Staff Retention Tops List of Lender Concerns in 2021, Inaugural Survey from The Mortgage Collaborative Finds
Improving Customer Experience and Process Modernization/Scalability Round Out the Top Three
San Diego, CA – June 8, 2021 – The Mortgage Collaborative (TMC), the nation's largest independent mortgage industry cooperative network, has announced the results of its inaugural The Pulse of the Mortgage Industry survey ranking mortgage lenders’ top concerns based on 598 executive responses from the co-op’s 234 lender members. The survey found these six issues to be most critical for mortgage lenders in 2021:
“After a lender hiring frenzy to manage last year’s historic volumes, we fully expected staffing to be one of the top concerns this year, but to have it rank as lenders’ No. 1 concern was truly a surprise,” said Rich Swerbinsky, chief operating officer and president of TMC. “As much as the ‘hire-and-fire cycle’ has come to define how lenders typically manage the peaks and valleys of origination volume, there is also a real concern among lenders about the human impact of this strategy, as well as the operational and financial effects, and lenders seem to be ready to embrace alternative means to better manage volume fluctuations. This aligns neatly with the overall theme we observed in the list of lenders’ top concerns of modernizing the generally inefficient mortgage loan manufacturing process.”
About The Mortgage Collaborative
Based in San Diego, Calif., The Mortgage Collaborative was founded in 2013 by four notable industry leaders and is the nation’s largest independent mortgage cooperative network. TMC is singularly focused on creating an environment of collaboration and innovation for small to mid-size mortgage lenders across the country to reduce cost, increase profitability, and better serve the dynamic and changing consumer base in America. For more information, visit www.mortgagecollaborative.com.
TMC - Chief Operating Officer