How Staffing Agencies Help Mortgage Companies Thrive

Recruiting experienced professionals for jobs within the mortgage world requires a persistent effort and a discerning approach. Companies in this sector have the option to use an internal staffing process. However, many mortgage businesses are small and lack a sufficient HR team to engage in a wide-ranging recruiting effort.

In this scenario, partnering with a mortgage staffing services provider makes perfect sense. These agencies especially benefit smaller businesses that lack the resources for a time-consuming staffing process. Additionally, internal hiring efforts tend to be fraught with risk, such as making the wrong decision on candidates. All told, an in-house staffing process remains an expensive option that might not result in actually hiring anyone.

With the goal of ensuring your mortgage business recruits talented professionals, check out these insights on mortgage staffing agencies. Use this information to better understand how these talent acquisition providers perform for their clients. You also learn more about their capabilities to differentiate between potential partners. Expect a more successful mortgage business as a result!

Understanding the Challenges Faced by Mortgage Companies

Finding talented and experienced professionals with experience in the mortgage industry remains a challenging prospect for businesses. The specialized nature of many of the roles in this sector simply reduces the number of available candidates. As a result, mortgage businesses face both a skills gap and a talent shortage when trying to recruit professionals. It also increases the difficulty in finding these professionals using an internal staffing process.

Again, the job roles in mortgage processing – loan officers, underwriters, etc. – require specialized experience. At the same time, a labor shortage for these professionals exacerbates the problems in recruiting them. In fact, as many current professionals begin to retire, the lack of talent in this area only gets worse.

Of course, a shortage of talent offers little solution to the constantly changing demand for mortgage services. As interest rates change, so does the demand for buyers looking for new homes. Additionally, regulatory considerations and market competition only add to the complexity for mortgage companies. It essentially places the onus on these businesses to manage headcounts to provide exceptional service to meet customer needs.

Successfully recruiting scarce talent within a cyclical market becomes easier when partnering with mortgage recruiters. In fact, using a staffing agency to source mortgage professionals makes even more sense compared to other talent areas. Let’s explore in more detail what services mortgage companies provide. An improved understanding ultimately helps your business make the right decision on a staffing agency partner.

The Role of Staffing Agencies in Mortgage Recruitment

In general, staffing agencies handle the recruiting process for their clients. When given a job description, they present candidates with the right skills and experience for the open position. Including information about your company culture also ensures they place candidates with the right fit. Remember that cultural fit remains an important factor in retaining your current employees.

Mortgage staffing service providers operate in a similar fashion. As noted earlier, their work becomes more challenging due to the industry’s acute talent shortage. Expect this problem to get worse as more loan officers and mortgage processors retire. Still, the best agencies boast efficient processes and strong network connections to find talent for their clients.

In addition to successfully sourcing hard to find mortgage professionals, these staffing agencies offer other meaningful benefits to clients. For example, expect significant cost savings due to improved efficiency and reducing the risks of the wrong hire. Your mortgage business also enjoys improved productivity by right-sizing its headcount and preventing any skills gaps. Of course, you also enjoy a higher retention rate due to hiring candidates with the right cultural fit.

Ultimately, partnering with mortgage staffing agencies pays dividends when needing to hire loan officers, mortgage processors, and similar professionals. We already highlighted the fact the market for this unique talent remains tight. In this scenario, working with recruiting experts offers a better solution than overburdening a small HR team.

Driving Efficiency Through Specialized Mortgage Recruitment

We previously hinted at the fact that staffing agencies make the recruiting process more efficient. Again, this higher efficiency definitely contributes to reducing your staffing expenses, no matter the difficulty of that final hire. Additionally, it also lowers your time-to-hire, helping you quickly onboard those hard-to-find mortgage professionals. Note that the most qualified candidates typically remain on the job market for only a few weeks.

How do mortgage staffing agencies improve the efficiency of the staffing process? In most cases, they rely on the latest technology, like AI-powered applicant tracking systems (ATS). Modern ATS suites automate the process of résumé analysis, helping to quickly find matches within a large candidate pool.

Additionally, these tools leverage generative AI – ala ChatGPT – to handle initial candidate communication. This frees human recruiters to focus personal communication with the top candidates. This improves the chances of getting those exceptional mortgage professionals to accept a job offer.

Partnering with a staffing agency with significant experience in the mortgage job market also matters. These companies typically have large candidate pools filled with qualified professionals. Partnering with one of these agencies also plays a key factor in reducing your time-to-hire. As a result, expect to encounter less difficulty sourcing the specific talent you need.

Navigating Regulatory Compliance with Mortgage Staffing Agency Expertise

Of course, regulatory compliance remains another critical area affecting the mortgage industry. These regulations consistently evolve as governmental agencies strive to ensure consumers stay protected from deceptive practices. It also influences your company’s attempts to source the right mortgage professionals to join your team. After all, you want to hire someone with relevant experience with industry regulations.

A partnership with a staffing agency experienced in the complex regulatory landscape of the mortgage industry definitely helps. The top agencies pride themselves in their full understanding of the ever-changing compliance requirements. They also know the right questions to ask when interviewing candidates to ensure they possess the right experience.

Remember, you partner with an agency to gain access to their well-honed processes for vetting mortgage industry professionals. Their knowledge pays dividends in ensuring your company onboards talent keeping your company in compliance. They also employ mortgage recruiters and others with the responsibility to stay abreast of the latest regulatory changes.

Simply put, your company has a better chance of staying in compliance when working with a mortgage staffing agency. Remember, these professionals specialize in all things mortgage-related. You focus on running your business, while the experts keep you supplied with high-qualified, experienced mortgage talent.

Flexibility and Scalability in Mortgage Staffing

Staying nimble as a small mortgage business helps your company thrive no matter the current economy or job market. To achieve this goal, you need significant flexibility combined with seamless scalability. Not surprisingly, partnering with a mortgage staffing agency simply makes it easier to scale your team size as needed.

Scalability remains especially important for mortgage companies considering how much the housing market ebbs and flows. As a result, your organization’s optimal headcount also varies in tandem with shifts in the market. Managing this situation becomes easier and more cost-effective when leveraging temporary and contract talent along with your permanent employees.

This is another reason why partnering with a mortgage staffing agency helps your business. The best agencies offer candidates open to working on either a contract or a permanent basis. It provides your company with significant scalability to ramp up its operations for higher workloads.

Additionally, when the work lessens those contractors move to their next gig while your staffing expenses return to normal. Ultimately, it’s an approach ensuring both efficient operations and the ability to save money.

How Mortgage Staffing Agencies Foster Innovation and Growth

We previously mentioned how mortgage staffing agencies leverage the latest technology innovations to make their operations more efficient. Their insights into emerging tech also help their clients beyond talent acquisition. Leverage their advice on how to improve your company’s internal operations with AI or other recent technologies.

Additionally, take advantage of your agency partner’s candidate pool to find mortgage professionals with modern skills. These specialized skill sets provide the opportunity to improve your operations. At the same time, they also offer the means for your mortgage business to grow over time. In a competitive industry, businesses with a proactive approach to technology and other innovations enjoy a significant advantage.

Ultimately, forging a long-term partnership with a mortgage staffing services provider simply makes sense for your business. Creating a synergy between the two companies positions your organization for unparalleled growth. Their industry insights and continuous supply of talented mortgage professionals definitely help you expand now and in the future. As a result, expect to never suffer from a skills gap while providing exceptional service to your homebuying customers.

Partner with a Mortgage Staffing Agency for all of Your Mortgage Recruitment Needs

If your mortgage business needs an influx of talent, connect with the expert team at Workway. As one of the top mortgage staffing agencies in the country, we provide exceptional candidates for your organization. Schedule a meeting with us to discuss the mutual benefits of a long-term partnership.