TheMReport — News and strategies for the evolving mortgage marketplace.
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36 | TH E M R EP O RT FEATURE 1. Look Within W e all know that borrow- ers are changing. For example, millennials are getting married and starting families, which means they're forming new households, and single mil- lennials are buying homes at faster rates than previous generations. According to a 2016 report on the State of Hispanic Ownership by the Hispanic Wealth Project, Latinos are also buying homes at a rapid pace and are expected to represent 40 percent of the entire market soon. Another important thing to consider beyond age or ethnicity is that certain borrower segments require unique commu- nication styles; for instance, those in the hearing-impaired com- munity require a lender fluent in American Sign Language. While these are just a handful of examples, they point to the need for mortgage leaders to incorporate diversity within their teams. Doing so enables them to work responsibly and connect with the communities they serve through authentic, meaningful communication that is relatable as well as comfortable for all borrowers. The reality is this—borrowers who are not as intimidated are more likely to get further along in the home buying process; obviously, this is good for the business, but, as a whole, it makes the industry much more ap- proachable. Eliminating language and cultural barriers expands the channels of communication and demonstrates a strong commit- ment to helping others. Successful leaders know to be responsibly mindful of current borrower dynamics because each one brings a unique mindset to home buying that must be un- derstood and respected. The goal of every successful lender should be to provide superior, consumer- friendly service to everyone as a trusted advisor. By embracing di- versity and creating a melting pot within your organization, you can create relationships with first-time homebuyers, a family whose native language is not English, someone nearing retirement and so on. 2. Workforce Reflects Community A chieving success within mortgage lending goes beyond simply embracing diversity to improve how bor- rowers relate to us. To facilitate better communication, we must actively recruit diverse mortgage professionals—pulling from all ages, genders, skill sets, and eth- nicities. It's essential to examine the following questions: What are your company's needs? Does your workforce resemble the communities you operate in? Does your workforce match the demographics you serve or want to serve? If not, develop a hiring strategy to ensure you are meet- ing these needs. You'd be sur- prised how something as simple as employing bilingual loan of- ficers can positively impact your business and reputation. Now, more than ever, mortgage leaders have a unique opportunity to see the world differently and with the perspective of differ- ent individuals based on their own unique experiences, thereby allowing them to interact with borrowers in a more impactful and personal way. No longer can we apply a one-size-fits-all ap- proach to appeal to all borrowers. Instead, we must seize opportuni- ties to learn from each other to collectively provide better service. From there, we must have solid ongoing training and mentor- ing programs to foster trusted interactions with borrowers continually. Today's mortgage leaders must evaluate how we are coaching the next generation of leaders. What are the hard-won lessons, both good and bad, that we have learned and can apply to our training? Which of our own experiences can we pass down? What mentorship programs can we provide? 3. Diversity in the Broad Sense M ortgage leaders must also broaden their idea of what defines "diversity," and instead take a more holistic approach. Diversity is not driven solely by age, gender or ethnicity; instead, it is driven by all experiences an individual has, and much of that comes from past careers. Recruiting individuals who may have had previous careers outside of mortgage lending can be the key to achieving a well- rounded, diverse workforce. To build a truly dynamic team, leaders must recruit and leverage the vast knowledge of "career reinventors"—those who have had several different careers throughout their life—and embrace their unique experiences to better relate to borrowers. These 'reinventors' may have unique sets of skills applicable to mortgage lending by taking pieces of inspiration and wisdom from past involvements. With unemployment levels the lowest we've seen in the last de- cade and more individuals look- ing to buy homes, the mortgage lending market is strong and we're optimistic it will stay strong. The challenge, however, will be how mortgage leaders adapt to not only a different landscape, but a completely different borrower. As an industry, we must tap into the unique experiences of everyone—whether it be related to their cultural experiences or career changes—and transform those experiences into a meaning- ful, personalized interaction for borrowers. Lenders must help serve and treat everyone with the same excellent service no matter what; every adjustment, big or small, must be made to ensure borrowers are provided with the best home buying experience. The American Dream of homeown- ership is still very real and by embracing diversity, we can make that dream equally accessible to everyone. Those who ignore diversity will lose out. MARGIE HENNESSEY is a regional executive for Embrace Home Loans, leading a team of individuals working to provide superior, consumer-friendly service to borrowers. Hennessey is committed to supporting a highly productive, caring, connected team of professionals who enjoy business and personal growth and giving back to the community. Before the mortgage industry, she spent years maximizing others' performance in the fields of American Sign Language Interpreting and Human Resource Management. Hennessey is ACC accredited by the International Coach Federation. No longer can we apply a one-size- fits-all approach to appeal to all borrowers. Instead, we must seize opportunities to learn from each other to collectively provide better service. From there, we must have solid ongoing training and mentoring programs to foster trusted interactions with borrowers continually.