Finding Diamonds in the Rough
With roots deep in the real estate market, born during the housing boom beginning in the early 2000s and coming of age during the SFR (single-family rental) Industry Institutionalization of 2013, TalentWoo is a boutique real estate executive search and recruitment process outsourcing (RPO) company. TalentWoo CEO Jerel Cain recently spoke with MReport about how the mortgage industry talent and recruiting landscape is evolving amid a landscape where companies are navigating inflation, a retreat from the housing and refi boom of last year, and other challenges. What is the current climate like for recruiting talent in today’s mortgage market? What challenges are lenders facing that will have an impact on recruitment? Cain: Uncertainty is the biggest challenge lenders face. The talent market is always changing, and because the housing market is such a dynamic environment, today’s candidates have a lot of doubts about their future. Professionals are less likely to consider changing jobs in an uncertain market if they feel they are “okay” where they are. At the same time, when candidates are uncertain about their current job or have a limited view of their career path, they are often open to discussing a change. This presents an excellent opportunity for lenders who have a strong message for these candidates. Companies that demonstrate their stability as an organization, a clear path forward for themselves, and a career vision for the candidate will stand out in the current market. Are you finding most talent to recruit for mortgage servicing jobs from within the mortgage industry or from other industries? Do they require a financial background for recruitment into the mortgage industry? Cain: Naturally, we target and pursue candidates who are actively working within the industry, as we believe this creates the strongest candidate base. But we look outside of the industry, too. Quite frankly, there are generally more...
The Hurdles Ahead
As the restfulness of the holidays slips into the rearview mirror and the mortgage industry returns to face the turmoil, surprises, and victories of a new year. While the housing landscape is, for the most part, no longer under the ponderous shadow of a global health crisis, there are plenty of challenges to be navigated. The Fed’s ongoing efforts to combat inflation have driven interest rates to highs not seen in years, flipping the homebuying frenzy of last year on its head even as many companies are forced to adjust their workforces in the shadow of a possible looming recession. If the past decade has taught us anything, it’s that even the wisest among us don’t possess a crystal ball capable of prognosticating what the months ahead will bring. But all that said, the final days of a waning year and the first days of a new one are traditionally times to pause and reflect; to celebrate victories won, internalize the lessons of goals not achieved, and formulate a plan to move forward. In that spirit, for our January edition, DS News spoke with a cross-section of industry executives (including Five Star’s Editorial Advisory Board) about their 2022 victories and biggest 2023 challenges—and how they’re working to surmount them. Read on for insights from representatives of BOK Financial, Carrington Mortgage Services, Chase Home Lending, Fannie Mae, Planet Home Lending, and U.S. Bank. Samantha Manfer Chief Business Development and Brand Officer, Planet Home Lending What are the biggest challenges you are trying to solve for in 2023? How are you working to surmount those challenges? Challenge #1 - As we head into a recessionary economy, delinquency and default rates may rise for non-QM, Debt Service Coverage Ratio (DSCR), and residential transition loans (RTL or fix-and-flip). Each non-QM, DSCR, and RTL investor must create loss mitigation policies...