Tough regulations slash broker numbers

by MPA14 Nov 2014
As the number of licensed mortgage loan originators increases across the nation, one state is experiencing a massive decrease in brokers. Oregon has lost around two-thirds of its mortgage brokers since the housing bust.

An examination of data from the Oregon Employment Department showed in 2006, the average annual employment of brokers was 3,133. In January, it had dipped to 924, but increased slightly in June to 993, according to OregonLive.com.

Dakota Gale, owner of Portland's Green Mortgage Northwest told the website that when housing prices peaked, some "people were making $500,000 just pulling credit reports, basically.” However, in the current market he said brokers work harder to keep their business as lending standards have become stricter.

However, nationally, the number of licensed mortgage loan originators (MLOs) has increased, according to data from NMLS (Nationwide Mortgage Licensing System). During the second quarter the number of state-licensed MLOs increased to 323,137 compared to 281,337 the same time last year and 207,187 in 2012.
 

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