More women, more deals, more progress - so why do barriers still remain?
The mortgage industry isn’t just an old boys’ club anymore - women are making waves as loan officers, brokers, and execs. Despite that, pay gaps and leadership barriers still persist.
While women make up approximately 44.7% of loan officers in the United States, men account for 55.3%. Despite this progress, gender disparities remain, with female loan officers earning about 85% of what their male counterparts make. Additionally, women represent only 32.5% of mortgage brokers, highlighting the need for further advancement in leadership roles.
As we celebrate Women’s History Month, three accomplished women - Dawn Mosby (pictured left), Elizabeth Salathe (pictured center), and Sherizan Sonnek (pictured right) - share their experiences in the industry, the obstacles they have faced, and what needs to be done to create a more inclusive and equitable mortgage sector.
A changing landscape: more women, more representation
Reflecting on her 35-year career, Mosby has witnessed a significant transformation in the mortgage sector.
“I’ve seen a complete 180,” Mosby noted. “When I first started, the industry was dominated by white men. Today, we see more women loan officers and a greater diversity of professionals.”
She attributes this shift to a growing demand for representation and relatability in financial services. Homebuyers often prefer to work with professionals who understand their unique experiences.
“If I’m a single mom facing financial struggles while trying to buy a home, I’ll likely gravitate toward a loan officer who understands my situation,” she explained. This sense of relatability fosters trust, making the mortgage process more approachable for many women and marginalized communities.
While representation has improved, Mosby believes there is still more work to be done, especially in leadership roles and equitable access to homeownership. Women may be increasingly present in the industry, but true progress will only come when they hold decision-making power at the highest levels.
Breaking into the “boys’ club”
For Salathe, entering the mortgage industry meant stepping into a space where men dominated decision-making. However, she found her breakthrough moment in an unexpected place: a Facebook group.
“There was a broker mansplaining left and right, so I started commenting alongside him. That led me to a female-only networking group, which in turn led to a million-dollar opportunity that changed my career,” she said.
Salathe's experiences show the power of community and support networks for women in male-dominated fields. Finding mentors and allies within the industry can open doors that might otherwise remain closed.
Recognizing this, she has since built an all-female brokerage team. “When I started, I wanted a female mentor - but she didn’t exist. Now, I feel responsible for creating that space.”
She emphasized the double standards women often face, particularly regarding communication styles. “I’m called aggressive for being direct, while men are praised for the same,” she said. “I’ve learned to check in with myself and own my presence.”
Lessons from decades in the industry
Starting her career in the 80s, Sonnek recalls a time when women were a rarity in mortgage sales. Despite the male-dominated environment, she focused on learning from her colleagues rather than feeling sidelined.
“I never saw myself as different from men in terms of qualifications,” she said. “I wanted to understand what they were doing and integrate that knowledge into my work.”
She sought to learn from her male colleagues, observing their strategies and applying them in her own career. This mindset helped her navigate an industry that, at the time, was not designed with women in mind.
Today, Sonnek is proud of the industry’s progress, noting that women now hold top roles in sales, underwriting, and management. She attributes part of this success to the inherent perseverance of women in the field.
“Where a man might give up on a loan, a woman will dig deeper to find a way,” she said. “We have that nurturing instinct to see things through.”
This determination, she believes, is what sets women apart in the mortgage industry. Their ability to problem-solve, adapt, and persist in the face of setbacks makes them invaluable assets to the field.
Creating a more inclusive mortgage industry
While progress is evident, all three women agree that further efforts are needed to support women in mortgage careers and homeownership.
Mosby sees mortgage lending as more than just a business transaction - it’s an opportunity to uplift communities. She believes in fostering inclusivity and mentorship, emphasizing the importance of guiding individuals from all backgrounds toward homeownership.
“We have to uplift the community by making homeownership accessible to more people. This job is more than a paycheck - it’s about making the world a better place,” she said.
Salathe advocates for early exposure to the industry. “Most women don’t even know mortgage lending is an option for career planning. I’d love to see professional days in colleges to introduce young women to the field early.”
She stresses that visibility matters. By showcasing successful women in the industry, young professionals can see that a career in mortgage banking is not only possible but lucrative and rewarding.
Sonnek believes that real change starts with personal initiative. “It’s not about what the industry can do for women - it’s about what women can bring to the industry. We have a responsibility to nurture it for the next generation.”
She encourages women to take ownership of their careers, seek out mentorship, and push for leadership opportunities. “The industry isn’t going to change on its own - we have to be the ones driving that change.”
Looking ahead
The mortgage industry has come a long way in gender equity, but challenges remain. Increased visibility, mentorship, and inclusive lending practices are crucial for continued progress. As these industry leaders demonstrate, breaking barriers requires persistence, innovation, and the willingness to carve out space for the next generation of women in mortgage banking.
Their message is clear: Women belong in this industry, and they are here to stay.
