A number of mortgage-related firms and the companies that service them have reported that their staffs have been growing.
As of the third quarter, U.S. credit unions employed
268,401 people, according to the California Credit Union League.
Headcount at the country’s 6,216 credit unions has grown by 4.4 percent compared to a year earlier, the trade group reported.
Kevin Crichton, president of E Mortgage Management LLC, recently wrote that there is a dearth of millennials working in home lending. The industry is predominantly staffed by people who are 50 or older.
“As these professionals move nearer toward retirement, an enormous gap will be left when they leave the workforce,” Chrichton said. “Compounding this problem is the lack of younger people interested in pursuing a career in the mortgage industry.”
The lack of millennial interest in mortgage lending stems from limited job opportunities, distrust in the financial industry and lack of interest in commission-based compensation, he explained. In order to attract millennials to their workforces, Crichton says mortgage employers need to emphasize a work-life balance, locate their offices in places that are convenient and provide training. Lenders also need to recruit from colleges, provide lots of feedback and be creative with compensation.
Thirteen new employees were recently hired by Churchill Mortgage, a news release stated. The jobs were added in Arizona, California, Oregon, Tennessee, Texas and Virginia. Including the latest round of recruits, Brentwood, Tennessee-based Churchill says it has hired nearly a hundred new employees this year.
Over in Idaho Falls, Idaho, Docutech Corp. added seven new employees as of September. An announcement indicated that the hirings will help the company expand its product lines.
Home Loans reported that its staffing recently passed 500 employees. The Bellevue, Washington-based firm has grown from just five employees in 1987.
An announcement from Portland, Oregon-based LoanStar Home Lending indicated that as of
its two-year anniversary on Nov. 12, it had grown to more than 120 loan officers and 315 employees.
A new office was opened in Tempe, Arizona, by Cenlar FSB, a statement last month said.
The location, which brings the number of operations facilities to five, will house customer service representatives, loan servicing agents and a variety of operational and administrative support staff.
Cenlar spokeswoman Denise Vaccaro ignored a request for details about the number of employees being hired.