What are mortgage companies thinking about staffing for the rest of 2022?

This year has been extra tough for most mortgage companies due to the drastic drop in refinance volume. Gabriel Gillen, president of Family First Funding, expects it will continue to be so in the coming year as the downturn forces companies to trim their workforce.

“In a perfect world, market changes would never happen, and there would never be a need to have layoffs, with the exception of poor performance,” Gillen said in MPA’s Top Mortgage Employers 2022 special report. “Businesses have a responsibility to their staff and key stakeholders to work efficiently, produce a profit, and provide services at a level that will create repeat and future business referrals. 

“Some organizations outsource certain activities or a percentage of their operations staff in an effort to be able to scale up or back down quickly without having to lay off employees. This seems to work and helps avoid having to cut direct employees. However, a great deal of oversight and management is required to outsource effectively.”