More than half of all mortgage professionals are living paycheck to paycheck, contending with rising inflation and a cooling market.
Everee, a payroll tech company, surveyed 314 commission-based mortgage professionals. Of the respondents, 31% said they plan to leave the industry in the next year. An additional 15% aren’t sure if they’ll stay in the industry moving forward.
The main issues for these respondents were pay and flexibility. These pros said they might consider staying in their jobs if they were given more flexible working options and competitive pay.
Many states have changed regulations surrounding lenders and work-from-home in the wake of the pandemic. Safety and privacy concerns have been hashed out through trial and error, and LOs at large can perform their jobs remotely.
“[T]he lack of consumer complaints and the ability to conduct examinations indicate that loan originators and others can work at home safely and effectively if a company is able to provide systems that protect consumer privacy and ensure regulatory compliance,” The American Association of Residential Mortgage Regulators noted in guidance about the issue.
Lenders want their commissions to come faster.
More than 70% of respondents said they would choose one company over another just because they pay commissions quicker.
“We’re seeing that mortgage professionals consider the speed of pay to be more important than things like company culture, health benefits, and retirement benefits when deciding where to work,” said Brett Barlow, CEO of Everee.
That could be due to the rising cost of living as sticky inflation and rising rates, hurting Americans with credit card debt, put pressure on loan officers.
Company culture remains an important part of retaining talent, especially as origination volumes drop.
LOs who couldn’t catch a break in the last two years may be starting to feel restless at their current shop.
“LOs seem to start looking when they struggle to effectively close loans,” Dianne Crosby, Regional Manager/SVP of Mortgage Lending at Guaranteed Rate, told HousingWire.
With transparent leadership, discussion around work-from-home possibilities, and an eye toward fast and convenient pay, mortgage lenders can retain talent.
“Ask the talent what they need, carve out resources, and follow up to make sure they feel supported, valued, and heard,” Crosby said.
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