Why we need the next generation in the mortgage industry

Millennials can bring a lot to the industry -- including influence

By David Lykken
Special to MPA

Having spent over 40 years in the mortgage industry, it has begun to occur to me as I'm talking to people that I've been working in the field longer than many of them have been alive. And I know I'm not alone. Many of us in the industry are from the previous generation -- we started early and stayed long. I don't run into a lot of people in the industry who come in late in their careers. 

If we want to get good talent in the industry, we're really going to have to focus hard on piquing the interest of the next generation. Can we get people in from other fields? Sure. But the vast majority of the mortgage industry ten to twenty years from now is going to consist of millennials. And right now, there simply aren't enough millennials starting out int he mortgage business.

Millennials bring a lot to the table. They bring a fresh set of values and ideas. More importantly, though, they bring influence. The buyers of the near future are going to be primarily millennials. One way to get those buyers to value home ownership would be to ensure that some of the people originating their loans are also millennials. More millennials in the industry could very well mean more millennials in homes.