Mortgage Daily Logo
mortgage news from industry experts

2012 Loan Originator Survey – Demographics

2012 Loan Originator Survey

Survey and Analysis of the Nation’s Mortgage Loan Originators

 

Sponsored By www.streetlinks.com

Demographics

Loan originators are the sales people of the mortgage industry. The male-dominated group is the face of home lending for many consumers. Today’s typical originator has spent more than a decade in real estate finance and has a college degree or at least some college education. One state was the home of one-in-five originators surveyed.

 

LO Survey 2012 Income

 

Loan Originator Defined
Among their many titles, loan originators are also known as mortgage originators, loan officers and account executives. Lending agents, mortgage brokers and loan salespeople are among other titles bestowed upon the profession.
Originators guide prospective borrowers through a complicated lending process. They help consumers decide on a loan product and a loan term. They advise customers when to lock their rates, and help with the assembly of a multitude of documents. 
While commissions can be hefty, originators only earn those commissions after a loan closes.

Profile
Participants in the 2012 Loan Originator Survey were overwhelmingly men, with 76 percent indicating a male gender.

California was the primary state of origination for 21 percent of the respondents, the biggest share of any state.

Florida followed, with an 8 percent share, then 7 percent in Texas, nearly 5 percent in Illinois and more than 4 percent each for Arizona and Maryland.

Experience
Prior to the mortgage crisis, low barriers to entry had many originators with little or no mortgage experience selling loan products.

But that’s no longer the case, according to the survey.

Nearly 90 percent of those surveyed indicated that they had at least 10 years’ experience in the mortgage business.

 

LO Survey 2012 Dodd Frank
More than 43 percent of originators had a four-year college degree, while 35 percent indicated they had “some college.” A masters degree was claimed by 8 percent, and just 1 percent said they had a PhD.

Second Languages
A second language was used for business purposes by 9 percent of the surveyed originators.

While Spanish was the predominant second language used — Chinese, Thai and Yiddish were also among second languages listed.


 


This report was co-sponsored by www.streetlinks.com

Mortgage Originator Tools
News about pricing, technological and selling tools for loan originators.


 

Popular posts

How Long Does It Take to Refinance a Mortgage
How Long Does It Take to Refinance a Mortgage

So, you’re interested in refinancing your mortgage. Maybe you want some extra capital to do that home project you’ve always dreamed of, interest rates are nearing record lows, or you want to start consolidating debt. Regardless of the motivation behind the refinance,...

How Does Refinancing a Mortgage Work
How Does Refinancing a Mortgage Work

A home purchase is considered an investment, and a robust one at that. Savvy owners are constantly looking for new ways to reduce debt, save money, pay less in interest, and ultimately build equity. Refinancing is one way to leverage your investment and do just that....

What Does It Mean to Refinance Your Home
What Does It Mean to Refinance Your Home

You can think of refinancing your mortgage as a debt redo. Essentially, you’ll swap out the existing loan for a new one - ideally with better terms and conditions. Only this time it could help you save money on high mortgage payments, rather than just borrow it....

Setting up the Utilities in My New House
Setting up the Utilities in My New House

All the tedious, time-consuming home closing documents have been signed, sealed, and delivered. Your belongings are packed into what seems like a million boxes and you have a solid plan to haul all your existing furniture to the new place. Just as your boxes and...

When Is My First Mortgage Payment Due?
When Is My First Mortgage Payment Due?

Navigating your way through a brand new mortgage loan can be a difficult task, especially for first time homeowners. After handing over a large sum of money for the down payment and closing costs, it’s important to pay attention to the timing of your first mortgage...

Newsletter

Don’t worry, we don’t spam

calculate your monthly mortgage payment

Related Topics

Helpful Links

Daily mortgage rate trends

Best mortgage lenders

First-time homebuyers programs by state

Loan limits by state

Types of mortgages

APR vs interest rate

Understanding PMI

Related Posts

THE TRUSTED PROVIDER OF ACCURATE RATES AND FINANCIAL INFORMATION