It’s hard to imagine that just 50 years ago, financial institutions had the right to refuse loans for unmarried women or require them to have a male co-signer. It wasn’t until 1974 when the Equal Credit Opportunity Act went into effect that women in the U.S. experienced mortgage freedom.

While the mortgage industry has made leaps and bounds in equality since, women employed across the space — from mortgage brokers to loan officers — remain in the minority, according to statistics from Zippia, a career insights platform. Across the banking and finance industry, women represent only 38% of senior managers, according to the 2023 Women in the Workplace report published by McKinsey & Company and LeanIn.org.

At ServiceLink, women are rising to the challenge, with more than 50% of our leadership roles held by women. What is the driving force behind this? We asked three women leaders in ServiceLink’s origination division to share their motivators and provide advice for the next generation.

What inspired you to get involved in mortgage?

While not everyone has their eyes set on the mortgage industry from day one, once in the field, Susan Falsetti, managing director, origination title and close, was hooked by the constant drive to learn something new.

“I’m not sure that anyone is ever inspired to get into the mortgage business,” Falsetti said. “For me, I thought it would be a stepping stone, as I got the job right out of school. I started on the appraisal side of the business but after moving to the title and close side I found that I enjoyed learning about title and the challenges that come with that piece of the business. It seemed there was always something new to learn and I can say, still today, many years later, I am still learning.”

Similarly, Natascha DeVries, vice president of account management, flood, didn’t seek out the mortgage industry but has found her home here.

“I started as a data-entry clerk at a startup flood zone determination company where everyone had the opportunity to grow within the organization,” DeVries said. “Over the years, I worked hard, volunteered to take on many roles, and ultimately landed running our account management department. I’ve been inspired ever since.”

What key skills helped propel you into a leadership role?

Women today are more ambitious and ready to take on leadership roles than they were five years ago. According to the Women in Workplace report, about 80% of women want to be promoted to the next level. In 2019, only 70% of women had that desire. But what does it take to get there? Being willing and ready to continuously grow and develop.

“I always wanted to learn as much about the business as possible so whenever the opportunity arose to work in a different department or learn about something new, I never said no, believing that the more I knew about the business the better employee I would be,” Falsetti said. “I think this has made me a more well-rounded leader. I’ve also had some great mentors who were willing to share their knowledge and experiences along the way.”

Erin Reed, vice president of origination valuation, found that developing and consistently working toward improving her emotional intelligence skills played a critical role in her ability to move into a leadership position.

“Having the ability to learn and grow from both success and failure is core to any leadership position,” Reed said. “Developing skills that allow me to recognize what is successful or not in terms of process is critical, but also being able to recognize the same in people is a key differentiator for me.”

What unique challenges or experiences do women face in the mortgage space?

While the disparities remain prevalent, both DeVries and Reed have noticed a positive change over the last two decades.

“I’ve seen many positive changes over the years, including more women leaders, a better understanding of work-life balance, mentorship opportunities, and career advancements,” DeVries said.

Reed echoes that sentiment.

“The challenges women face in the mortgage origination space are not unlike those in many industries, with executive representation being at the forefront. I am grateful to have seen growth in strong female leadership within the ServiceLink organization —  and within the industry as a whole — over the last 20 years,” she said.

If you could give one piece of advice to women early on in their mortgage career, what would it be?

For women new to the field, being willing to learn and adapt will help them grow. For DeVries, Falsetti, and Reed, education and a commitment to continual learning was a resounding theme throughout their careers.

“Educate yourself, work hard, and focus on how you can make your company successful,” DeVries said. “Understand the bigger picture, including all the different products and departments within your company, and always look for ways to make things more efficient.”

“My biggest piece of advice would be to learn as much as you can and have patience,” Falsetti said similarly. “Things don’t always work out the way we want, but with patience, knowledge, and perseverance we can achieve anything we put our minds to.”

“Learn it all,” Reed chimed in. “Learn about as many functions and areas of the mortgage space as you can, even if outside of your comfort zone. The mortgage industry offers so many opportunities from sales to training, technology to compliance, originations to servicing, marketing to product development — there really are endless possibilities.”

As we look ahead to 2025, what can organizations do to encourage more women to enter the field?

“Organizations can ensure that they make conscious and intentional decisions that allow for a diverse workforce to feel included in decision-making processes,” Reed said. “Creating programs and industry community groups that support ways to expand networks are also great ways to encourage individuals to participate in the industry.”

In addition, offering a flexible work environment, including remote options and part-time schedules, will be key, DeVries said, along with providing leadership training programs, offering parental leave and day-care options that are affordable.