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Are mortgage originators too old?

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Mortgage Professional America | 09 Dec 2014, 08:23 AM Agree 0
Will the aging mortgage professional be suited enough to attract the newest consumer power group with the largest buying capacity? Here's how to attract a younger workforce.
  • cheryl m | | 09 Dec 2014, 09:51 AM Agree 0
    Millennials can text with their eyes shut, multi-task all day long...well if any of them indend on getting through the mortgage process in the next five years they'd better keep their eye open wide. I don't see this group using common sense and may be more naive then we think.
  • Dave O... | | 09 Dec 2014, 10:27 AM Agree 0
    The inexperienced mortgage professional will make mistakes you can train people all day but when they hit the streets it's a different world. I've been in the business for 23 years and have been on the business development side for the last 8.... the cost associated with training a young professional is astronomical and profit margins per mortgage are the lowest in history so that training cost is risky business.

    You can't train experience......
  • Hank | | 09 Dec 2014, 10:40 AM Agree 0
    Interesting article. I am 51 years young, with 20 years mortgage/realtor experience. I am VERY tech-savvy, but have been out of the industry the last 2 years. Finding a shop to hang a "commission-only" license is not a problem. However, I have found a 'bias' when applying for salary commish jobs. Apparently they only want the younger crowd of LOs? Seems to make no sense to me? You would think a strong shop would want someone with experience, established skills and maturity.
  • Tom | | 09 Dec 2014, 12:09 PM Agree 0
    Ironic that Mr. Cowen, who has been in the recruiting field for over thirty years, feels that the new generation of home buyers will not relate to the older wiser MLO/Realtor but would take his advice as a sage old recruiter in the mortgage industry. The problem with this generation of "I want it now" young people is they have never worked very hard at anything and do not know failure thanks to their protective parents. When I started as a MLO at 35 years old I got kicked out of more offices than I could count but dusted myself off and headed to the next one. When an MLO solicits business from a Realtor he is really asking to be trusted with their commission, usually in the $10,000 plus range, for 30 days or so until he/she closes the mortgage. It takes a long time to develop that $10,000 trust and only ONE bad transaction to end it. You don't get recognition as an MLO for showing up, it only comes from results.
  • | | 09 Dec 2014, 12:14 PM Agree 0
    I'll take the experience of a proven professional over any 1st year originator. Harry
  • Mark | | 09 Dec 2014, 10:08 PM Agree 1
    Interesting article. Training is what will get young LOs in the industry? Will they be successful? Sit down with a 28 year old sitting in a bank or big company and then go meet with a 54 year old broker who works for a small firm or themselves. Lets see who will get you approved and actually to closing with a wire at the table. Experience is everything in this business and you can train and train and train and it will do nothing unless the young LO makes mistakes and screws up and learns from their mistakes. This takes years thus its why the good Los are in their 50s. All older LOs know how to e mail and text and scan from a machine plugged into their car so this article to me is way off.
  • Nick | | 10 Dec 2014, 10:32 AM Agree 1
    I think Mr. Cowan is right when it comes to millennial's. So the next time I engage a recruiting firm when I begin to hire next year, I will use a recruiting firm that is owned and operated by a millennial. After all, only a millennial can relate to another millennial.
  • Suzanne Stiefel | | 10 Dec 2014, 09:26 PM Agree 0
    I think the younger generations are looking for salaried position w/commision vs. higher upward potentional on 100% commission pay and they are looking for companies with rich 401k's/matching. I say that because I recently read the most important aspect for this generation in selecting a company is the 401K plan and stable pay. Let's face it. They came out of college with a lot of student debt and they witnessed the most recent financial crisis. Many of them watched their families face foreclosures or BK. If you know what they want, then CREATE-HIRE-TRAIN AND LEARN FROM THEM If you don't know what they want, ask them!! Shoot them a text.. We need them working in our organization on the sales side not just in support.
  • fat | | 12 Dec 2014, 08:18 AM Agree 0
  • BHO | | 12 Dec 2014, 08:33 AM Agree 0
    This is very true and accurate article. If you want to gain market share for the new purchases coming down the pipe you need likeminded individuals to serve them. They want to be able to relate to the individual they are putting their money/investment with. They do not want to feel they are doing business with their granddad being told what they need to do and how to do it. Also, when looking at a company growth aspect you need and want bankers that are young and can grow with your growing company for 20 years. You’re not looking for bankers that are at the end of their career looking for that last good year so they can retire. If you’re not growing you are on your way out of this industry. Proper training programs with a financially backed company able to put the time and effort into these candidates will reap the benefits of doing so for years to come. Experienced bankers make mistakes just as a new banker will make mistakes. The thing is the new banker will learn from their mistakes and adapt to not make the same mistake again. The older "experienced" banker will typically continue on their way and do what they have always done over the years. The "experienced" bankers will not be in the workforce forever and it is time for the smart emerging companies to take control of this changing market trend.
  • Steve Harkness | | 20 Dec 2014, 02:23 PM Agree 0
    I take great offense to this article being a 53 year old techno-rat that will go toe to toe against any Millennial. I have had to re-invent myself and the way I do business more times than I can count starting with laptop originations in the early 1990's. I was only in the business five years when this event transpired.I was amazed at the older more experienced at how many very good mortgage officers refused to update their skills and ultimately ended up retiring. Since then this industry has changed at light speed along with the tools we use. We have gone from carrying a cell phone affectionately nick named "the brick" to carrying smart phones such as my Galaxy Note II with upgraded galaxy Note III software that allows it to do almost what my laptop can do. It is not about ones age but ones desire to keep up with the changing technologies. The same thing is happening with the older Realtors who are either unwilling or unable to adapt. They are being starved out of the business by those who understand how to use these technologies to generate traffic to their clients home. I will end with pointing out this very magazines own prejudice against mortgage officers older than thirty five years of age. I am referring to the article asking who is under 35 and is a trend setter in your market place? Why is there an age cutoff? Have you decided that those of us older than 35 really are no longer relevant? Maybe the same standard should be applied to the writers because you clearly are out of the loop. By the way you just lost an advertising account. I do not feel that I can support a paper that no longer supports me. Thinking of....this used to be called the Niche Report wasn't it? Things have gone downhill since you changed the name.
  • bra | | 26 Jan 2016, 04:04 PM Agree 0
    I work for one of those big shops with the base plus commision and am in top 10%. In all honesty every time they have tried hiring someone thats a bit older, they dont make it. However not a lot of experienced mortgage officers want to drop there pipeline and start up with the big shop companies that wont pay them for that pipeline
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