The mortgage industry is on the verge of a major transition, and it's not in regulation, government or products. It’s the people that make the entire mortgage operation run that are simply a few years away from retiring.
Over the next decade, it’s estimated that the industry will need to replace roughly 200,000 loan officers, according to a new white paper by Casey Cunningham, CEO at XINNIX, which helps to train mortgage lending professionals.
Tack on the fact that Cunningham says only 10% to 25% of new mortgage sales professionals who entered the industry over the last two decades successfully remained in origination longer than two years, forcing the 200,000 estimate to quickly grow to millions in order to secure long-term employees.
XINNIX conducted a nationwide survey of XINNIX originator graduates—individuals who completed our new loan officer program and entered the industry. The results are based on a survey of 600 new mortgage industry professionals was conducted in September and October 2015.
Here are seven quick facts the survey found:
- 75% of these new mortgage professionals entering the industry were between the ages of 18 and 39. Only a small percentage of new hires were younger than 21.
- 75% of recent new hire trainees were male. However, given the estimated makeup of today’s national mortgage sales force, this follows the normal trend.
- 80% XINNIX graduates indicated they had earned at least a college degree, but there was no specific field of study that dominated results.
- 20% Of survey respondents said they spoke a language other than English.
- 61% had some level of prior sales experience.
- 6 years was the average amount of workforce experience prior to entry into the mortgage industry for our graduates.
- 3 or more was the average number of different employers each new hire entering the mortgage industry had worked for.