Hiring quality employees a challenge in today’s market

New operating systems, regulatory changes and greater market competition – how are companies finding the right person for the job?

New operating systems and regulatory changes are presenting new problems for those entering the mortgage market – and for companies looking to hire, it can be difficult to find the right person for the job.
“Hiring good employees can be challenging,” says David White, director of banking operations with Southwest Funding. “Prospective employees might have the right skills and talents to match the position but there are many other key factors that come into play in determining if the employee is right for the company and company culture.”
The constant regulation changes in the industry are creating a dearth of talent and a severe drain on companies, adds White, due to the expense and time of training and system upgrades.
While there are challenges, current market conditions are making it easier for those looking to secure a loan, White told MPA.
“Increased product options, first-time homebuyer programs and the ease of purchasing at higher LTV’s all help,” says White, pointing out that the majority of the rental markets are expensive, allowing buyers to pay the same dollar amounts for homeownership and obtain tax benefits. 
“Continued lower rates help many borrowers refinance on streamline programs at minimal or no cost,” he says. “Many buyers are taking advantage of shorter terms and lower payments. Renovation products help increase values and borrowers are able to refinance at lower LTV’s.”
And although the Internet as facilitated the loan process, lenders and agents must be up to speed on the new way of doing business – a way preferred by today’s client.
“Most borrowers are tech savvy and the majority of the millennials want the ease of an on-line application and eSignature process,” says White. “Customer service is still the key to success and communication is very important. However, we must be flexible and meet the borrower on their terms to make them feel comfortable with the process be it on line or face to face.”