The latest jobs report is out, and researchers found the mortgage industry shed 5,000 jobs in May — my assumption is June will be even worse.
Virtually every company in the industry has laid off workers amid the fall in production, which has dropped by as much as 75% year over year at some of the country's biggest lending shops. Disproportionately, the layoffs affect operations staff.
About a week ago, I asked industry pros who are looking for work to contact me and share how the hunt is going. Many of the respondents — some of whom HousingWire will feature in coming weeks, with their permission — have experience in underwriting and/ or processing. I'm hopeful hiring managers will recognize them as talented, hardworking and experienced pros who could slot right into their organization, immediately providing value.
Today, I'd like you to meet Angela Lambert, a 25-year industry veteran who has pretty much done it all (everything but sales) during the course of her career: She's been a closer, funder, processor and underwriter. Lambert, who lives in Bridgeton, Missouri, most recently was with Stearns Wholesale Lending, which was shut down by Guaranteed Rate in January.
Lambert has been looking for work as a mortgage processor or underwriter ever since. And she has the chops. She's particularly skilled at processing — often managing 150 files while at TIAA, predominantly handling non-QM loans.
"Before I left, I underwrote my own files," she said. "They'd have to go to underwriting anyway, but I wanted to be proactive with the borrowers … 'Send me these now so your underwriter won't ask for it later.'"
At Stearns, she began as a processor for broker loans and later trained new hires.
"I transitioned over to underwriting because they needed help and my boss knew how good I was with my files," she said. "We made it happen. I was able to transition over. I absolutely love underwriting."
Lambert said she primarily handled conventional files but has experience with fixed-income files and some investment properties. She'd love to find another job in underwriting, at which she can make use of her attention to detail and ability to solve problems quickly.
But thus far, the job hunt has been a challenge for Lambert, despite decades of experience and contacts within the industry. She's been through mortgage downturns before, but this time feels different, she said.
"You begin to wonder, what's wrong with you? What have you done wrong? How much more qualified do you need me?"
Lambert said she's filled out more than 800 applications since January. Responses are scarce, and interviews even more so, despite her qualifications.
"After applying for these jobs, I later find out that some of my former colleagues are getting them and I get bummed," she said. "And then a few months later, they get laid off, too."
The hunt, unfortunately, also is something of a family affair. Lambert's daughter worked on the SoFi account at Stearns, and she, too, was laid off.
"I like what I do — I like mortgage," she said. "And my daughter loves it. It pulls you in."
If you think Lambert might be a good fit for your organization, please contact her directly on LinkedIn, or via email at lambert0719@gmail.com.
We'll have additional stories on the jobs outlook next week, including articles on who's hiring and advice from mortgage recruiters on what makes a candidate most competitive. Hope you all have a great weekend!
EmoticonEmoticon