The 2012 Loan Originator Survey has been released by Mortgage Daily, providing insight into issues impacting mortgage loan officers. The survey was sponsored by StreetLinks Lender Solutions and co-sponsored by Champions School of Real Estate. A majority of the male-dominated group was employed by non-bank firms, in contrast to the bank-dominated overall population. Originators are the sales people of the industry and the face of home lending for many consumers. Today’s typical originator has over a decade of experience.
According to survey finsings, nearly 60 percent of the originators who participated in the survey indicated they earn at least $100,000 annually. Many said that they would have earned more if it weren’t for the Dodd-Frank Act—though a small share has actually profited from the law. Appraisal requirements appear to be putting an even bigger dent in income.
“It is imperative as an AMC that we understand the pulse of the market,” said StreetLinks President Tom Hurst. “This survey functions as a great litmus test when gauging the direct feedback we receive from our clients. Communication and feedback is the key to developing real partnerships.”
The survey also found that originators tend to be loyal, with the average originator having been at the same employer for several years. Few found their jobs through traditional job search methods. They spend much of their advertising dollars online. While social media is being aggressively woven into the marketing plans of many, hard results from the young medium are elusive.
Originators are primarily Microsoft users, though they switch to Apple products when utilizing mobile devices. Originators have been hit with a double-whammy because of cumbersome appraisal-ordering requirements and lost deals due to low values. This area seems to be one of the biggest sore spots for originators—who are frustrated with everything about the appraisal process.
via Survey Finds: Dodd-Frank Appraisal Requirements Putting Strain on LO Annual Income | Mortgage News | Daily National and State Headlines.