Record Number of Mortgage Originators in NMLS

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MORTGAGE EXPERT
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More home-lending originators are registered in the Nationwide Mortgage Licensing System than at any time since there registry went live.

As of the third quarter of this year, there were 551,533 mortgage loan originators who maintained an active registration in the NMLS.

The total
increased from three months earlier, when the number was 537,950. It was also up from a year earlier, when there were 531,195.

Those details and more were provided in the NMLS Mortgage Industry Report 2016 Q3 Update from the Conference of State Bank Supervisors.

The latest total was the most since at least the fourth-quarter 2011 — the oldest data maintained by Mortgage Daily. However, with a significant decline in mortgage production forecasted for next year, many originators are likely to leave the industry — though the reduction is unlikely to be reflected until the first-quarter 2018 report after 2017 licenses have expired.

Included in the third-quarter 2016 total were 139,881 state-licensed originators who maintained 460,372 licenses.

North Carolina terminated 50 licenses, more than any other state.
Connecticut followed with 41 terminations, then Nevada’s 27, Illinois’ 25 and Washington’s 23.

Additionally reflected in the third-quarter 2016 originator total were 416,182 federally registered originators who worked at financial institutions.

Originators who worked for banks supervised by the Office of the Comptroller of the Currency accounted for 221,613 of the federal registrations. Another 87,594 were employed by banks regulated by the Federal Deposit Insurance Corp., 60,187 hung their hats at credit unions regulated by the National Credit Union Administration, 47,102 were on the payroll of banks regulated by the Federal Reserve Board, and 1,889 worked at financial institutions supervised by the Farm Credit Administration.

Overall originator registrations were reduced by 4,530 to reflect originators who maintained both a state license and a federal registration.

The share of originators who maintained state licenses rose to 25 percent from 24 percent in the third-quarter 2015, while the share who worked for banks dipped to 75 percent in the third-quarter 2016 from 76 percent a year prior.

The report indicated that there were 25,819 companies registered through NMLS. The total increased from 25,495 in the second quarter and 25,929 in the third-quarter 2015.

Reflected in the company total were 16,117 state-licensed companies that held 39,662 licenses.

In addition, there were 22,454 branches of state-licensed entities that held 54,605 licenses.

Also included in the company total were 9,798 federally registered financial institutions.

The company total was reduced by 96 firms to account for entities that held both state licenses and federal registrations.

Author

Mortgage Daily Staff

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