The mortgage industry is gearing up for the new year with an increase in hiring across nonbank lenders. As the economy stabilizes and interest rates remain low, nonbank lenders are expanding their teams to meet growing demand for mortgage products.
Why Nonbank Lenders are Hiring
Nonbank lenders are filling the void left by banks who are pulling back from the mortgage market due to increased regulatory scrutiny and capital requirements. As banks exit the market, nonbank lenders are stepping in to fill the gap and taking up a larger share of the mortgage market.
According to the Mortgage Bankers Association, nonbank lenders accounted for 56% of all mortgage originations in the second quarter of 2021. This is a significant increase from just 24% in 2010.
To keep up with the demand, nonbank lenders are increasing their hiring efforts. They are looking for experienced mortgage professionals who can help them grow their business and remain competitive in the market.
The Benefits of Working for a Nonbank Lender
Working for a nonbank lender has several benefits. Nonbank lenders are more agile and can respond quickly to changes in the market. They have less bureaucracy and can make decisions more quickly, which allows them to close loans faster and provide better customer service.
Nonbank lenders also tend to have a more relaxed work culture compared to traditional banks. They offer more flexibility and work-life balance, which is especially important to millennials who value work-life balance over a high salary.
Types of Jobs Available in Nonbank Lenders
Nonbank lenders are hiring for a variety of positions, including loan officers, processors, underwriters, and closers. They are also hiring for support roles such as IT professionals, marketing specialists, and customer service representatives.
Loan officers are responsible for generating new business and helping borrowers navigate the mortgage process. Processors and underwriters are responsible for verifying borrower information and ensuring that loans meet underwriting guidelines. Closers are responsible for coordinating the closing process and ensuring that all documents are in order.
IT professionals are responsible for maintaining the company’s technology infrastructure and ensuring that systems are up-to-date and secure. Marketing specialists are responsible for promoting the company’s products and services to potential borrowers. Customer service representatives are responsible for answering borrower questions and resolving issues.
The Future of Nonbank Lending
The nonbank lending market is expected to continue to grow in the coming years. As banks continue to exit the market, nonbank lenders will continue to fill the gap and take up a larger share of the mortgage market.
However, nonbank lenders will also face increased regulatory scrutiny as they grow. Regulators are concerned about the risks associated with nonbank lending, including the potential for defaults and the lack of oversight.
To mitigate these risks, nonbank lenders will need to invest in technology and risk management systems. They will also need to focus on hiring experienced professionals who can help them navigate the complex regulatory environment.
Conclusion
The nonbank lending market is growing, and nonbank lenders are increasing their hiring efforts to keep up with demand. Working for a nonbank lender has several benefits, including a more relaxed work culture and better work-life balance. Nonbank lenders are hiring for a variety of positions, including loan officers, processors, underwriters, and IT professionals. As nonbank lenders continue to grow, they will need to invest in technology and risk management systems to mitigate regulatory risks and remain competitive in the market.