How the wholesale channel empowers women to forge their own path
The story of the struggle of women to compete on an equal playing field with their male counterparts is not a new story, nor is it going away.
In March, the Census Bureau reported that women working full-time, year-round, earn 81 cents for every dollar men earn. That amount has declined in each of the last two years.
In many large banks and retail establishments, women continue to try to break through the glass ceilings that have kept the pay gap from closing.
In the wholesale mortgage channel, because women own and operate their own brokerages, there are opportunities for them to not only find entrepreneurial success but also earn promotions in larger brokerages. For one broker, those opportunities that wholesale provide are critical for women.
Samantha Shelton (pictured top), mortgage broker and president at Align Lending, said that being more visible to others in the industry is an important way to continue paving the way for more success.
“I am part of Women's Mortgage Network, and this is something that we have talked about for quite some time,” Shelton told Mortgage Professional America. “I think one of the most important things as women that we can do is increase our visibility. When women see other women succeeding in this industry, it helps them realize that there's space for them here as well.
“This career offers flexibility, strong income, and an opportunity to build something of our own, which is incredibly empowering.”
A seat at the table
Shelton also stressed the importance of women helping women as a great way to make sure they have the guidance they need.
“Mentorship is also incredibly important,” Shelton said. “Many women thrive when they have guidance and support as they grow in their careers. The organizations that help collaborate instead of compete tend to see more women step into leadership roles.”
As the percentage of women grows in the industry, Shelton said it has been important to get into higher-profile positions to have more influence over the future of the industry.
“We had this conversation for a long time, of women wanting a seat at the table,” she said. “Well, we're 46% of the entire mortgage industry, and so we have a seat at the table. So now, what do we do with it? I think that seeing more women in leadership and having more women mentors just creates an environment for other women to feel confident.”
The industry has changed significantly since Shelton began as a broker. Now, there are women across the landscape of the largest companies holding critical leadership roles.
“I think when I started, there weren't many women in leadership roles that you could look up to,” Shelton said. “Now we are seeing some of the greatest women, like Melinda Wilner and Sarah DeCiantis at UWM, who lead in huge positions at the number one lender in America. What is better for women than to look at other women who have carved their space in this industry?”
Finding true independence
Shelton credits the wholesale mortgage channel as providing a pathway for women to thrive in the business world.
“We are independent mortgage brokers,” she said. “I think that we as women have the ability to create whatever opportunities that we would like to see. That's the great part of being in the wholesale channel. Not only do we pave our path as we go, but we have the opportunity to continue to develop leadership pipelines and ensure women have access to resources that allow them to thrive long term.”
With March being Women’s History Month, Shelton noted that it provided the opportunity to reflect on how things have changed. While there is still work to do, women have come a long way.
“It's not just about me as a woman in this industry, but about the women who came before me,” Shelton said. “The women who helped pave that path and make it easier for me to walk down. The women who walked into rooms and were underestimated. The women who spoke up, and maybe their voice wasn't heard.
“They have created a level of opportunity for my generation coming in to make that path a little bit easier. So my role as a leader in this industry is to continue paving that path for the next generation of women coming after me.”
She is hopeful that the future can be bright for women in mortgage, and the next generation will face even fewer barriers than the current generation because of the women putting in the work now.
“I think the wholesale channel has actually done an excellent job, at least in my time of being in mortgage, of making sure that women feel equal,” Shelton said. “And it's not really men versus women. It really is highlighting your work ethic. I think continuing to spotlight the women leaders who are in mortgage, I think that that just helps create a better, well-rounded atmosphere for women who are in mortgage.”
Stay updated with the freshest mortgage news. Get exclusive interviews, breaking news, and industry events in your inbox, and always be the first to know by subscribing to our FREE daily newsletter.
This article is part of our Monthly Spotlight series, which in April focuses on women in mortgage. Full coverage can be found here.
