When the terms "Millennial" and "housing loans" are strung together, nearly every conversation is about providing this generation with housing loans. And, while that's definitely something mortgage lenders need to do, there's another side to this coin. More specifically, there's a need to draw in more people to sit across the table from these borrowers. Reports indicate that loan officers are getting older and many lending firms are not taken enough steps towards recruiting the largest generation of all: The Millennials. That could be a costly mistake.
Loan Officers Are Getting Older
XINNIX CEO Casey Cunningham recently told HousingWire.com that the average age of the loan officer today is 54. That's a shockingly high number for several reasons. First, it means that there may not be enough loan officers in the coming years as these professionals begin to retire. More so, it means there's a greater age difference between younger borrowers and the face of lenders. That could dampen the hopes of many borrowers looking for a loan officer they can relate to. So, what can lenders do about this?
The first step they need to take is in the direction of today's Millennials. This is the largest generation in American history and this generation has a very different view on life and the lending industry than any before it. In fact, Millennials appear less likely to trust corporations and “big lenders” and desire more friendly, personable experiences when applying for a loan. Additionally, many Millennials don't see the loan officer position as an ideal career position, but lenders can change that.
Why Millennials Should Be Interested in Loan Officer Positions
There are plenty of reasons to believe that the lending industry has opportunities to offer these individuals. One of the main benefits isn't about salary or extra time off. Rather, it's about providing them with a job that matters. This generation is unique in that it weighs quality of life and jobs with a purpose over many other factors. That's something the lending industry can most definitely offer if presented in the right way. What's more, given purpose, many will work harder and longer hours, put in more passion and enjoy their work than older generations. That's reason to hire them.
How Can Lenders Attract These Potential Loan Officers?
The good news is there are numerous recruitment lines available to attract Millennials. Here are some ideas:
- Networking is key. Encourage current loan officers to interact with members, acquaintances, and others they know that may be interested in the position. Millennials have been taught for years that networking is the best way to find a job.
- Utilize social media. Millennials know and rely on social media sites for connections. For professional associations, utilize sites like LinkedIn.
- Be aggressive in tracking down the top talent. Actively seek the attention of a professional that's doing a good job in another job whether that's a restaurant or in the auto industry.
There's little doubt that Millennials are the future (of our nation!) and for the mortgage lending industry, but the question is how can today's mortgage lenders, unions attract these professionals for key positions? Doing so can provide ample opportunity. Keep in mind that Millennials are more tech savvy. They understand the value of big data and how advanced web applications, like DataTree, can make their jobs and their lives easier. They know the importance of building relationships. Ultimately, you need them. Providing an incentive based employment opportunity that focuses on giving these individuals ownership in their careers can really entice these professionals into working with you and increasing your reach within their generation at the same time. Mortgage lenders don't want to wait too long to recruit either.