Higher Rates May Mean Staff Cuts

With interest rates up 75 basis points since the election – and staying there, at least for now – residential production is likely to slip in the quarters ahead, leading to layoffs, especially at firms that focus on refinancings. “It’s coming,” said industry consultant Don Henig, a former top sales executive for loanDepot, a top-10 ranked originator. “Maybe we haven’t …

Consolidation And Higher Loan Volumes Leading To Recruiting Challenges

With mortgage origination volume up and the industry experiencing substantial consolidation, lending executives face an increasingly competitive environment in acquiring key industry talent, according to recruiting expert Rick Glass, of Sacramento, California-based Rick Glass Executive Search. Glass, a 20-year search veteran who has placed hundreds of executives in the mortgage industry, finds the market for top talent especially competitive in …

Short Takes: A CEO ‘Beyond’ Horrible? / In Demand: Top Mortgage Talent / Repositioning with Capital / Are the GSEs Losing Money? / Budget Season Has Started

In its new company newsletter, Garrett, McAuley & Co. notes that one of its regular duties is to review mortgage companies that are underperforming. Joe Garrett notes, “Earlier this year, we were at such a company, and the problem was clearly a CEO who was beyond horrible. She had one of the best resumes you’ve ever seen, and on the surface, she spoke exactly …

New Mortgage Execs Are Ready For The Future

Despite some prevalent negative stereotypes regarding Millennials in the workplace, individuals among them who are on track to achieve senior executive status in the mortgage industry are just as prepared and capable as those of previous generations, according to an expert.  Rick Glass, principal of Rick Glass Executive Search, who has been instrumental in the hiring process for hundreds of …