Dealing with Layoffs

Throughout my time in the mortgage industry, I have seen steady years, ups, and downs. The mortgage industry used to experience normal slow and busy cycles. It was somewhat predictable prior to the crash. The volume would typically be slow from November to late February or early March. Then the volume would typically pick up and progressively get busier going into the summer months. Over the last couple of years, the market had been really good and did not quite follow that trend until now. It seems to be getting back to what I would call "normal". For anyone that has worked in the mortgage industry at least once during the slow months, you know that layoffs are the norm for most companies. Unfortunately, most companies tend to overstaff to deal with the busy months and maintain turn times.

Going through a layoff and being a person let go from a company can be a tough thing to go through, but it can also be an experience that makes you stronger. I will never forget the first time I experienced being laid off. It was one of the toughest things that I have had to deal with. First, you think "Why me?". Then you think,"What am I going to do?" "How am I going to financially survive and provide for myself and my family?". It is very tough, but learning from this experience can help you in the future. It can help you evaluate your next employer better. It can help you better evaluate your next position in a company. Essentially, you start to think ahead more and plan out your career a little better based on many things. For example, what time of the year it might be, which departments might be way understaffed, and which departments you might be able to excel in to try and reduce the possibility of getting laid off.

Another thing that can be difficult is getting back into the mortgage industry after being laid off. With rules and regulations constantly changing, being away from the industry for a long period of time can cause you to feel like you are starting over again. Here are a few tips on what I recommend doing if you are laid off:

1)  Reach out to recruiters from temp agencies. The mortgage industry is a unique one and so are the skill sets that you acquire. Make sure that you go to a temp agency which provides staffing for the mortgage industry, or you may just be wasting time. The best way to find out which temp agencies are best to use is by asking others in the industry.

2)  Network! Network! Network! Even if you are in a job that you love, always network. So many good things can come out of networking. Even years down the road. For example, you could get approached for a job opportunity of a lifetime or possibly be put in a position to help someone out in a time of need and refer them for a job.

3)  Apply for anything you think you are capable of doing. Whether it is on LinkedIn, Indeed, or some other sites, do not just apply for something you want to do. The key is to get your foot in the door so that you can stay on top of everything going on in the mortgage world. Eventually, you can work your way up. If you are a good worker and did step #2, and your current manager/company doesn't recognize your talents and move you up, someone within your network may very well come knocking on your door someday.