Mortgage Professional America forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Huge opportunity for small originators

Notify me of new replies via email
Mortgage Professional America | 19 Jun 2015, 09:00 AM Agree 0
“Gun-shy” banks are opening the doors for smaller lenders – and mortgage originators – to win back market share.
  • Mortgage Banker | | 19 Jun 2015, 10:20 AM Agree 0
    The biggest reason the big banks have lost market share is they are exempt from the licensing provisions of the Dodd Frank act. Since bank originators are unlicensed, and only make 30-60% of what non-bank originators make, all of the good originators have left the banks. The banks have been left with rookies (as this is still a great venue to get started in this business) and under-achievers. The big banks now have sub-par originators, and terrible ops. It takes them too long to get mortgage mortgages done, and they often times decline mortgages after 2 months in process due to an issue that a good originator would have identified up front. I don't know of any Realtors that refer clients to the big banks. Getting exempt from the licensing requirements has turned out to be a big mistake for the big banks.
Post a reply