COVID-19 has caused major shifts across all industries--and the lending business is no different.
In May and again in August of 2020, STRATMOR Group asked executives about what their biggest concerns are in the industry. The findings [1] show that the pandemic has led to a number of major issues to weigh on the minds of those working in the mortgage industry.
According to the report, 38% of executives said that productivity and process-related issues were their top concern. The next biggest issue was working from home, as 21% said they were worried about how remote work would impact the industry. Forbearance was another key concern with 17% of those surveyed saying it was a cause for concern in the industry and 10% reported having technology concerns.
STRATMOR asked its August 2020 Operations Workshop attendees again to talk about what their main worries were six months after shelter-in-place rules began sweeping the country.
By August, 41% of those surveyed said that capacity management was the number one concern. There were 24% who said retention and recruiting issues were a major problem and 16% were mainly worried about morale and burnout in the industry. Productivity and process concerns--which had been the main issue on executives’ minds just a few months before--was now a primary concern for 12% of those surveyed in August.
The ways in which the industry has handled capacity management issues varies. In August, 25% of operations executives surveyed by STRATMOR said that they were managing capacity by increasing overtime. There were 15% of operations executives who had responded by hiring temporary staff and 13% who had shifted staff.
When asked how they might address burnout and morale concerns, operations managers suggested solutions like virtual happy hours, a shorter week day once per week, assistance with benefits like childcare and dog sitting, and other solutions geared towards balancing employees’ work life and personal life.