Carrington Mortgage Services, a California-based mortgage organization consisting of 16 companies concentrating on single-family residential assets, is focused on combatting the current trend by developing a program aimed at college grads who are interested in a mortgage career. “We’re developing a program that takes intelligent young people who want to learn the business, and trains them to become account executives and mortgage professionals
,” said Rey Maninang, SVP and head of national wholesale production for Carrington. “They don’t have to be just in sales. This program allows them to train in operations, sales or whatever aspect they would like in the business.”
After the real estate crisis of eight years ago, which left permanent effects on the industry, some college grads have strayed away from mortgage careers out of concern of another crisis affecting the market in the near future. “The impact of 2007 and 2008 really set us back in terms of attracting younger talent; and we are hoping that with the recovering economy, more young adults and professionals will see mortgage as the noble vocation that it is,” he mentioned.
With interest rates at an all-time low, the industry is steady as the economy stabilizes. More housing inventory is coming to market, with an increasing number of new builds; and boomerang buyers are re-entering the market after having exited from homeownership during the meltdown. Also, highlighting Carrington’s recent efforts to increase the company’s market share, including opening a new fulfillment center in Plano, Texas, and Nashville, Tenn., Maninang commented on Carrington’s preparations for the strengthening economy and growing business – a strategy that includes scaling their operations today to facilitate more growth in months to come.
With all signs pointing to a healthy market, the mortgage industry is gradually becoming a more attractive option for those searching for a career. “It’s a great time to join the industry for many reasons,” said Maninang “One reason is our effort to actively hire more younger people to join us. If someone is looking for a job but wants a career, there are a lot of opportunities in the mortgage industry.”
It is no secret that the mortgage industry is “aging.” In fact, the average age of a professional in the business today is in their low-50s, and many companies are struggling to attract young talent into the industry to help build the bridge in the growing age gap.