Success in the mortgage industry is typically the result of creating and delivering a great experience for your customers, whoever they may be. There are, of course, many obstacles that often get in the way. One of the largest is being able to teach your employees new skills in an industry that is constantly evolving.
Right now, the industry is changing faster than ever. As a historic refi boom comes to an end, originators are shifting their attention to homebuyers while expanding access to non-conventional loan products. In the meantime, millions of borrowers are coming off forbearance plans and need loan workouts. And the entire industry is under the increasing glare of regulators to make sure consumers are treated fairly.
All of this is pressuring organizations to find people to fill new roles, train existing staff for new jobs, and find ways to keep the talent they already have. It’s a tall order for any company — but the challenge is not insurmountable if you have the right mindset and tools in place.
The Importance of Culture
Let’s face it, this is a highly transient industry. People come and go all the time, and the demand for talent fluctuates with each new market cycle. It’s the nature of the industry to hire up in good times and let staff go during bad times.
Needless to say, this trend can negatively impact company culture, which is the most valuable aspect of an organization. According to PWC’s 2021 Global Culture Survey of 3,200 leaders and employees, 67% of survey respondents said culture is more important than strategy or operations. Meanwhile, 69% of senior leaders tied their success during the pandemic to their company’s culture.