Is hiring on the horizon for mortgage shops?

The mortgage industry is starting to prepare itself for an increase in origination volume next year. One telltale sign of that has been announcements from lenders that they're hiring.

Freedom Mortgage, a top-ranked lender in the nation, announced in late December it is casting a net for recruiters, sales coaches and talent management. It is looking to fill these slots "as we prepare for growth in 2024," a Freedom executive wrote in a LinkedIn post.

Currently, the mortgage shop has over 50 openings on its website. Apart from the positions mentioned, it is also looking to hire underwriters, loan officers and marketing personnel.

United Wholesale Mortgage is also looking to bring onboard operations support specialists. It is offering a $1,000 sign-on bonus for those interested in joining.

"Over the past several months, we've hired 200 to 500 new team members each month and are continuing to hire to ensure we are prepared for any market shift," said UWM's spokeswoman in a written statement.

Recruiters in the field have also noted some of their non-producer clients "that companies turned down before are now getting calls." 

Chatter of hiring at mortgage companies comes after a tumultuous two years, where thousands of mortgage professionals were displaced from their employers due to higher interest rates and a dried-up pool of business. Some have gone back to work at their former companies; however, a notable amount of mortgage professionals are still out of a job.

According to Paul Hindman, industry veteran, the buzz around increasing headcount started to ramp up after the Federal Reserve announced plans to stop raising rates.

"It is absolutely interest rates," said Hindman. "The Fed hasn't even cut anything. They haven't done anything except to say rate cuts are coming. All they had to do was change their tone."

Some in the industry believe that casting a net to hire and bring onboard new employees is still premature. Others have noted that non-producer employees may be in for a surprise when they do get rehired.

"Expert underwriters that you hired at the height of the market and were willing to pay a base salary of $125,000 plus sign-on bonus and incentives, you can now hire that same person for a base salary of $85,000 with no sign-on and no incentive," Hindman said.