In the latest episode of the Power House Podcast, house line CEO Clayton Collins talks with Chief Production Officer Randell Gillespie reduce 2023 HousingWire Pioneer Award Winner.
The pair delved into a number of topics, including Lower’s take on acquisitions Prosperity Mortgage and universal loan. They also discuss fintech developments for loan officers, recruiting, and even the CPO’s favorite burger. Gillespie joined Lower last year after acquiring Thrive Mortgage.
Collins began the conversation by asking Gillespie for some background on Lauer’s executive team and how each member brings their unique perspective and experience to the table. Gillespie said the company thrives on synergy and collaboration, rather than traditional hierarchies. He mentioned Craig Montgomery, Lower’s chief strategist and a former guest on the Power House podcast, as one of the top executive team members with a unique background and experience.
But Gillespie also said experience means nothing without a shared vision and effective communication among team members — and Lore certainly did that.
Good communication requires lower management teams to be humble and receptive to rapid change to make the industry better and enhance the customer experience. Gillespie also shared how Lower uses leadership councils to ensure company leaders make decisions that benefit the organization and the broader industry.
Collins went on to raise the question of how changes in the mortgage industry have changed the way bankers and brokers provide financing to consumers. Gillespie said while the messaging is different today, the mission of providing value and helping people get into homes has not changed. But he also noted that building rapport with consumers through face-to-face interactions has become more important.
Before discussing the question about loan officers, Gillespie went back to revisit Lore’s mission to guide consumers into homeownership. He said Thrive’s culture and mission fit perfectly with Lower’s because both organizations care most about providing the best service to their customers.
Thrive also offers new technology that Lower has not previously used, allowing the company to offer in-house technology tools and partner solutions that bring unique value to consumers.
Collins also asked Gillespie to explain what loan officers are looking for today in terms of information and how Lower serves as the LO’s source of truth. On this basis, Gillespie introduced three key areas of LO, called the “three L’s”. These include lead generation to attract clients; learning about the industry through online content and coaching opportunities; and streamlining by streamlining expenses over time.
He emphasized that there are many opportunities to educate consumers about the mortgage industry, but it is critical to first establish yourself as an expert in the field. Lower regularly publishes newsletters and other types of content to keep LOs informed, regardless of their experience or sales success.
“I love watching light bulbs go off in some of our minds and eyes as they start to understand what investors are doing and what it means,” Gillespie said. “Now they understand how to reduce costs and have more confidence in the products they deliver. Let’s face it: at the end of the day, this is what customers expect.
Concluding the conversation, Gillespie explained how these tools impact the market and how LOs should take advantage of them. He urged loan officers to focus more on leveraging the resources they have rather than relying on technology to bridge the gap. But he acknowledged that technology tools can help LO adapt to changes while continuing to provide unique value to the market.
