Written By: Frankie Lacy
Recently several mortgage lenders across the U.S. have laid off staff or restructured in response to the end of the “mini-refi boom”. As a result, many of us are left wondering what we can do to create opportunities for ourselves despite a job market that is flooded with talent. Although it is vital to obtain industry knowledge and experience, how can we make sure our expertise is visible to potential employers? Networking.
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Sales reps from third party vendors, such as title companies, MI companies, and appraisal management companies (AMC’s) are great sources of information for employment opportunities in your area. When the reps from these various vendors come into your office for visits, make it a point to introduce yourself and get one of their business cards. Developing a rapport with them will allow you to discuss industry trends and get information about who is hiring. If you are ever restructured out of your current position, you can forward your resume directly to these individuals who may be willing to submit your information to their hiring managers.
Along those same lines, your current and previous co-workers are invaluable resources for job tips. This is an industry that is large, yet very contained. Throughout your career you will see many of the same faces and some of them will be on their way up the ranks of management. It is important to protect your professional reputation and manage your co-worker relationships in a way that will allow you to be viewed favorably as you move on to new opportunities. You might be surprised how often HR managers ask current employees about job candidates that worked for the same companies in the past. Develop a reputation that will allow current co-workers to speak highly of you in the future.
Outside of the workplace there are two significant resources that are available to all of us with a minimal investment: professional associations and social media. Joining professional associations such as the National Association of Mortgage Processors and National Association of Mortgage Underwriters provide us access to job postings, industry news, and information sharing with other association members. Log on to your association’s website regularly to interact with other members. In addition to national organizations, local groups that hold networking events are great networking tools. Once you join an association, get involved through committees and other activities. This is a great way to meet people, learn more about the industry, and develop potential job contacts.
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Social media is one of my favorite networking tools because it is a resource you can use to stay up to date no matter where you are. I highly recommend joining LinkedIn and setting up a profile. They have an excellent interface that allows you to list your job experience, accomplishments, education, and certifications. Joining the groups that pertain to processing, underwriting, and the mortgage industry in general allow you to connect with people all over the country. I have even seen people place a quick post in the groups advertising their job qualifications and get responses from recruiters!
Ultimately, we all have to step outside our comfort zone and connect with new people. We need to market ourselves in a professional manner that attracts serious employers. Utilizing any or all of these steps can lead to a significant increase in your number of employment opportunities.
About The Author
Frankie Lacy - As an active NAMP® member and a NAMU®-CMMU designee, Ms. Frankie Lacy is a 13-year mortgage industry veteran with extensive conventional mortgage underwriting experience. Frankie is also a mortgage instructor for Mortgage Underwriter University (www.MortgageUnderwriter.org). Topics of Frankie's expertise include: Fannie Mae, Freddie Mac, USDA Rural Housing, underwriting to investor overlays, self-employed borrowers, personal and business tax return analysis, rental income, condos/co-ops/PUDs, and more. Frankie is a Davenport University graduate with a degree in Business Administration. If you're interested in becoming a writer for NAMP®, please email us at: contact@mortgageprocessor.org.
