With the hiring frenzy we saw among key mortgage staff over the past year, it’s no surprise that retaining existing staff was the top concern voiced by 598 industry executives in a new survey from The Mortgage Collaborative.

The company’s inaugural The Pulse of the Mortgage Industry survey revealed six issues that lenders feel are most critical in 2021:

  1. Retention of existing staff
  2. Enhancing customer experience at point of sale
  3. Scaling and modernizing loan manufacturing process to better insulate against volume fluctuations
  4. Measuring operations and employee productivity
  5. Implementing and integrating new technology
  6. Fair lending compliance.

“As much as the ‘hire-and-fire cycle’ has come to define how lenders typically manage the peaks and valleys of origination volume, there is also a real concern among lenders about the human impact of this strategy, as well as the operational and financial effects, and lenders seem to be ready to embrace alternative means to better manage volume fluctuations,” said Rich Swerbinsky, chief operating officer and president of TMC. “This aligns neatly with the overall theme we observed in the list of lenders’ top concerns of modernizing the generally inefficient mortgage loan manufacturing process.”

“However, one of the top concerns lenders noted that falls outside this general theme is fair lending compliance,” Swerbinsky added. “With the Biden Administration and the Consumer Financial Protection Bureau telegraphing their collective intent to make housing equity a top regulatory priority, as well as the reinstatement of the disparate impact standard, our lender members are  understandably focused on ensuring their policies and procedures are up to scratch to ensure compliance with existing fair lending laws.”

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