Many of the Best Mortgage Companies to Work for have invested in employee education recently, but they’ve been selective about what was a challenging market until the second quarter of last year.
Half or 18 of the 36 reported that they invested in providing business education for their employees, with support for academic achievements less common. Less than 20% or seven of the 36 companies reimbursed for the latter, typically limiting this to advanced degrees.
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While certain companies are cautious about investing in education as a benefit, those that support it say it has a payoff in terms of returning strategic knowledge to the company and retention, and there are ways to manage the costs of distributing it to employees.
“By continuously advancing in areas that matter most to them, our employees enhance their skill sets and bring valuable knowledge and ideas back,” said Erica LaCentra, chief marketing officer at RCN Capital.
What some of the Best Companies offer
At the time of this writing, RCN had a tuition reimbursement program for up to $3,000 for employees who had been employed with the company for at least one-year in a full time capacity, and had worked a minimum of 1,500 hours prior to taking eligible courses.
The company will provide funding for attendance and travel to approved “position specific trainings, seminars, and/or conferences,” LaCentra said.
The North Dakota Housing Finance Agency also has been offering limited tuition reimbursement “for team members looking to further their education or complete their degrees,” said Brandon Dettlaff, homeownership director.
“From our perspective, when a team member seeks to enhance their skills and knowledge — whether for their current role or to prepare for a different position — it’s a win-win situation,” he said. “Supporting personal and professional growth benefits not only the individual but also the organization as a whole. For example, a valued team member who transitions to a new role or department after additional training is an asset we retain rather than lose.”
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Atlantic Bay Mortgage Group has a professional development and credentialing program, said Amanda Tucker, chief risk and compliance officer.
“We have a number of our operational team members to pursue advanced education in their respective fields, whether it’s certain certifications with the federal agencies or an underwriter designation,” she said. “The employee has to be here for six months, they have to be in good standing and we ask that they remain employed with us for two years following completion of the designation. What we’re finding is allowing our employees to pursue opportunities to grow in their career here at Atlantic Bay. So our turnover is low.”
Prioritizing professional development
The mortgage industry most commonly views its priorities in offering education as a practical matter. Loan officers have regular continuing ed requirements. Also, more than half of this year’s Best Companies have reported they support professional certifications.
“Our focus is enhancing the employees within their existing profession,” said Taylor Stork, chief operating officer at Developer’s Mortgage Company.
Developer’s gives its employees access to training through the Mortgage Bankers Association’s professional education platform and certification programs. The company prefers an online training resource because it’s accessible to its “highly remote” workforce, Stork said.
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“We get several opportunities for us to put our employees through various designation processes,” he said, noting that he’s been sponsoring some employees who want to pursue an underwriting designation.
Stork himself is a certified mortgage banker and enrolling in further professional development designed for executive and board members at deadline. Other certifications the company offers for various positions include those for compliance officers, originators and processors.
“Our big focus in terms of our spend is to leverage the resources that we already have through our existing memberships, and in this case, it’s with the MBA. That’s how we provide significant education opportunities,” said Stork.
Being able to provide those opportunities cost-effectively through technology can have value to companies both large and small, but it’s particularly important for the latter, he said.
“Smaller companies generally don’t have robust platforms to do training and education, so we have to — in some cases — outsource to a shared resource,” said Stork. “That’s one of the things trade associations are great for and I think sometimes that’s sorely overlooked.”
Atlantic Bay’s Tucker, who works for a larger company, counts resources like the MBA’s platform among the company’s delivery methods for education but said whether or not automation is the best channel varies.
“It really depends on the role,” she said.
The latest in what employees want
One newer type of professional training employees have been requesting recently has been job-related use of artificial intelligence, said Stork.
“Right now, I’m seeing a lot of interest from our employees in technology and AI, not in terms of how to build and program it, but in how to use it,” he said. I’m looking for opportunities to provide enhanced education to our employees about how to use emerging tools and trends.”
Erica Doyne, chief marketing officer at Cardinal Financial Company LP, also indicated that automation has been a key part of broader training offered in response to employee interest.
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“Industry-specific certifications, skill-building opportunities, and ongoing training all contribute to a strong, adaptable workforce ready to navigate evolving technologies, regulations, and market dynamics,” she said.
The larger Atlantic Bay Mortgage Group indicated it’s been offering both AI tool and technology development education in response to employee interest that originated in the sales department, said Tucker.
“We’ve had team members apply and be approved to go and have training on robotic process automation and how to develop, design and maintain bots. So we are seeing that as an increasing trend in the content that’s requested,” she said.
