Originators Expect Improved Business Despite Regulations
Despite the challenges from an upcoming wave of regulations, a plurality of mortgage loan originators expect their business to improve this year, according to a survey of loan officers.
This year's mortgage originations are expected to be better than 2012's, based on 44 percent of loan originators. The rest were fairly evenly split about whether 2013 business would be the same or slow from last year.
The biggest challenge that loan originators face this year is the next phase of regulation being implemented, according to half of originators.
Origination Process Improves
Mortgage lenders are doing a better job with the loan process. Those with the biggest improvements are attracting more borrowers -- who often put existing relationships and strong referral recommendations ahead of the lowest rate in deciding on a lender.
Banks Miss Boat on Originations
A new survey suggests that some financial institutions are missing out on a substantial share of home-loan originations from existing clients even though those very same loan prospects want to do business with them. An even bigger finding was that prospective borrowers are willing to pay more to deal with their primary bank -- especially if they are treated better or find it easier to complete the origination process.
Most LOs Like Their Jobs
Mortgage loan originators surveyed about their jobs are mostly a happy bunch. Among those who are dissatisfied -- technology, leadership and internal communications were hot-button issues.
Appraisals, Dodd-Frank at Forefront of Loan Originator Concerns
The real estate appraisal process is among the most frustrating issues for mortgage loan originators, according to initial responses from the 2012 Loan Originator Survey being conducted by Mortgage Daily. Also having a big impact is the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. Personal computers used by originators are dominated by one technology giant, while smart phones are dominated by a rival.
Bank Finds Mortgage Originations Through Low Income Workshops
When Dollar Bank held its first Mortgages for Mothers workshop in 1999, Mona N. Generett hoped that a couple hundred lower-income women interested in buying homes would show up.
Nation's Top-Producing LO
The loan officer who originated the most volume last year reported more than a quarter billion dollars in mortgage production. But he closed around half as many loans as the top producer in 2010.
LOs Recruited at Brisk Pace
Loan originators are often approached about joining another organization, some as often as every month, according to a survey of mortgage salespeople. Regulation and legislation are seen as challenges for 2012.
Forecast for Top Originators
Top mortgage producers will be on the move this year seeking mortgage companies that have the most to offer for their own originations. This group is concerned with potential employers' strong leadership teams and capital positions.
Time to Plan for 2012 Conferences
Several upcoming mortgage conferences and meetings will deal with compliance, sales and technology, among other issues. Nearly two dozen events are planned so far for March.