Credit Unions Should Look Outside the Box for Housing Finance Talent, Exec Says

by. David Morrison

Credit unions that are struggling to hire loan originators to help launch or grow a housing finance program might consider looking to professionals in other parts of the same industry, a leading housing finance executive suggested.

Credit unions in some parts of the U.S. have started their own training programs in housing finance in order to hire from within because, they say, housing finance professionals from outside are too expensive and hard to find.

Joseph Parsons, founder of PFS Funding, a California mortgage firm, said credit unions seeking to hire loan originators might consider professionals from the real estate, underwriting or loan processing parts of the industry and then cross training them in loan origination in the credit union’s system.

Parsons said that the housing finance industry crisis in 2007, combined with a very slow housing recovery, chased many former housing finance professionals into other lines of work.

Then a combination of higher regulatory barriers to entry and requirements for more extensive skills have prevented many others from making the investments necessary to become a licensed housing finance professional, Parsons said.

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