Regulatory issues are top concern of originators.
>> The Fifth Annual Survey of Originators' Opinions, by Hammerhouse LLC, Mission Viejo, California, found that regulatory concerns have regained the top spot of identified sources of concern by originators.
Of the more than 800 active mortgage originators surveyed, 56 percent said regulatory issues were their primary concern. The surveyed originators agreed that marketing was their "best personal investment." Even so, the survey found that 64 percent of those surveyed spend less than $500 per month on marketing.
Not surprisingly in a tough year for production volume, only 7 percent of those surveyed said they had exceeded their production goals for 2014. More than half (53 percent) said they had missed their goal by 25 percent or more.
This year's survey results show that a majority of mortgage originators (56 percent) are finding their career less rewarding than in the past. Another 8 percent said they no longer find their career "sufficiently rewarding," according to Hammerhouse.
In a press release announcing the findings, Hammerhouse Managing Director Drew Waterhouse said, "Mortgage loan originators have been operating in a very difficult environment over the past several years and it should not come as a surprise that their level of satisfaction with their choice of careers has declined. However, we see a clear indication that originators see a brightening future and believe they know what it will take to succeed moving forward."
Of the sample surveyed, 52 percent have annual production between $9 million and $24 million.
Many of those surveyed (87 percent) expect production volume this year to equal or exceed 2014 levels. That compares favorably with last year's survey results, when 56 percent of originators expected a drop in origination volume. Notably, 73 percent expect their personal volume to be up in 2015. Only 53 percent held that opinion last year.
Local referral partners were seen as the key ingredient for meeting origination goals, according to the survey.
A majority of respondents (59 percent) had worked for three-plus years with the same local leadership. And most (78 percent) reported they believe their local management supports them and is "connected to the street" (61 percent).
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|Title Annotation:||NEWS ROOM|
|Comment:||Regulatory issues are top concern of originators.(NEWS ROOM)|
|Date:||Mar 1, 2015|
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