"Mortgage services will be busy"
Many things have changed in the mortgage recruitment game, according to Sara Walkowiak, senior recruiter at Houston-based staffing agency Professional Alternatives.
For one, the number of applicants per job opening has spiked by about 200% over the last several months – reversing the pandemic trend of mass hirings to fill a shortage of mortgage underwriters at the time.
“There are a lot of experienced, talented mortgage people, but since the interest rates increased, cuts were made,” Walkowiak said in MPA’s latest Top Mortgage Employer special report. “It happens in the industry. Once the guidelines change and people tighten up on what they want to accept and won’t accept, [many factors] come into play.”
Walkowiak noted that there are still demands for mortgage professionals. However, now that companies are downsizing and trimming their workforce, job openings have become scarce, and salary demands have changed.
“There are not enough jobs, but the interest is still there,” she said. “During the onset of the pandemic, three to four months in, the business picked up. However, with the interest rate going up and people getting laid off, the salary demands are back to pre-pandemic wages. Maybe a little less for some people.”
Amid the hiring lull, Walkowiak advises employers to onboard experienced people. “Even if the volume is not there as far as loans, there are people available that were laid off, and it’s the best time to get them.”
“I see it going in a different direction, not so much on the production side,” Walkowiak said. “I see foreclosures happening. Mortgage services will be busy. Foreclosure lawyers will be busy. I see employers hiring temp workers vs. permanent employees.”
You can read the full Top Mortgage Employers 2022 special report here: The right move at the right time.