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For those just starting out in the mortgage industry as well as more seasoned mortgage veterans, seeking guidance from others in the field and learning from their experiences is a vital part of growing your own career.
National Mortgage News recently spoke with six mortgage professionals to better understand their own professional development, as well as their current approach to everything from leadership and technology to climate change.
Josh Reicher built a career based on experience in both the mortgage and technology industries, and has now combined those experiences to support his role as the chief digital officer at Cenlar. He knows all too well that the mortgage industry is far from tech-forward — but he's doing his part to change that, particularly exploring, with caution, how generative AI can better support clients.
"We talked about potentially actually creating a chatbot for our clients, because in that case, it's not borrower facing, so there's less risk," he recently said. "But from the feedback that we've gotten and how we see them interacting with us, it wasn't going to drive additional value to them. It'd be more like a bell and whistle and we're very focused on value right now."
Read more: Guaranteed Rate, MBA, FHFA add to leadership ranks
Mortgage leaders like Reicher and his peers are also having to contend with other elephants in the room as they work to grow their business and careers — particularly climate change.
"Climate risk is going to affect servicing," Ted Tozer, former Ginnie Mae leader and housing strategist, said. "What does a customer service representative say when a borrower calls and says, 'I can't find homeowners insurance at any price,' when their mortgage requires it? What do you do in a situation where a consumer, trying to save money because their insurance is going up so much, acquires the minimum of coverage to satisfy their mortgage? In a loss, people can lose everything."
And putting people first is an invaluable lesson that top leaders in the industry know is a vital part of building business success. Christy Soukhamneut was thrust into leadership when she found herself as a mortgage president and CEO in her first job out of college. Since then, she has taken those lessons and developed her career as a leader at top lending firms and has navigated many up-and-down cycles in the industry.
Read more: Kind Lending taps Tammy Richards as COO
"I would say the first thing is — no matter what role you're in — remember to treat people kindly," she recently said. "These are harsh, harsh cycles in a lot of cases, particularly now. And kindness costs you nothing, but it means everything to the folks around you. And that's true for your clients, that's true for your co-workers or just even people in the industry that you're connected with."
Read more about these industry leaders and their mortgage careers below.
