The number one explanation for the dramatic ups and downs in the mortgage industry lies in the fact that, very often, the leaders do not take their mentoring responsibility seriously.
This explanation seems the only viable one given the fact that the last two mortgage collapses were generated by mortgages with negative amortization.
There are, nevertheless, solutions for mitigating this problem. Various applications can be used in mentoring so as to increase the female presence and minority in the mortgage industry, but this is just one example of a much longer list of options for development. The mortgage business abounds in trainers, who don’t work as volunteers but for profit. And numerous trainees are mentored when attending various mortgage seminars.
Valuable mentoring often begins with a young trainee asking a question and getting it answered. There are people who face career shifts – from refinancing to the purchase market, for instance – and the change can be really confusing and overwhelming. Clarifying problematic or tough aspects with such trainees is part of the mentoring that mortgage seniors are supposed to do.
Numerous trade groups like the Mortgage Bankers Association have designed their own educational programs and trainees benefit from both mentoring and professional development as part of them. Some mortgage officials do not participate in ample programs but prefer to handle recruitment and mentoring issues on their own.
In some pros’ view, mentoring programs sometimes have mixed results because they fail to get practical enough. The sponsor approach is often the preferred alternative as a manager or mentor takes up the position behind a professional’s career; the mentor pushes trainees to challenge themselves and puts them in the direct way of interviews and opportunities.
Women leaders in the mortgage industry are not that numerous, but those in such positions are indeed influential when it comes to mentoring other mortgage women. People trying to build a career often reach out for advice to their leaders. Women in leading positions are therefore frequently asked for advice by other female mortgage specialists interested in professional advancement. And they have the moral duty to support the colleagues who will assume tomorrow’s leadership and carry on…
Mortgage knowledge passed on to new business recruits and students represents the only way of ensuring continuity and positive development in the field.