Millennial mavens in the mortgage industry can be a bit harder to come by, as the business has a reputation for being dominated by older professionals. A study by the Stratmor Group found the average age of a loan officer is around 47 years old, which is approximately four years higher than the median-aged American worker.
Like many other industries, there is a need in the mortgage world to bring in young talent that can grow to become knowledgeable and dependable loan officers. According to the Young Mortgage Professionals Association, previous generations are cycling out of the business, and space is being created for millennials to refuel the mortgage industry. While it’s a rewarding career for many, the mortgage space isn’t as well known as other finance opportunities. “I’ll bet that if you surveyed college graduates majoring in business along with recent MBAs, you’ll find very few who have identified mortgage lending as a potential career path,” said Jim Cameron, senior partner at Stratmor.
Young professionals in the industry are being celebrated at the 2020 Power Originator Summit for the second year in a row, with the Young Gun Award being handed out to a standout star in mortgage, who is 35 or under.
Guaranteed Rates’ Sean Goudreau was the recipient of the award last year, recognized for his commitment to his clients and referral partners, and funding more than $138 million in loan volume since joining the company. Goudreau joined the mortgage business in 2010 after graduating from Northwood University with a degree in banking and finance. “Winning the ‘Young Gun of the Year Award’ at the Power Originator Summit last year was an incredible honor,” he said. “Being recognized by my industry peers for the work I’ve accomplished within my community is both humbling and motivating. My focus begins with my family, and this acknowledgement allows me to set the example for my kids that hard work really does pay off.”
During his acceptance speech, he encouraged other professionals to get engaged within their own communities. “I really think about legacy, and what I’m leaving behind for my kids. They’re not going to talk about how many loans I closed, or how much volume I did, or how much money I made. What people will really remember you for is what you did for the community,” he said, leaving the crowd with a challenge to go out of their way to get involved.
Peer and self-nominations for this year’s Young Gun award are currently being accepted until February 2020. Nominees must be 35 years or younger, and in the mortgage industry for at least three years. They will be judged on loan volume and closed loans from 2018 to 2019, and any professional or personal achievements will also be considered.
The Young Gun Award is one of four different categories at the Power Originator Summit. Awards will also be given out for Originator of the Year, Woman of Distinction and Best New Technology. The winners will be announced at the Power Originator Summit on March 26, 2020 at the Anaheim Convention Center.