mortgage industry

Attracting Talent in the Mortgage Industry

It’s no secret. If you’re currently in the mortgage industry or have been at some point within the last 3-5 years, you’ve probably been contacted recently by a lender, financial institution, or a recruiter, like myself. You may be turned off to hearing about new opportunities because of the plethora of jobs being thrown your way. However, you may be missing out on an excellent opportunity that can jumpstart the career change you’ve been needing.

The mortgage industry will remain hot in 2021

According to Housing Wire, mortgage rates will continue to stay low in 2021, and the talent pool for mortgage candidates is scarce. Ideally, companies can always find experienced candidates who can hit the ground running. However, this hasn’t been the case. There must be something enticing candidates to entertain a new opportunity in the mortgage industry.

In my recruiting experience for these positions, people are mainly looking for fair compensation (inclusive of benefits), flexibility, and stability. These candidates are being contacted multiple times a week by financial institutions in desperate need of their skills. So, for these candidates to entertain a career change, it must be an attractive offer.

What mortgage candidates are looking for

Whether it’s a mortgage company, bank, or credit union, most companies need to offer a base pay along with additional incentives like a per file bonus or enticing bonuses. Most competitive mortgage companies attracting the best talent are using per file bonuses, retention bonuses (to avoid attrition), and other financial incentives.

Remote work flexibility

These candidates need to have some sort of remote work flexibility. Depending on the role’s criticality, the company should cast their recruiting net wide, so there are more candidate options. Especially in today’s environment, some candidates need to work from home to be with their kids or simply don’t want to spend hours commuting every day. This is beneficial for both employers and candidates because hiring managers can tap into better talent pools if they are not restricted to local markets.

Offer stable working environments

Stability is going to be so important to candidates in the mortgage industry. It’s not a stable industry in and of itself, but offering a candidate stability during slow times will be paramount. People want to know that they won’t be out of a job six months down the road.

These three points are things that I implement in my recruiting process. I like to ask candidates why they’re looking for a new opportunity or what would get them to be interested in a new opportunity. This allows me to understand if a candidate will be the right fit for my clients.

If your mortgage team is struggling to find the right candidates in this market, you are not alone. Reach out to me today, and let’s discuss a potential partnership. I specialize in recruiting for banks and credit unions. My team and I can help source the right candidates in the mortgage industry for your company.