Mortgage professionals gathered this week in downtown Phoenix for NAMB Swarm. The day was filled with speakers and panels focused on important industry topics.
The YMPA would like to thank NAMB for their support of the industry, and for allowing the YMPA to take part in the first NAMB Swarm in Phoenix. The event was a great success, and the YMPA helped kick off the day with a panel discussion!
Panel (from L-R): Matt Coles, Nate Clear,
Ryan Kelly, Roslyn Zankich, JD Cutri
The panel focused first on the millennial perception of the mortgage industry. JD Cutri, Regional Account Executive at Plaza Home Mortgage and YMPA President, shared how he remembers starting college in business school, and his peers all thought of the mortgage business as the bad guys who solely caused the mortgage crisis ten years a go.
Watch a clip of JD discussing millennial's perception of the mortgage industry.
Nate Clear, Senior Account Executive at First Funding and YMPA member, recalled sitting in his dorm room in September 2008 when the major financial institutions were failing, and the discussion of government bailouts were happening everywhere.
"Millennials today typically only think of going to a bank for their mortgage, many have no idea the opportunities that are available to them through brokers," Clear said.
This perception problem of millennials and the mortgage industry has become a common topic of discussion at industry events.
"Companies are aware of the fact that in 10 years, Boomers will retire and one out of every four global workers will be a millennial. Mortgage companies on a growth path need to recognize the effects millennials are having on their workforce, and need to reach and attract millennials," said Matt Coles, Sales Manager at Plaza Home Mortgage and Affiliate of YMPA.
Roslyn Zankich, VP, National Account Manager of Essent MI and Affiliate of YMPA, stated that the industry has changed dramatically in the 30+ years she has been in the industry. One great thing that has happened is that tools and pathways for new entrants have been developed, as opposed to just figuring it out and wishing for the best.
Matt echoed those thoughts, and said that the NMLS requirements and continued education requirements, through groups like NAMB, have offered a heightened focus on professionalism, more so than ever before.
It is out of that need for refueling the mortgage industry with young talent, that the YMPA was formed. The YMPA is committed to building strong, supportive relationships and strategic partnerships in the mortgage industry. With over 500 members and seven local chapters, the YMPA is on a mission.
Nate said that having the YMPA and local chapters when he first joined the industry would have made a huge impact. It would have connected him immediately with people his age, in his area, and with the opportunity to share experiences and hear how each individual fit into the equation.
The YMPA's mission is to help young mortgage professionals ease into the industry through ACE -Attracting, Connecting, and Educating.
"Through our local chapters, we try to Attract millennials, and look to provide growth and career opportunities. As previous generations begin to retire and exit, it's our responsibility to be attracting young talent. Through Connecting, we provide networking opportunities on a consistent basis to help that young mortgage professional grow their network to excel in their career. Education occurs through the YMPA's Affiliates and Strategic Partnerships in the form of exclusive training and educational opportunities for members. These resources are essential in growing the young mortgage professional in their career," JD said.
What can companies do to recruit and train millennials?
Companies can consider working directly with colleges to recruit, and use online job postings through social media to get the word out there and attract millennials.
"At Plaza Home Mortgage, we are involved in mentoring programs and leadership development programs. Training programs are also key," Matt said.
In order to continue to increase the millennial workforce in our industry, Matt and Roslyn discussed how employers must understand that everyone benefits from the fresh thinking that smart and educated millennials bring to the workforce. Remove 'sink or swim' tactics and thinking. Rather, employers and managers should coach and reflect with their young employees. What worked? What didn't? What should they change? Lastly, celebrate their success. Provide public recognition and highlight their contribution to the entire organization.
"Social consciousness is also a huge determining factor when millennials are selecting a company. If you have any type of charitable effort, make sure it's promoted. Be flexible to their new way of working. Train your team and make sure they know you will invest in their development and success. They will appreciate the attention and investment," Roslyn said.
The YMPA also offers great recruiting tools for Affiliates and Strategic Partners. The Weekly Buzz, a weekly email distribution sent to all YMPA members, includes a career opportunity and relevant industry and workplace content. The YMPA also offers an exclusive Job Board for members on the website.
So, what does all this mean for millennials and those looking to refuel the mortgage industry with new talent?