A new report takes a look at the practices used by high-volume originators. This elite group spends more time on customer acquisition, is well-informed and relies heavily on trade publications.
More than 3,600 originators were surveyed for the FirstUSA Data study announced Monday by Mortgage Success Source. Respondents included independent mortgage originators, mortgage brokers and mortgage banking firms. More than 650 of those surveyed also participated in a “detailed follow-up phone interview.”
One of the biggest findings was that the top 15 percent of loan originators generate “seven times the sales volume of average originators.” The top third of producers closed $30 million in production during the past 12 months, while the overall annual average was just $10 million.
Among the traits exhibited by big players include becoming more educated about products, completing more accreditation and licensing courses and relying “much more heavily on trade journals and publications,” according to Mortgage Success Vice President of Banking Mark Teteris.