The best mortgage companies to work for remotely in the USA

Are you looking for the best mortgage companies to work for remotely? Here is everything you need to know

The best mortgage companies to work for remotely in the USA

There is no escaping it—the COVID-19 pandemic changed the way mortgage companies do business. While some forwarding-thinking companies had already established the infrastructure for remote work, others had to adapt quickly. And they did.

The results may be surprising. For the best mortgage companies to work for remotely, that shift produced record-breaking years.

In this article, we will look at the best mortgage companies to work for remotely and what makes a career transition into the mortgage industry so appealing. Here is everything you should know about the best companies to work for remotely.

What are the best mortgage companies to work for remotely?

Earlier this year, Mortgage Professional America (MPA) released its awards for The Best Mortgage Companies to Work for in the US.

First, let’s look at the top three overall winners in the three different categories.

More than 500 employees:

  1. Gold: Fairway Independent Mortgage
  2. Silver: NEXA Mortgage
  3. Bronze: American Financial Network

101-500 employees:

  1. Gold: Advisors Mortgage Group
  2. Silver: Mann Mortgage
  3. Bronze: Premier Nationwide Lending

10-100 employees

  1. Gold: Midwest Family Lending
  2. Silver: Mattamy Home Funding
  3. Bronze: iLoan

According to MPA’s data, innovation ranks among the top five most important features of a Top Mortgage Employer. More demands from employees to work from home and other cutting-edge work capabilities, along with the pandemic’s aftereffects, have accelerated technological developments. That, in turn, changed how mortgage services were delivered and heightened customer expectations. 

Best mortgage companies to work for remotely: Fairway Independent Mortgage

Fairway Independent Mortgage became one of the first companies in the mortgage industry to transition from being office-based to 100% remote. The result has been record-breaking years.

“We found it interesting during the pandemic that not only did employee productivity not suffer but it also increased,” says CHRO Julie Fry. “Our employees felt a more positive work-life balance and enjoyed receiving professional-grade exercise equipment from our CEO and leadership.” 

While the mortgage industry struggles with high interest rates, low inventory, and compressed margins, Fairway has adapted its environment and offerings to ensure employees are supported through the challenges.

“Many companies have struggled,” says Fry. “At Fairway, we’re focused on making sure our branches are staffed appropriately, increasing market share, and preparing for the good times that lie ahead with training and coaching.”

Best Mortgage companies to work for remotely: NEXA Mortgage

Mat Grella, president and co-founder of Top Mortgage Employer NEXA Mortgage, says innovations in remote working are key. “Innovation is a big one for us,” says Grella. “We’re constantly focused on providing our (loan officers) with more tools and resources than any other company in our sector. We have more lenders set up than any other broker out there. We have more products and more tools, so they can go out and win more deals.”

Added Grella: “We also have more resources and more support. We are steadfast in providing the best support to our LOs at all times. We are committed to making sure that they have answers when they need them so they can be more confident when they're going out to their clients.”

Best mortgage companies to work for remotely: MPA methodology

To help recognize and narrow down the nominations for the Top Mortgage Employers 2023 in the US, MPA invited organizations to fill out an employer form highlighting their various offerings and practices.

Employees of the nominated companies were then asked to take an anonymous survey evaluating their workplace based on eight key factors: compensation, benefits, reputation, culture, advancement, innovation, sustainable programs, and diversity, equity, and inclusion

While innovation and the ability to offer support for remote work is key, compensation remained at the top.

“Competitive compensation is a primary motivator for employees and is crucial for attracting and retaining top talent,” says Christopher Guerin, EVP of origination and business development at Top Mortgage Employer American Financial Resources. “To keep top talent, we encourage a culture of growth and advancement, and we try to stay up to date on where compensation is within the market. Seeing and highlighting employee successes is a vital part of empowering our associates.”

In addition, Guerin underscores the importance of providing ongoing training and development opportunities to help employees stay updated and engaged.

Is it a good time to work in the mortgage industry?

It is usually a good time to work in the mortgage industry. It is an ideal industry for anyone who wants to shift into a profession that is new, lucrative, and makes a difference in people’s lives. Having said that, switching careers can be daunting—and challenging. In this section, we will outline the pros and cons of starting a career in the mortgage industry.

The pros

The mortgage industry offers many advantages. Not only do you help potential homeowners realize their dreams, but you also pave the way to your own career success. Here is a look at the pros of a career in the mortgage industry.

High earning potential

Limitless earning potential is perhaps the best aspect of a career in the mortgage industry. Mortgage loan officers and mortgage loan originators (or MLOs) typically earn about 1% of the total mortgage amount in commission. If you secure a mortgage of $500,000 for a client, you will earn a commission of $5,000. If you close a few mortgages each month, that is potentially $15,000-$20,000.

However, it often takes some time to work your way into that kind of income. Not only that, but market conditions are different depending on where you are in the USA. At the end of 2021, mortgage loan officers made roughly $64,000 per year, according to the U.S. Bureau of Labor statistics. If you looked at ZipRecruiter’s data, that salary rises closer to $70,000 per year.

Help homebuyers make life-changing decisions

One of the building blocks to both personal and multi-generational wealth is real estate. You can build equity in an appreciating asset and, if need be, borrow against it. One example of this might be sending a kid to college. Working for a mortgage company, you can ultimately make homeownership possible. In other words, your work can pay off for generations.

 The best mortgage companies to work for remotely help homebuyers make life-changing decisions.

The best mortgage companies to work for remotely help homebuyers make life-changing decisions.

The cons

All industries have their challenges. With the right amount of perseverance, however, they can all be overcome. The mortgage industry is one that rewards people who understand that success takes time and commitment. Let’s look at some of the challenges in working in the mortgage industry.

Clients have options

Becoming an MLO is a great career move, but that also means there is plenty of competition in the space. Clients have numerous options to choose from when it comes to secure lending. This is why networking and building a loyal client base is so critical to success over the long term.

Highly regulated

Regulators passed the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) after the 2008 financial crisis. The legislation sets nationwide education standards and requires MLOs to register in a national database. It is essentially designed to prevent dubious lending practices that destabilize secondary mortgage markets. The result is that all licensed mortgage professionals must take continuing education courses every year to stay up to date with industry regulations.

Is working remotely for a mortgage company right for you?

When determining the best mortgage companies to work for remotely, it is important to know how they offer their employees support. It is also important to know what else the mortgage companies offer, such as salary and training. If you are switching careers to work in the mortgage industry, you may also want to weigh the pros and cons first.

Remember: it is important to do your research to see if it is the right move for you.

To find out more about the best mortgage companies to work for remotely, get in touch with one of the mortgage professionals we highlight in our Best of Mortgage section. Here you will find the top-performing mortgage professionals across the USA.

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