Growing Opportunities for Early-Career Professionals With mPact

(Image courtesy of Lupeny Photography)

Any industry depends on engaging and inspiring the next generation–and mortgage banking is no exception. mPact, a network and initiative by the Mortgage Bankers Association focused on young and early-career participants, aims to tackle that problem.

mPact was born about a decade ago as part of an effort to get younger professionals more involved in the industry and provide vital learning and networking opportunities.

Jay Donaldson, President of Agency and FHA Finance at Northmarq, was involved in some of the initial brainstorming for mPact. “We were observing the aging of the industry and the awkward transition to a new generation of professionals entering the workforce,” he recalled. “They craved different experiences and opportunities than we had in the past and from what we were (or weren’t) doing at the time to recruit and develop talent.”

Since then, mPact has built out events, resources, and opportunities for participants.

As an example: mPact members can get free access to a number of educational offerings via MBA, including some self-study courses.

Another benefit to mPact is it can offer recognition to up-and-comers in the industry, such as the Residential mPact Young Professional Spotlight Award, with 10 young professionals chosen annually.

“Participation in mPact affords the opportunity for pressure-free networking with young professionals and executives alike and there is no greater resource for professional development than a strong network,” said David Sober, CMB, Senior Vice President of Enterprise Business Development at Voxtur.

“But more than that, it’s also one of many building blocks that the MBA provides for young professionals and is a tremendous complement to–or stepping-stone toward–things such as the Future Leaders programs, the CMB or CCMS designations, and participation on leadership councils,” Sober continued. He also serves as mPact Servicing Advisory Chair.

“Being a part of mPact has been a game changer,” said Jake Williams, CMB, Mortgage Sales Manager at Lake Michigan Credit Union. “I have been able to collaborate with like-minded young professionals across all segments of the mortgage industry. This has led to creating lasting relationships with people I can count on for personal and professional advice. The timely and relevant webinars have always been a great resource for me as I look to continue to grow in my career.”

Event Spotlight: The 2024 mPact Summit

mPact’s largest dedicated event is its summit, and on April 4, more than 100 mortgage industry professionals gathered in Plano, Texas, for a day of learning and networking.

“It’s a full day packed with a lot of professional development information, and then we end the day with a networking reception,” said Jacky Salazar, Director, Servicing Portfolio, Commercial Multifamily Finance at the Mortgage Bankers Association. Salazar is also the lead MBA staff for mPact, Commercial and the mPact Summit.

“Young professionals are hungry for career development,” Salazar continued. “The advisory group and I work diligently for months to find the right topics and speakers to feed them. It has been a great honor to see how well received the topics have been to the attendees. It’s also been great to witness all the support we’ve received from the summit not just by young professionals, but also from senior executives.”

Ittackled topics such as “evolving career strategies,” “styles of leadership,” and “breaking glass ceilings/barriers,” among many others.  

It’s an “event created for the young professionals, but most importantly BY the young professionals. We really lean on them to tell us what is important to them when it comes to building their career, their network and their skills to develop professionally,” said Ashley Yarabinec, CMB, AMP, MBA Director of Member Relations. She is also the lead staff for mPact, Residential.

J.P. Morgan Chase & Co. was the sponsor for this year’s mPact summit.

“What stood out to me most, more than any particular moments, was the overall quality of the content and the audience engagement,” Sober said. MBA’s Jacky Salazar and the advisory group “did a great job putting together groups of panelists and moderators that blended senior executive leaders from across the commercial and residential [side of the industry] with young professionals in the same age cohort as the target audience.”

mPact also partners with the MBA Opens Doors Foundation, which provides mortgage and rental assistance to families with critically ill or injured children, and hosts several fundraisers for the non-profit organization each year. This year, more than $1,300 was raised via the partnership at the mPact Summit Opening Reception.

Moving Forward

Both Salazar and Yarabinec pointed to a desire to raise awareness for the initiative and continue to grow it.

Long term, goals will include continuing “to build participation with leaders in the industry that also want to lift their young professionals up,” Yarabinec said.

And, while it’s by young professionals and for young professionals, mPact has an effect on the industry as a whole, particularly as the next generation ascends to various leadership roles.

“Get involved with mPact and don’t wait,” counseled Christine Chandler, MBA’s 2024 Vice Chair and Executive Vice President, Chief Credit Officer and Chief Operating Officer at M&T Realty Capital Corp. “Networking–with similar age colleagues as well as seasoned executives in the industry–is one of the keys to success. We all learn from each other and making connections allows you to have a group of professionals that share your passion for the industry that you can call on when you need advice in your career, your work or just to bounce ideas off of.”

Getting Involved 

To get involved with mPact, reach out to Jacky Salazar, Commercial, or Ashley Yarabinec, Residential.