DS News - U.S. Bank

64 UTILIZING THE LATEST RECRUITING TECHNIQUES At the height of the foreclosure crisis, new boots on the ground companies (or third- party vendors) performing mortgage field services work exploded everywhere because it was easy to get into the business and make a profit quickly. As the industry recovers from the housing crisis, volume decreases and compliance requirements increase, many of those initial companies are leaving to find other work or to return to their former industries. Finding new qualified vendors can be difficult and traditional methods such as newspaper, word of mouth, and job boards have become less effective. Mortgage field services companies must utilize new methods of attracting new vendors to the industry – beyond the traditional approaches. One of the best new methods for recruiting qualified third-party vendors is through social media. According to statistics on Facebook's newsroom page, there are 1.71 billion active monthly users as of June 30, 2016. Of those users, about 66 percent or 1.13 billion log in daily. Other social media outlets such as LinkedIn, YouTube, Twitter, and Instagram also have large followings and provide a digital outlet for companies to market to job seekers. Creating a social media presence is not difficult but it does require attention and consistent content to attract followers. Content should be interactive, relevant, and compelling to entice the appropriate audience. To keep the content fresh, post a variety of industry articles, upcoming events, or pictures from past events. Gaining followers to a company's page helps get the message out to a broader audience and could result in more leads. To quickly increase the number of followers to a page, most social media outlets provide the option of inexpensive paid advertisements that can reach thousands of potential leads in only a short period of time. Social media outlets offer tools that allow digital marketers to target very specific demographics to ensure that any message is delivered to the correct audience and advertising dollars are maximized. ese tools also provide reporting that will assist in determining if the appropriate audience is being targeted and how they are reacting to the message. A well-organized recruiting campaign can generate plenty of leads, but is only valuable if those leads can meet industry compliance standards and satisfy the needs of clients. A rigorous onboarding process is key to identifying the best recruits. ONBOARDING BEST PRACTICES During the onboarding process, a potential third-party vendor should move from a lead to qualified vendor status only if the basic standards are met. Mortgage field services companies that contract with vendors must carefully determine for themselves what those standards should be based on their client and investor requirements. At a minimum, a qualified vendor should present themselves as a viable resource by providing an Employer Identification Number (EIN), photo ID, a valid background check for the principal, and proof of insurance. Requirements may vary not only by client or investor but also by state. For example, some states may require a vendor to have workers compensation insurance or a general contractor's license to operate. ose states also may require that mortgage field services companies verify the required credentials before assigning work orders. Companies should consider developing a standard onboarding process that includes the use of a checklist to ensure that all of the required documents have been collected before starting a vendor in the field. Documentation collected during the onboarding process and throughout the tenure of the vendor should be kept up-to-date and easily accessible by utilizing a centralized document retention system that can track expiration dates and provide compliance reporting. Many document retention systems offer features such automated email reminders to vendors approaching expiration dates on required documents and email form collection that reduces the amount of internal resources needed to track compliance. Well-written processes and consistent policies surrounding the onboarding process help instill a confidence in the client that the vendors working in the field are qualified and well vetted. PREPPING THIRD-PARTY VENDORS FOR THE FIELD Providing content rich resources to new third-party vendors during and beyond the onboarding process is essential to protecting and preserving vacant properties and delivering great service to clients. Prior to assigning work to new vendors, it is vital that they are prepared for the field by providing them with resources that clearly define the expectations of the clients and investors that will be serviced. e vendors' field crews and office staff must understand the scope of work needed to complete and report work thoroughly. Overlooking this very important step in the onboarding process places the vendor at significant risk of not properly reporting damages, using allowables incorrectly, making multiple trips to the property, and missing important client due dates. ese mistakes could lead to consequences for that vendor that could discourage continued growth within the industry. Industry standard and investor requirement instructional videos, field checklists, work flow diagrams, and aids support process compliance of new vendors. Build resources that are flexible and will allow for amendments as the scope of work, rules of engagement, and reporting requirements fluctuate. To ensure that new and experienced vendors are well-versed in the most recent

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