In order to be consider for the 2019 Best Mortgage Companies to Work For, mortgage companies and their employees both had to complete surveys about their organization and career preferences.
The employee survey covers eight topics: Leadership and Planning; Corporate Culture and Communications; Role Satisfaction; Work Environment; Relationship with Supervisor; Training, Development and Resources; Pay and Benefits; and Overall Engagement.
The survey results reveal a strong correlation between employee satisfaction and organizations that prioritize transparency, accountability and personal growth. On the lighter side, food — tacos, in particular — also plays an integral role in developing a sense of community and comradery at leading mortgage companies. On the lighter side, food — tacos, in particular — also plays an integral role in developing a sense of community and comradery at leading mortgage companies.
Here's a look at key findings from the survey that highlight qualities that distinguish companies on the list from those that are not, and how the offerings from small, medium, and large companies on the list compare.
Home sweet home
The 37 organizations on the 2019 Best Mortgage Companies to Work For come from 20 states. Texas is the most represented, with seven mortgage companies, followed by three each in California and New Jersey.
Team work makes the dream work
Regardless of size, employers on the list that ensure workers understand how important their job is to the organization's success have a higher satisfaction rating than those not on the list.
Hungry, hungry LOs
Employers on the list are much more likely to offer food or drink benefits than those that are not on the list, but large companies on the list are less likely to offer this perk.
In search of work-life balance
Flexibility in the workplace has grown in popularity as lives of employees don't always adhere to a 9-to-5 schedule. Empowering workers with the option of a flexible schedule gives them a sense of agency and professional satisfaction.
Working with purpose
Employees at medium-size companies on the list get a slightly higher sense of meaning and purpose from their job than those at small or larger companies.
Role models
Of the 2019 Best Mortgage Companies to Work For, employers of all sizes had at least a 92% rating for role satisfaction, compared to 85% for companies that didn't make the cut. Companies rated role satisfaction based on physical working conditions, ability to focus and have adequate privacy, and feeling physically safe and comfortable.
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
