More LOs in Mortgage Business, But Fewer Banks

Mortgage News

Mortgage Daily Staff

                                                 January 10, 2015

Compared to a year ago, there are more loan originators working for fewer mortgage firms. The decline was due to a drop in the number of financial institutions.

There were 522,938 mortgage loan originators who were registered in the
Nationwide Mortgage Licensing System as of the second quarter of this year.

The number of NMLS registrations moved higher compared to the previous three-month period, when 512,045 originators were in the system.

The count was also up from the second quarter of last year, a period when registrations totaled 511,233.

The data were included in the NMLS Mortgage Industry Report – 2015 Q2 Update from the Conference of State Bank Supervisors.

Reflected in the latest total were 124,568 state-licensed originators, expanding from 118,940 three months earlier and 123,171 a year earlier.

State NMLS registrations were up 28 percent from the second-quarter 2014 in Maine — a bigger percentage increase than in any other state. There was a 24 percent rise in Oklahoma, a 22 percent gain in Ohio and a 21 percent expansion in both Alabama and Mississippi.

A four percent year-over-year drop in Rhode Island licenses was the biggest decline of any state.

During the second quarter of this year, Georgia terminated 89 originator licenses — the most of any state. Another 75 licenses were terminated in Virginia. In all, 458 state licenses were terminated across the country.

Federally registered originators working for financial institutions grew to 402,482 from 396,446 in the prior quarter and 392,367 in the year-earlier period.

The Office of the Comptroller of the Currency regulated banks employing 217,622 originators, while 84,515 worked at banks supervised by Federal Deposit Insurance Corp. and 45,947 hung their hat at institutions regulated by the Federal Reserve Board.

Another 55,276 originators worked at credit unions regulated by the National Credit Union Administration, and 1,754 earned their pay at institutions overseen by the Farm Credit Administration.

There were 4,112 originators who maintained both a state license and a federal registration as of the second-quarter 2015. This figure was deducted from the sum to come up with the total number of originators in NMLS.

As of the most-recent period, there were 25,630 NMLS-registered companies, more than the 25,285 in the first-quarter 2015. But company count has diminished compared to the second-quarter 2014, when there were 25,881.

State-licensed companies rose to 15,577 from 15,279 three months earlier and 15,547 a year earlier.

California revoked 15 company licenses, the most of any state,
while New York terminated 32 licenses, also a high for that category.

The report indicated that
there were 20,595 state-licensed branches of NMLS-registered companies as of the second-quarter 2015, more than 20,090 in the prior quarter and 19,860 in the same quarter during 2014.

While the number of federally registered
financial institutions increased by 50 from the first-quarter 2015 to 10,149, the count declined from 10,434 in the second-quarter 2014.

As of the second-quarter 2015, there were 96 companies that maintained both a state license and a federal registration.

Based on a graph provided in the report, home loan originations by state-licensed entities amounted to roughly $211 billion during the most-recent period,
more than the approximately $180 billion in the first quarter and about $138 billion in the second-quarter 2014.

Mortgage Daily Staff

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