The mortgage industry is a multi-trillion-dollar industry consisting of over 300,000 employees, according to the most recent data from the Bureau of Labor Statistic. But in an industry with the professionals averaging their ages in the 50's, what are businesses in the mortgage and housing sector doing to attract millennials into the workforce and pass on the industry to the next generation of professionals?
Freddie Mac EVP and Chief Administrative Officer, Jerry Weiss says, “Freddie Mac places a high priority on engaging millennials in the workplace – it’s just smart business. Effectively harnessing their talent and skills makes us a stronger company, drives innovation, and helps us more effectively respond to changing needs in the marketplace.”
Michele Espada, Freddie Mac recruiting and training director shared that hiring and retaining millennials requires a continually evolving mix of ingredients.
“For professionals just starting out, our college analyst programs offer a strong introduction to core business areas, and we’re always encouraging employees to look for new internal opportunities that will expand their breadth of experience,” says Espada. “We also offer year-round learning opportunities through Freddie Mac University, as well as career-advancing professional certifications and tuition assistance. And to round out the mix, we’re a flexible workplace and support technology to better serve how and where millennials – and really all employees – work today.”
Likewise, Fannie Mae says that they are constantly working to recruit and retain young talent that comes their way. A large part of this comes from their summer internship programs and Associate Program. These were originally division-specific programs that allowed entry-level talent to rotate through four sectors for a duration of two-years with Finance and O&T being the divisions with the largest number of participants. In addition to on-the-job training, Fannie Mae associates receive training on soft skills and leadership. As they near the end of the two- year program, Fannie Mae’s MyCareer team will work with them to identify a new full-time position within the Fannie Mae organization. Fannie Mae shared that starting with the cohort they hire in August 2017, though, the program will be enterprise-wide and participants will rotate across the company.
Tim Rood, Chairman of The Collingwood Group, shares that emerging Fintech companies and nonbank lenders, including marketplace lenders, are getting traction with young IT professionals seeking to enter into the housing finance sector.
“As the housing finance market becomes more technology enabled and moves more online it's professional appeal to Millennials will grow proportionately," said Rood.
Nima Ghamsari, CEO and Co-founder of Blend, a Silicon Valley technology company powering the next generation of mortgage lending, shared that millennials have an unprecedented selection of fun, interesting, and innovative jobs to choose from. “While mortgages may seem like an industry that still operates on paper, faxes and scanners with pre-dot-com technology, the reality is the industry is quickly realizing the need for a technological and operational overhaul. Young professionals starting their careers now have the chance to play a huge role in transforming a massive, trillion-dollar industry that is likely to touch all of our lives at some point or another.”