The mortgage industry has traditionally been male-dominated, but the tide is turning as more and more women are entering the field and making their mark. Today there are a growing number of women-led mortgage companies that are outperforming their male-led mortgage counterparts. In this blog post, we'll explore how they outperform and the benefits of working for a small brokerage versus a large bank or lender.
WHY WOMEN-LED MORTGAGE COMPANIES MATTER
Women-led mortgage companies are still relatively rare, but they are making a big impact. According to a recent report by the National Association of Women in Real Estate Businesses, only 20% of the top 100 mortgage lenders are women-led. However, those that are led by women are experiencing significant growth and success. Why is this?
Firstly, women-led companies are more likely to prioritize work-life balance. Many women have historically had to choose between a career and family, but women-led companies are more likely to offer flexible schedules and remote work options. This allows employees to better balance work and personal responsibilities, leading to greater job satisfaction and retention.
HOW WOMEN-LED MORTGAGE COMPANIES OUTPERFORM
There are many reasons why women-led mortgage companies outperform their male-led counterparts. For one, women are often more detail-oriented and risk-adverse, which can lead to better underwriting and fewer errors. Women also tend to be better at building relationships and establishing trust with clients, which can lead to greater customer loyalty and repeat business.
Additionally, women-led companies often have a more diverse workforce, which can lead to better decision-making and a wider range of perspectives. Studies have shown that diverse teams outperform homogeneous teams, as they are better at problem-solving and innovation.
INCREASE YOUR PAY
Working for a women-led mortgage company can also benefit your bottom line. According to the US Bureau of Labor Statistics, women in the mortgage industry earn on average 36% less than their male counterparts. However, women-led companies tend to have more equitable pay practices, and the studies have shown that companies with more women in leadership positions tend to have smaller gender pay gaps.
BENEFITS OF WORKING FOR A SMALL BROKERAGE VS A LARGE BANK OR LENDER
If you're considering working for a women-led mortgage company, you may also be wondering whether to work for a small brokerage or a large bank or lender. While there are benefits to each of them, working for a small brokerage can offer greater flexibility, more personalized attention, and more collaborative work culture. Small brokerages also tend to have more room for growth and advancement, as well as more opportunities to make an impact.
CONCLUSION
Women-led mortgage companies are making a big impact in the industry that has traditionally been male-dominated. working for a women-led mortgage company can offer a more inclusive, supportive work culture, better pay practices, and greater opportunities for growth and advancement.
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