Teerlink Reveals How Many LOs Exceeded 250 Loans So Far In 2020 And More
MobilityRE founder and CEO Ben Teerlink appeared on Wednesday’s Mortgage Leadership Outlook as he joined series' host Andrew Berman, head of engagement and outreach for National Mortgage Professional magazine. The two discussed the overwhelming originator volume in 2020, how many mortgage loan originators hit 250 loans, Teerlink believes any of them will hit 1,000 loans and more.
Teerlink's company MobilityRE aggregates public data to help mortgage companies find the top producing real estate agents and mortgage loan originators. Prior to founding MobilityRE 12 years ago, Teerlink worked in the sales sector for Prudential Utah Real Estate.
Highlights from the interview:
- In 2020 so far, 4,112 loan originators have completed over 250 transactions, according to Teerlink. He says it is not quite double the number of last year; however, it is significantly higher. The dollar volume associated with these transactions is tremendous with 1,700 loan originators having closed over $100 million in volume. Additionally, 41 loan originators have broken 1,000 units.
- Teerlink told Berman that there is so much data out there, but no one really knows what to do with it or how to use it. Now, MobilityRE provides tools for realtors and loan officers.
- “What we’ve done is we’ve created those home search apps that tie into the MLS,” said Teerlink. He added that a homebuyer/borrower can request whatever they need from the palm of their hands, whether it be a home directory, requesting a showing or getting approved for a loan.
- When asked if these tools have been useful in 2020, Teerlink said it has been an amazing year for his company. “We feel very fortunate that we are in this industry and this space. We see our clients thriving and our usage really increasing.” He believes that this is a result of the growing pipelines that companies are seeing with the need for more loan originators, processors and other personnel.
- Refinance numbers are extraordinary. “What we're finding is that putting some of the tools in place for your Realtor partners so that it can be doing its thing while you’re focused on refis, will continue to maintain that Realtor relationship so that when refis slow down a little, you’ve had this constant interaction with your Realtor to where the relationship is doing really well and you don’t slow on your momentum. You’re going to transition straight into that purchase side because you’ve built that.”
- Teerlink says that while the refinance side is booming, it is important to build out technologies and have products in place for the purchase side once they cool.
Check out the full interview between Teerlink and Berman below.
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