With more than 15 years as a C-level executive for Plaza Home Mortgage, Mike Fontaine knows the challenges facing the industry. He recently outlined what he sees as the top concern for 2020: staffing.
Fontaine told MReport magazine the refinance boom in the second half of 2019 “came in out of nowhere. It was a good problem to have, but at the same time it was one of the biggest challenges for our industry this year.”
Along those lines, he said making the mortgage industry interesting as a career is another top task. One possible solution? Target those who studied teaching. “They don’t realize that companies like ours have training departments and a training professional in a mortgage company is somebody who has a teaching background typically. That’s an example of something where people don’t necessarily think about.
The mortgage industry also needs to attract younger workers.“Much of our focus has been on getting the new generation of associates interested in the mortgage space. In some cases, we’re recruiting directly at colleges. We also helped start an industry group to attract the next generation of mortgage professionals,” Fontaine said.
To learn more about these and other challenges facing the industry, read the MReport article.