today’s lending environment is to provide the human
resources benefits they value most: training and development. These passionate team players seek more
than a tertiary glance at rules and processes. They are
looking for formal training that allows them to grow as
If you want smart, hardworking talent who are eager
to be coached, engage them by creating a well-designed training program. Such a loan officer training program can be much like going back to school.
Think of it as a two-year degree program where
According to a 2014 study conducted by the National Association of Realtors, 31 percent of homebuyers and 76 percent of first- time homebuyers are millennials, born
between 1980 and 2000. Yet, Barbara Hanson, former
director of education sales for the Mortgage Bankers
Association, said at the MBA Annual Convention last year
that the average loan officer is now 54 years old. This age
gap is obvious, but what does it means for the future of
your business as a loan originator?
Millennials are different consumers from their baby
boomer parents, although they bear some striking
similarities to their silent generation grandparents
who lived through the Great Depression and were
known for their frugal spending. Among the many
traits associated with this generation, millennials are
nimble with technology; it has always been a part of
their lives. They use their cellphones for everything
from product research to scheduling and communicating. They also engage in social media for a number
of reasons, including gathering and sharing information about purchases.
In general, they are hardworking, team players,
passionate about their principles and tend to do
business with companies that are equally principled.
Millennials outnumber boomers and soon will out-
spend them: According to Advertising Age, millennial
spending power will exceed $200 billion by 2017. It’s
an important economic market segment on which the
future success of the lending industry depends.
The question remains: How do you successfully engage
the millennial market? According to a section on millennials in the workplace in the PricewaterhouseCoopers
(PwC) 14th Annual Global CEO Survey, the best way
to engage millennials is by hiring other millennials.
The report states: “Irrespective of the long-term aims
and ambitions of an individual company, the ability to
attract and retain millennial talent will be a vital step
to achieving it.”
The current lending environment poses unique
challenges for young loan officers new to the indus-
try, however. Success means securing relationships
through networking, often with older referral part-
ners as well as directly with consumers. The work
demands learning the technical expertise required for
quality loan origination, which includes achieving and
maintaining a thorough understanding of constantly
changing guidelines. Loan origination today requires
the ability to ensure the integrity of loan files to a com-
pliance level never before seen in the industry.
The answer to attracting and retaining millennials
and properly educating them in the complexities of
David Lazowski is the branch manager and a home
mortgage loan specialist at the downtown Boston office
of Fairway Independent Mortgage Corp. Fairway supports
the Boston branch with the systems and culture to service
borrowers with the best and most current financial tools
available. Lazowski developed the loan partner program
to attract, educate and retain the best loan officers in the
business. Learn more at fairwayboston.com. Reach Lazowski
at firstname.lastname@example.org or (617) 456-1700 ext. 6787.
Training the Next Generation
Millennial loan officers may be the best way to reach millennial buyers
By David Lazowski
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