As much as Millennial homeowners are all the talk in housing, on the other side of the mortgage table, there is a lack of new Millennial loan officers to serve them.
In an interview with HousingWire, Casey Cunningham, CEO at XINNIX, explained what’s going on with the future of the housing when it comes to lenders.
Cunningham said that right now the current age of a loan officer is about 54 years old.
What will happen to the industry in about five to 10 years if it does not replenish workers? This could be an issue given that Millennials are the largest generation yet and are at the beginning stages of jumping into the housing market.
“One of the challenges is that our industry has never been as astute as they have been right now about bringing in new talent. In the 30 years I’ve been in the industry, I’ve watched lenders say ‘I don’t bring in rookies,’ but we all started as a rookie,” said Cunningham.
She noted that the good thing is that the industry is definitely starting to look at this issue and invest in new Millennials.
Cunningham should know: XINNIX has been training loan officers for 13 years.
So why should Millennials join the industry?
Millennials want a job with purpose. “Today, it is about educating them on the beauty of the mortgage industry, and the families that we serve. You have to be very specific. In order to reach them, they need to see the impact it will make,” Cunningham said.
But right now, she noted that Millennials don’t know the industry exists and don’t grow up thinking about going into the industry.
With Millennials, Cunningham said that there needs be a different conversation. “Income is the last piece. Give them the option to take ownership of their career,” she said.
Here are three keys Cunningham gives on how to recruit Millennial talent:
Start by asking current loan officers in your network who they know. Find out who’s a parent of millennials. Go from there.
2. Search the database
The Millennial might not be in the database, but their parent is. Advertise to past customers that you are looking for young new sales professionals with no proven sales background.
3. Look at other professions
Go to universities and look at the professions that transfer really well into the industry. For example, look to recruit from pools of restaurant managers or finance managers in an auto dealership. Finance managers know how to sell to every class, and while there is high income potential in the auto industry, there is also a high burn out rate.