for loan officers to connect with large groups of potential homebuyers.

In recent years employers have increasingly focused on how financial wellness can positively impact an employee’s quality of life. Many employers are looking for ways to help their co-workers thrive and are actively seeking resources to educate and empower their team members when it comes to responsible financial practices, including buying a home. Savvy loan officers can seize this opportunity to partner with HR departments by offering free educational sessions about the homebuying process, positioning themselves as experts while building trust with potential clients and gaining referrals.

As chief human resources officer at MGIC, I get asked all the time: How can loan officers build a productive relationship with HR departments? Here are some key insights I've gathered from my experience:

  • Understand the landscape: Start by familiarizing yourself with the organization's views on employee wellness or overall well-being. Ask open questions like: How do you prioritize financial wellness for your employees? What financial wellness resources do you offer them?
  • Go beyond traditional contacts: Don't just target the head of human resources. Seek out the person in charge of employee benefits – most organizations have someone who specializes in this area, given the importance a well-rounded employee benefit program has in the employer–employee relationship.
  • Frame the conversation strategically: Suggest a partnership working together to help employees fully understand their opportunity to own a home. Explain how promoting the importance of homeownership can strengthen the employer’s community and help grow their workforce.
  • Make it easy for them: Flexibility is key, especially in this hybrid environment where remote options are essential. Provide a prepared summary outlining the benefits your homebuyer seminar will offer both employees and the company, as well as an overview of what you’ll cover during the session. Emphasize that the homebuyer seminar is purely educational  no selling will occur.

By building partnerships with HR departments, loan officers can unlock a powerful new referral network. For loan officers interested in exploring this lead generation strategy, MGIC offers a ready-made homebuyer seminar kit that includes everything needed to host educational sessions.

*Source: 2023 Loan Originators Survey Report

Annette Adams

Annette Adams, Senior Vice President and Chief Human Resources Officer

Annette Adams is a senior vice president and the chief human resources officer of MGIC. She joined the company in 2020. Before joining MGIC, Ms. Adams spent 19 years at Kohl’s Department Stores as an HR leader with several progressive responsibilities. She holds a BS in finance from the University of Wisconsin–Whitewater and received an eMBA from the University of Wisconsin–Milwaukee in 2020.

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