With mortgage origination volume up and the industry experiencing substantial consolidation, lending executives face an increasingly competitive environment in acquiring key industry talent, according to recruiting expert Rick Glass, of Sacramento, California-based Rick Glass Executive Search. Glass, a 20-year search veteran who has placed hundreds of executives in the mortgage industry, finds the market for top talent especially competitive in the mortgage-centric markets like Dallas, Southern California, and the New York/New Jersey/Pennsylvania area.
“Since the big banks started reducing their presence in mortgages, non-bank lenders have been picking up the slack by competing for former bank mortgage customers and new markets,” said Glass. “In order to compete successfully, C-level executives must hire leaders with the ability to identify, engage and develop origination talent in a progressively competitive ecosystem.”
The market, the strategies and the tactics are changing, Glass noted, and management has to be prepared to address these changes, not only in recruiting, but in career management and long term incentive options. “Elite performers want to understand their own career paths as they go through the recruiting process, but all parties in the industry must be prepared with career management and retention strategies, whether hiring or being hired,” Glass said. “Unlike previous generations, careers are far less likely to be linear in nature and good people will expect to work for many companies over the years, thus amplifying the need for improved retention planning.”
Glass spoke at MBA’s Annual Accounting & Financial Management Conference in San Diego in November, in a session entitled, “The growth in the market to pre-crisis levels and the downsizing and aging of the workforce mean tremendous opportunities for mortgage professionals at all levels in the years ahead,” Glass said. “Fortune favors the prepared, and it is essential that industry leaders appreciate and understand the fine points of acquiring and retaining the best talent, as well as managing their own careers over the long term.”
About The Author
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at firstname.lastname@example.org.