Lower’s Randell Gillespie talks about tech solutions for mortgages and authentic leadership
In the latest episode of the Power House podcast: HousingWire CEO Clayton Collins catches up with Randell Gillespie, the Chief Production Officer Lower and a 2023 recipient of the HousingWire Vanguard Award.
The duo delves into a variety of topics, including Lower’s transformed culture and leadership structure following its acquisition Thrive mortgage And Universal loans. They also discuss fintech developments for loan officers, recruiting, and even the CPO’s favorite hamburger. Gillespie joined Lower last year after acquiring Thrive Mortgage.
To start the conversation, Collins asks Gillespie for some background on Lower’s executive team and how each member brings their unique perspectives and experiences to the table. Gillespie says the company thrives on synergy and collaboration rather than a traditional hierarchical structure. He mentions Craig Montgomery, Lower’s Chief Strategy Officer and a previous guest on the Power House podcast, as one of many executive team members with unique backgrounds and experiences.
But Gillespie also says that experience doesn’t matter without a shared vision and effective communication among team members – and Lower has that in spades.
Strong communication requires humility among the lower management team, along with acceptance of rapid changes that can make the industry better and improve the customer experience. Gillespie also shares how Lower engages leadership committees to ensure business leaders make decisions that benefit the organization and the broader industry.
Collins continues with a question about how mortgage industry Changes have changed the way bankers and brokers offer financing to consumers. Gillespie says the mission to provide value and help people achieve housing hasn’t changed, despite the way information is delivered today. But he also notes that it has become more important to combine face-to-face time to build a personal connection with consumers.
Before addressing a talking point about loan officers, Gillespie returns to Lower’s mission to guide consumers through homeownership. He says Thrive’s culture and mission mesh well with Lower’s because both organizations care most about doing what’s best for their customers.
Thrive also provided new technology that Lower had not used before, allowing the company to offer in-house technical tools and partnership solutions that deliver unique value to consumers.
Collins also asks Gillespie to explain what loan officers are looking for in terms of information these days and how Lower serves as a source of truth for LOs. From there, Gillespie introduces three areas of focus for LOs, known as the “three Ls.” These include generating leads to attract customers; learning about the industry through online content and coaching opportunities; and being lean by streamlining spend over time.
He emphasizes that there are many opportunities to educate consumers about the mortgage industry, but it is crucial to first establish yourself as an expert in the field. Lower regularly releases newsletters and other types of content to keep LOs informed, regardless of their experience or sales success.
“As they start to understand investor behavior and what that means, I love seeing the light bulb go off in some people’s heads and eyes,” Gillespie says. “Now they understand how to reduce their costs and have more confidence in what they deliver. Let’s be honest: that’s what customers are ultimately looking forward to.”
To end the conversation, Gillespie explains how these tools impact the market and how LOs should use them. He urges loan officers to focus more on using what they have, rather than relying on technology to bridge the gap. But he recognizes that tech tools can help LOs adapt while continuing to provide unique value to the market.
