New contracts create a potentially strong revenue pipeline in the high growth mortgage segment
Recruiter.com Group, Inc. (OTCQB: RCRT) (“Recruiter.com”), a leading online hiring platform using A.I. and machine learning to connect its network of over 26,000 small and independent recruiters with employers, has announced that they have entered engagements with three new clients in the fast-growing mortgage and digital lending industry. Recruiter.com believes that these new clients could potentially generate more than $13 million of revenue over the next eighteen months.
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“We are pleased to project multi-million-dollar revenue opportunities with our initial set of mortgage clients,” said Evan Sohn, CEO of Recruiter.com. “We believe our approach to recruiting talent faster with technology has proven highly effective within the mortgage space. We look forward to scaling this program with additional clients and securing leadership in mortgage talent solutions.”
Presenting live on CNBC in May, Recruiter.com predicted growth in the financial services and mortgage industry. Recruiter.com used this insight to proactively sign agreements with three mortgage providers, including a venture-backed Silicon Valley digitally enabled broker, to leverage its A.I. candidate matching technology along with its Job Market platform to find qualified mortgage brokers.
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“Within months of signing our first mortgage client, we’ve been able to find, engage, screen, and place exceptional mortgage-related talent, resulting in $200,000 of revenue,” said Miles Jennings, Founder, and COO of Recruiter.com. “Through the success of the Job Market platform, we were able to increase the number of qualified candidates that were placed at our initial client, allowing us to sign additional clients.”
The mortgage industry has experienced significant tailwinds; the Wall Street Journal reported on July 20, 2020, that the “30-Year Mortgage Rate Reaches Lowest Level Ever: 2.98%”. Low mortgage rates fuel refinancing transactions, leading to personnel demands at mortgage companies. Digitally enabled mortgage company growth may be particularly robust. According to Reportlinker.com in its Digital Lending Platform Market Report, the digital lending platform market size is expected to reach $11.6 billion by 2025, a growth rate of 20.3%
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