What is a reality in the workplace of a typical loan officer now is not what is the reality of the population in Los Angeles. Lenders need to mirror the communities they serve to survive the next wave of buyers. Buyers are younger and diverse. Buyers want to be understood and represented. If one adds language needs, that adds another layer of complexity. Not only does one need to mirror the community one serves, but it also meets the language and cultural nuances to complete the transaction. One solution is hiring, training, and making changes.
The Joint Center for Housing of Harvard University said, “In 2015, Millennials headed only 16 million of the nation’s 124.5 million households. By 2035, however, they are projected to head 49.8 million households and thus reshape demand in a profound way.” (Joint Center for Housing of Harvard University, State of the Nation’s Housing 2019) Additionally, another study found that between 2020-2040, 70% of new homeowners will be Hispanic/Latino — with the median age of 29.8, nearly 1 in 3 Hispanic/Latino are in their prime home buying age. (NAHREP 2020 State of Hispanic Homeownership Report) Millennials and Hispanics are the waves of new buyers and homeowners.
Companies, lenders, and employers need to take stock and reassess their hiring strategies. Having a diverse company makes sense and provides a higher return on investment. McKinsey & Company researched 1,000 companies in 15 countries in their report for 2020, and the numbers were staggering. “Our latest analysis reaffirms the strong business case for both gender diversity and ethnic and cultural diversity in corporate leadership — and shows that this business case continues to strengthen. The most diverse companies are now more likely to outperform less diverse peers on profitability.” (Dixon-Fyle et al.)