Times they are a changing…rates are on the rise, refi’s are going away, house prices are increasing, and buyers are a little different and getting tougher to qualify.
To compete in the new mortgage market, lenders need both a full complement of products and services and current technology, with the qualified staff, to make it all work.
Everybody is concerned about loan volume. After all, that’s what makes the engine run. But, how do you get it, keep it, and make it profitable?
Sure products, services, and systems are needed, but the people are what drive the train. Without the properly trained staff, all the volume in the world won’t make a lender successful.
A recent survey of senior mortgage executives found that the following represents some of their challenges in 2017:
- Talent acquisition
- Leadership development
- Employee retention
- Merger & acquisition leadership experience
As these are coveted initiatives in any industry, the competition among mortgage lenders for such qualified people will be fierce. To attract and retain these people, a lender must have the products, services, support, and systems needed to help make them successful, with a commitment to quality.
Many executives said that one of their top priorities is to bring on new millennial generation employees.
This presents a whole different set of challenges as millennials have a tendency to see things differently from other generations. They are more concerned with social issues and quality of life than with money and prestige.
Millennials want to work for a company that they can trust and believe in, and that is doing something good for people. What better industry than one that finances the American Dream?
So, get ready to do business in the new mortgage market where lenders must once again go out and compete for business. To do so, you’ll need qualified employees.
What are your plans? What do you have to offer to consumers, Realtors, Builders, and potential employees that set you apart from the field?
Do you have what it takes to attract and retain the people needed to make you a success?