NAMB’s Saunders: Women ‘significantly lacking’ in mortgage industry C-Suite
As the wholesale mortgage channel continues to grow and evolve, the role of women brokers in the space has expanded.
Not only do women make up nearly half of the loan originators in the space, but women are finally starting to make their way into executive roles at some of the largest mortgage companies in the country.
Despite the inroads made, the proportion of executives who are women doesn’t come close to the proportion of the overall originator population. One veteran broker and industry leader said that it still must change.
Valerie Saunders (pictured top), chief executive strategist with the National Association of Mortgage Brokers (NAMB), said that, despite the increase in the number of women brokers, the same increase hasn’t been seen at the executive level.
“As far as the number of loan originators, it's about 50/50,” Saunders told Mortgage Professional America. “However, I think when you get into the C-suite, that is where we're significantly lacking. It is still male-dominated in the upper corporate structures. You don't see as many women as we should. The scales don't balance there.”
A need to be outspoken
While the broker community may be close to an even split between men and women, Saunders notes that women actually dominate the mortgage industry below the C-suite level due to a huge advantage in the administrative side of the industry.
“As long as I've been doing it, women very much dominate the administrative side, the processing, the underwriting, the closing, all of that,” Saunders said. “Of course, that percentage isn't even reflected in the 50/50 numbers, because they aren't in those tracking mechanisms. I think realizing the dominance of women overall in the mortgage industry itself, I think that doesn't get the spotlight that it always deserves.”
Yet, for whatever reason, the path for those women to work their way into the executive level of mortgage companies doesn’t seem to be as clear. Saunders noted that the problem also extends to minorities and people of color.
“Unfortunately, I don't know that the negative part of the perception of women in the industry is ever going to go away,” she said. “Because it's not like we're going to hide. Whether we're a woman, whether we're a person of color, whether we're some minority, whatever that may be in the world, that's what's seen first.
“People have to be willing to look beyond the surface level to see what's inside. And it takes people like all of us, who are outspoken, to help people see that it doesn't really matter if you're a man or a woman. It's your knowledge, your experience, your integrity, your ethics, what the perception that you're giving, or what your forward-facing presentation is. What's coming out of your mouth and the actions that you're doing are what should really matter.”
While those who are working to get to the executive level can do their part, it comes down to companies being willing to see qualified candidates for what they do, rather than some demographic element that they fall into.
“It starts at the company level,” Saunders said. “It starts at the association level and at the industry level. Why does it take a Black History Month, or a Women's History Month, or an AAPI month, or a Hispanic month, to recognize people's accomplishments? We should all just be recognized for the value that we bring.”
Having drive and desire
Saunders has been through it all firsthand on her way up the ranks in the mortgage industry. She said it is important for women and others who are underrepresented in the C-suite to ignore the noise and keep pushing ahead.
“I think you have to develop a very thick skin and be able to drown out the noise and focus on your goal instead of all of what's in the periphery that's trying to stop you from getting there,” she said. “I didn't necessarily have a goal of being in this position within the organization.”
She said getting started at the state association level helped show her how she could make a difference, both locally and nationally. That allowed her to know which doors to knock on while climbing the ladder.
“I have a goal of standing up for what I feel is right,” Saunders said. “Whether that was all the way back in 2008, when I was still in the Florida Association and standing up for the mortgage broker community as far as what was happening as a result of the mortgage meltdown. That got me more involved in government affairs at the state level and then at the federal level. Then it was just a natural progression to go from state association work to national association work.
“But still today, I have a desire to advance my industry, to be a resource, and to be somebody that if you needed help, I would be able to help you. It doesn't matter that I'm a woman; it's just an extra added bonus. Everybody has to have that drive and desire.”
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This article is part of our Monthly Spotlight series, which in April focuses on women in mortgage. Full coverage can be found here.
