Mortgage Professional America issue 12.01

Page 1

2019

2019

PRESENTED BY

MPAMAG.COM ISSUE 12.01 PRESENTED BY

TOP

MORTGAGE

WORKPLACES Mortgage professionals name the industry’s best places to work

www.mpamag.com

OFC1


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SPECIAL REPORT

TOP MORTGAGE WORKPLACES

2019

2019

PRESENTED BY

TOP

PRESENTED BY

MORTGAGE

WORKPLACES

MPA’s inaugural Top Mortgage Workplaces report uncovers the best places to work, as rated by thousands of mortgage professional from across the nation. Did your company make the cut?

A TOP WORKPLACE can encompass many things – great benefits, great resources, great management – but to uncover the roots of what truly makes an organization a best place to work, one must look at the foundation: its people. Mortgage companies both large and small, and from all areas of the industry, were invited to participate in MPA’s first Top Mortgage Workplaces survey. Employers were encouraged to nominate their organizations to partake in the survey process, where employees were asked to share what they love – and hate – about their respective workplaces. From the hundreds of companies that participated, only 32 earned the title of Top Mortgage Workplace. Of the nominated workplaces, 68% classified themselves as lenders, 13% identified as technology providers, 4% as mortgage servicers, 4% as brokers, 4% as AMCs and 7% as ‘other.’ On the following pages, MPA looks at what the aggregated results from our survey reveal about what mortgage companies are offering their employees and how they are performing in regard to diversity, culture, compensation and employee development before getting down to the detail of which companies made the list of Top Mortgage Workplaces.

METHODOLOGY The process to become a Top Mortgage Workplace encompassed two phases. In the first phase, MPA invited employers to nominate their organizations to be considered a Top Mortgage Workplace. In the second phase, employees from nominated companies were asked to fill out an anonymous form evaluating their workplace on a number of metrics, including benefits, compensation, culture, employee development and more. In order to be considered, each organization had to reach a minimum number of employee responses based on overall size. Organizations that achieved an 80% or greater average satisfaction rating from employees were named a Top Mortgage Workplace.

www.mpamag.com

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SPECIAL REPORT

TOP MORTGAGE WORKPLACES

COMPENSATION, BENEFITS AND INCENTIVES The majority of the companies nominated as a Top Mortgage Workplace offer most of the standard benefits and incentives, including medical coverage, bonuses and retirement plans. Eighty-four percent of employees said they were satisfied with their compensation, while 82% reported being satisfied with their organization’s benefits offerings.

Does your organization offer a bonus or incentive program? Yes

What benefits are offered to employees?

No

1 to 25 employees

101 to 500 employees

83% 17%

94% 6%

Does your organization offer any wellness programs or incentives? Yes

1 to 25 employees

50% 50% 56% 44%

88% 12% 501+ employees

91% 9%

0% 22% 78%

26% 13% 61%

Vision coverage

Does your organization offer loyalty leave?

Life insurance

Yes

89% Disability benefits 83%

1 to 25 employees 45%

55%

No

26 to 100 employees 101 to 500 employees 501+ employees 12%

88%

12%

88%

17%

83%

Long-term care 63%

26 to 100 employees 101 to 500 employees

www.mpamag.com

501+ employees

95%

1 to 25 employees

2

37% 0% 63%

26 to 100 employees

97%

No

101 to 500 employees

17% 25% 58%

WHAT EMPLOYEES HAD TO SAY

Does your organization offer a retirement plan?

501+ employees

Yes (paid)

1 to 25 employees

Dental coverage

No

101 to 500 employees

26 to 100 employees

Yes (unpaid)

Medical coverage

88% 12%

100% 0%

Does your organization offer sabbaticals?

100%

501+ employees

26 to 100 employees

Many companies highlighted their different bonus structures, including one organization that offers each employee a profitsharing bonus, which averages between $10,000 and $20,000 annually. Another organization gives annual bonuses based on the number of closed loans and referrals. In addition to bonuses, some companies take employee perks to another level by rewarding top-performing employees with vacations. One company touted its “unlimited PTO that reflects our trust in our employees and their dedication,” as well as its “benefits to accommodate the modern schedule and home life like parental leave, remote work and flexible hours.” The majority of companies also offer employees 401k matching plans; some even pay 100% of the employees’ healthcare premiums. Other benefits offered by Top Mortgage Workplaces include wellness classes, fitness/gym access or discounts, on-site medical services, and learning and development incentives.

91% 78% 94% 92%

9% 22% 6% 8%

“They do an excellent job of providing perks and benefits to make team members feel valued” “Great company match for HSA plan and thoughtful leaders who plan out benefits” “The benefits are impressive – I love the unlimited PTO” “Our healthcare benefits encourage us to maintain a healthy lifestyle by giving incentives for being smoke-free, getting an annual physical and flu shot”


2019

PRESENTED BY

EMPLOYEE DEVELOPMENT Job shadowing, live and virtual training sessions, and mentor pairings are just a few of the key employee development strategies employed by the Top Mortgage Workplaces. “Individual development programs are aimed at personal and professional growth,” one organization said of its approach. “Results-based expectations allow for a flexible work schedule and a clear understanding of what to strive for on both an individual and team level.” Training from the get-go is also critical for long-term success. “All new employees receive a live training session [that] covers the history of the company, an introduction to the corporate

Does your organization offer training at onboarding?

98%

YES NO 2%

Does your organization offer ongoing training, mentorship and/or leadership development programs?

YES NO 7%

Does your organization offer any continuing education programs or reimbursement for continuing education?

67% YES

93%

7%

How often does your organization update technology? More than once a year

Yearly

58%

33% NO

How often does your organization conduct performance reviews?

My organization does not perform reviews

departments and key players, how to navigate our systems, and what vendors we utilize,” another Top Mortgage Workplace said. “To ensure a successful onboarding process, [we have] a support team available to guide new hires through each step of the process.” Reimbursement for tuition, course training and industry association membership was also singled out as a standout development aspect by employees at the Top Mortgage Workplaces. Other organizations create their own in-house training and education programs to give employees easy access to the tools and resources needed to advance their careers. One company’s ‘university’ includes in-house materials, instructors and textbooks, and provides three weeks of intensive training, in contrast to the industry standard of 20 hours. Apart from training, many employees named upward mobility as a key aspect of development. Sending out new job opportunities to current employees first and promoting from within are two methods used by this year’s Top Mortgage Workplaces.

Every few years

15%

10%

Does your organization offer marketing support? Yes

No

92% 8%

WHAT EMPLOYEES HAD TO SAY “They provide training and licensing in-house to help our development”

Once a year

48%

“Regular employee evaluations to discuss job performance, possible issues and career development” “If we pass an exam related to our work, they will cover the cost”

Other

16%

Quarterly

26%

Twice a year

3%

“Several training opportunities, monthly underwriting meetings to keep us up-to-date on all of the constant changes in the market, web-based guidelines, helpful worksheets, and different levels of management available to assist you in daily duties”

www.mpamag.com

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SPECIAL REPORT

TOP MORTGAGE WORKPLACES

DIVERSITY The majority of mortgage companies have ongoing efforts to promote a diverse workplace; many of the employees surveyed said they were satisfied by their companies’ efforts to develop diversity. Unsurprisingly, many mortgage companies are focused on recruiting the next generation via efforts such as participating at college job fairs and partnering with local universities to offer internship opportunities. One organization highlighted how it has crafted its benefits in effort to retain millennial staff, including offering a continuing education budget and flexible work arrangements.

What is the average gender balance?

Several companies are also focused on providing opportunities to an aging workforce. “Our company allows flexible schedule for the aging workforce that may be looking to lighten their workload,” explains an employee from one of this year’s Top Mortgage Workplaces. One company noted its success in building a workforce that is 38% minority and 79% female, which it achieved by focusing on hiring the best talent, rather than hiring people from specific groups. Another company explained how it “embraces and encourages our employees’ differences in age, color, disability, ethnicity, family or marital status, gender identity or expression, language, national origin, physical and mental ability, political affiliation, race, religion, sexual orientation, socioeconomic status, veteran status, and other characteristics that make our employees unique.”

WHAT EMPLOYEES HAD TO SAY “Dedicated to diversity and inclusion”

“We have an amazing diversity group within the company that is constantly looking for ways to improve”

Does your organization offer programs aimed at recruiting and/or retaining older workers?

1 to 25 employees

50% 50% 22% 78% YES

NO

“The diversity of this company is encouraging. People from all walks of life are given a chance and are encouraged to be the best versions of themselves”

49% 51% MALE

FEMALE

83% 17% YES

NO

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www.mpamag.com

26 to 100 employees

56% 44% YES

NO

YES

NO

101 to 500 employees

501+ employees

60% 40% 44% 56% YES

NO

YES

“The family atmosphere and diversity are excellent”

Does your organization offer programs aimed at recruiting and/or retaining younger workers?

1 to 25 employees

26 to 100 employees

101 to 500 employees

60% 40% YES

NO

Does your organization offer any programs aimed at recruiting and/ or retaining women, individuals from minority groups, persons with disabilities and/or LGBTQ individuals?

501+ employees

70% 30% YES

NO

Yes

No

42%

22%

58%

78%

1 to 25 employees

26 to 100 employees

23%

47%

77%

53%

101 to 500 employees

501+ employees

NO


2019

PRESENTED BY

CULTURE Employees named factors such as flexible work options, healthy work-life balance and recognition initiatives as common drivers of a successful culture. Many Top Mortgage Workplaces described how their ‘family’ culture keeps employees working as a team where each member is valued and appreciated. “Every week an employee voluntarily cooks the entire company lunch,” said one organization, while another noted, “Our company does things like intramural sports and outings that grow our bonds and relationships outside the office.” Celebrating the success of employees was a key component of the culture at many of the Top Mortgage Workplaces. Programs such as Employee Appreciation Day, retreats and group outings all

Does your organization offer employee recognition programs or awards?

88% YES

12%

contribute to a more robust and beloved workplace culture. “We believe in celebrating our success, including ice cream parties, rewards dinners, T-shirts highlighting milestones and incentive trips,” one company reported. Another company has made organizing culture-focused events an official job: “At a company branch, the ‘fun committee’ is responsible for planning quarterly off-site events during work hours, for which employees receive paid time,” the organization said. “This branch’s leader also hosts a monthly themed cookout at his home for employees, their families and significant others.” Many Top Mortgage Workplaces offer volunteer opportunities to employees or have internal initiatives to support charities. “The Community Involvement Program encourages our employees to give back to the community while recognizing and rewarding their efforts,” one company said. Another offers employees 16 hours of

Does your organization offer flexible work options?

Does your organization offer family-friendly benefits or programs?

95% YES 5% NO

61% YES 39%

59%

NO 41%

Is your organization actively involved in any ‘green’ or sustainable business programs/ practices?

55% NO

YES

NO

NO

45%

Does your organization allow employees to take additional paid time off for community service activities/volunteering?

YES

Does your organization actively support any community and/or charitable organizations?

92% 8% YES

NO

WHAT EMPLOYEES HAD TO SAY “Senior management encourages employees to be their best self, and they definitely lead by example” “From the top down, we truly have an inclusive culture where everyone’s opinions can be voiced and are appreciated” “The company puts forth efforts to improve overall culture and the health and well-being of each employee” “I appreciate that this company is largely culture-based and not just analytics-focused”

www.mpamag.com

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SPECIAL REPORT

TOP MORTGAGE WORKPLACES 2019

PRESENTED BY

TOP MORTGAGE WORKPLACES 2019 The following companies achieved an average satisfaction rating of 80% or greater from their employees.

1 TO 25 EMPLOYEES WEBMAX Headquarters: Turnersville, NJ Year founded: 2015

Score:

95.0%

Score:

89.7%

Score:

89.6%

Score:

89.5%

LENDER TOOLKIT Headquarters: Bountiful, UT Year founded: 2015

METHOD MORTGAGE Headquarters: Birmingham, AL Year founded: 2006

Score:

87.2%

www.mpamag.com

Headquarters: Salt Lake City, UT Year founded: 2000

Score:

90.4%

Headquarters: South Windsor, CT Year founded: 2010

Score:

86.1%

APPRAISAL NATION Headquarters: Cary, NC Year founded: 2007

Score:

82.4%

101 TO 500 EMPLOYEES Headquarters: McLean, VA Year founded: 1989

Score:

91.8%

Score:

90.1%

Score:

90.1%

MANN MORTGAGE Headquarters: Kalispell, MT Year founded: 1989

FAMILY FIRST FUNDING

LBA WARE

6

91.8%

FIRST SAVINGS MORTGAGE

26 TO 100 EMPLOYEES Headquarters: Macon, GA Year founded: 2008

Score:

RCN CAPITAL

APPLIED BUSINESS SOFTWARE Headquarters: Long Beach, CA Year founded: 1978

Headquarters: Athens, GA Year founded: 2009

FINICITY CORPORATION

ALDERUS MORTGAGE Headquarters: Las Vegas, NV Year founded: 2005

FORMFREE

Score:

93.1%

Headquarters: Toms River, NJ Year founded: 2011


2019

PRESENTED BY

SIMPLIFILE Headquarters: Provo, UT Year founded: 2000

89.5%

Score:

THE MORTGAGE FIRM Headquarters: Altamonte Spring, FL Year founded: 1995

89.5%

Score:

CITADEL SERVICING CORPORATION Headquarters: Irvine, CA Year founded: 2003

89.3%

Score:

88.0%

Score:

Score:

86.3%

Score:

85.8%

Score:

85.8%

ANGEL OAK MORTGAGE SOLUTIONS Headquarters: Atlanta, GA Year founded: 2014

Score:

85.3%

MASON-MCDUFFIE MORTGAGE Headquarters: San Ramon, CA Year founded: 1987

Score:

84.9%

NATIONS DIRECT MORTGAGE Headquarters: Santa Ana, CA Year founded: 2007

NEW AMERICAN FUNDING Headquarters: Tustin, CA Year founded: 2003

Score:

88.0%

Headquarters: Charlotte, NC Year founded: 2007

Score:

87.7%

Headquarters: Addison, TX Year founded: 1940

Score:

86.0%

Headquarters: Alamo, CA Year founded: 2017

Score:

85.6%

ACADEMY MORTGAGE CORP.

EVOLVE BANK & TRUST Headquarters: Memphis, TN Year founded: 1925

88.9%

Score:

LENDUS

ROYAL PACIFIC FUNDING Headquarters: Costa Mesa, CA Year founded: 1991

Headquarters: Corona, CA Year founded: 2001

MID AMERICA MORTGAGE

MOUNTAIN WEST FINANCIAL Headquarters: Redlands, CA Year founded: 1990

PRMG

ROUNDPOINT MORTGAGE SERVICING

NETWORK FUNDING Headquarters: Houston, TX Year founded: 1998

500+ EMPLOYEES

Score:

81.2%

Headquarters: Draper, UT Year founded: 1988

Score:

85.1%

Score:

83.6%

CALIBER HOME LOANS Headquarters: Coppell, TX Year founded: 2013

NEWDAY USA Headquarters: Fulton, MD Year founded: 2002

Score:

83.0%

HOMEBRIDGE FINANCIAL SERVICES Headquarters: Iselin, NJ Year founded: 1989

Score:

82.1%

www.mpamag.com

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