Hammerhouse LLC has released the results of its Second Annual Survey of Originator Opinions. This 14-question survey was completed by a statistically significant sample of approximately 400 active mortgage loan originators and asked originators for their opinions on critical issues facing the mortgage industry and impacting their job performance. Originators responses indicate a strong preference to:
►See clarification of regulatory issues outstanding in the industry.
►Work with regional rather than national lending organizations.
►Find a home with financially secure lending organizations with effective operations and marketing.
►Value the leadership, communication, integrity and culture of an employer.
►Work with a recruiter to identify potentially better matched opportunities.
“Mortgage loan originators have had a difficult couple of years," said Drew Waterhouse, managing director of Hammerhouse. "The housing crisis and regulatory responses have led to a 50 percent decline in the ranks of originators according to the U.S. Bureau of Labor Statistics. However, those that remain are focused on rebuilding the mortgage industry to make it the best it can be by demanding that lenders are executing effectively for consumers.”
The Survey questions cover important factors from each of the six core business areas identified by Hammerhouse as integral to the model-matching relationship between originators and lenders: Leadership, Culture, Business, Operations, Technology and Geography. Particularly encouraging for an industry that has experienced such turmoil is the fact roughly one-third (31 percent) of respondents indicate that they have been in the industry for more than four years. More than three-quarters (76 percent) indicate that they, or their companies on their behalf, are investing in tools, training/coaching and other resources to improve performance.
“The results of the 2012 Survey of Originator Opinions are supportive of our recently released mortgage industry hiring forecast,” said Waterhouse. “2012 will be another difficult year for the mortgage industry, yet as the survey results indicate those on the frontlines, working directly with consumers, desire to improve themselves and work for the best lending organization possible—even if that means making a change.”
Highlights of some of questions from the Second Annual Survey of Originator Opinions include:
Which of the following do you believe is the biggest challenge Loan Originators will face in 2012?
• Rising interest rate environment: 8%
• Working with a committed and financially stable mortgage lender: 29%
• Product flexibility: 12%
• Further oversight or legislation surrounding our industry: 51%
What type of company structure do you believe will best support an originator with “self-sourced” referrals from business partners and past customers?
• Federally-chartered/bank-backed institution(s): 28%
• Correspondent mortgage banker: 56%
• Broker: 14%
• Credit union: 2%
If you could add (strengthen)/change one thing (tool or resource) about your current company, what would it be?
• Better marketing platform/continuity support: 30%
• Technology—integrated systems, easy to use and accessible over the Web: 19%
• Fulfillment/operations/service: 39%
• Stronger Leadership: 12%
Do you or your company invest in, for your own personal business, sales presentation tools, business coaching, industry indicators or other value add tools/resources to help you gain efficiencies or be more productive?
• Yes: 76%
• No: 24%
What of the following would be the number one reason you would make a change from the organization you are with to a new firm?
• Compensation: 23%
• Product flexibility and opportunity: 24%
• Human capital resources—for supporting business: 7%
• Marketing platform: 3%
• Presentation tools for your business: 1%
• Overall corporate culture and leadership: 42%