Bidding wars have returned in the mortgage industry, prompted by expectations of an imminent refinance wave. Recruiters and executives note that the hiring environment has become fiercely competitive, especially concerning skilled mortgage loan officers (LOs). Candice McNaught from Planet Home Lending faces the challenge of hiring 100 LOs by year-end, amidst a shrinking talent pool. The number of active LOs has decreased significantly, creating pressure on compensation packages. As competition heightens, LOs must carefully weigh the decision to stay or switch companies in today's market.
The competitive hiring environment is influenced by anticipation of a refinance wave, which hasn't fully materialized, leading to bidding wars for mortgage loan officers.
Competition for mortgage loan officers has intensified, with compensation packages rising as firms seek to attract talent from a dwindling pool of active loan officers.
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