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2011 Loan Originator Survey Released from MortgageDaily.com DALLAS — (Oct. 17, 2011) /PRNewswire/ A survey of some of the highest-volume loan originators provides valuable insight into the practices and services used by this elite group. The report addresses marketing, technology and mortgage compliance. Conducted in July 2011, the 2011 Loan Originator Survey from MortgageDaily.com indicates that mega-producers are maintaining elevated originations despite increased regulatory burdens. The report was based on a survey of 80 respondents who fall within the top 1 percent of all U.S. originators. Originators who are “the best of the best” were asked more than 50 questions. Three quarters of this group make at least $250,000 a year. The co-sponsors of the report include EZ Rate Quotes LLC, Mortech Inc., Mortgage Information Services Inc., Motivity Solutions Inc. and Mortgage VCO. Most of the respondents were male, and three quarters were between the ages of 36 and 55. Taking care of existing referral sources was considered very effective by a majority of the respondents. Almost all of the participants indicated that customer satisfaction is “very important.” The originators also commented on marketing efforts through other channels and had some surprising responses to questions about the use of social media and mortgage leads. The report also examines the use of smart phones and tablet devices such as the iPad. The “best of the best” commented on how they select service providers. They identified which providers they use for loan origination systems and pricing engines. Mortgage brokers and originators who use wholesalers or correspondent lenders listed their top-three third-party lenders. There was a trio of indirect lenders that dominated these rankings. The loan officers are highly concerned with the growth of mortgage regulations, though the group has managed to succeed despite stiffer compliance requirements and more cumbersome loan processing. The report discusses how this successful segment of the mortgage sales workforce complies with requirements for the appraisal ordering process. Also covered are automated valuation models. The report will help sales managers develop a better sales force, while loan originators can learn from the best. Service providers can use the study to learn about what makes these super-producing loan originators tick. |
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The 2001 Loan Officer Survey is available at: About MortgageDaily.com CONTACT: Source: MortgageDaily.com |
