Managing the Shifting Mortgage Market & Attracting More Talent: 6 Strategies Lenders Should Deploy for Success

Managing the Shifting Mortgage Market & Attracting More Talent:

6 Strategies Lenders Should Deploy for Success

Since the onset of the pandemic, the mortgage market has seen great change… mortgage rates dropped, housing availability slimmed, staffing shortages grew and technology accelerated — furthering its enhancement of the process. Fast forward to the start of 2022, and another shift is now happening. Purchases are expected to grow by 9% this year; but refinances are estimated to decrease by 62%. Lenders today need to find effective ways to retain and attract top producers – something that will become even more crucial as competition heats up. But how, exactly, are lenders pivoting to attract the most talented employees? Here are six proven strategies.

  1. Competitive Compensation – The pandemic caused a seismic shift across many industries that shined a light on inequities in compensation. And one of the reasons we find ourselves in such a strange job market -- where people are quitting in droves and “We’re Hiring” signs are pretty much everywhere – is because employees are demanding fair pay. Lenders must recognize that they are not immune to this significant trend and must improve their compensation packages to attract the best talent out there. 
  1. Recognition & Rewards – No good job should go unnoticed. And in today’s environment, rewarding employees for a job well done is essential. Take a hard look at how you are recognizing your loan officers, and if it seems lackluster by today’s standards, beef it up. Trips and bonuses are a critical component of well-constructed incentive plans and should be regularly reviewed to ensure, at the very least, they are in line with what the competition is offering while still meeting regulations. 
  1.  Career Progression – Top-tier employees are generally ambitious and want to know there is a clear path up the proverbial career ladder. It is essential for lenders to present qualified job candidates with a vivid picture of what is required of them to attain larger roles so they can visualize themselves achieving their professional goals. 
  1.  Family Environment/Supportive Leadership – Lending organizations that attract and retain top talent know that fostering a family-friendly work environment where their leaders are sensitive to, and supportive of, family needs and obligations is essential. Ensure that your managers and leadership team get the training they need to respond appropriately to family-related issues when they arise. 
  1. Workplace Safety – Never has workplace safety been more important than it is today. The pandemic has punctuated this point for employers across the globe, and your lending organization must adapt and evolve as well. Create a workspace that allows for social distancing and be sure cleaning protocols are current and being adhered to. To supplement these efforts, offer health and wellness programs to your employees so they can receive any additional assistance they may need in their quest to be as healthy and safe as possible. 
  1. Office Culture – The pandemic has also taught us that flexibility is a necessity and working from home is here to stay. So, embrace this model whenever and wherever possible – and provide the resources your employees need to be effective when working remotely. Also consider allowing for hybrid work schedules, where some of your employees work in the office on certain days, and others work from home, rotating them regularly. These have proven to be immensely popular with today’s work force. Finally, take a hard look at the in-office amenities you offer. Things like free snacks, catered lunches, food trucks, workout facilities, game rooms and think spaces also have an impact on a candidate’s decision to accept an offer – or not.

We’re working in a unique environment these days, where employees often have the upper hand when it comes to deciding when to stay, when to go – and where to land. Lenders that use these strategies to lure top talent and retain top performers will find they can successfully build, and keep, a stellar in-house team.

* Specific loan program availability and requirements may vary. Please get in touch with the mortgage advisor for more information.