Where are all the Lenders and Loan Officers?  This is the question I hear over and over in the waning days of 2008 - from Realtor no less.  With as many people that have left the industry, and companies either shutting down or curtailing lending activities it has created quite an irony.  While home sales have corrected - they are not non-existent. 

As a matter of fact, the actual numbers may surprise some people - that homes sales are actually up in many Maryland counties from one year ago.  Surprised?  For September, year over year units sold, the following central counties showed an increase in home sales:  Carroll, Charles, Frederick, Howard, Montgomery, and Prince Georges!  Baltimore County and City were virtually unchanged, while Anne Arundel saw a drop of 65 less homes sold.  The good news in Anne Arundel is that inventory is down and there are 40 more homes currently under contract than this time a year ago.  Not quite what the media portrays...

So, back to the original question; why are Realtors and buyers at a loss when it comes to finding a competent professional in the home loan industry? 

Because while home sales have remained relatively flat, even higher than this time a year ago - the lenders and number of Loan Officers have shrunk considerably.   

I like to say (and feel it is quite accurate) "that our industry took 10-15 years to evolve to what it became; and in about 90 days time it went back".  The reality is that no lender was underwriting much, in especially 2003-early 2007.  It's different today.  We are operating as an industry as we did in the 1980's and asking questions and evaluating risk - almost a lost art...

Today's Loan Officer must understand how to package a borrower's loan, to address multiple high risk factors, and present a loan to gain underwriting acceptance - not much of that was required 2003-2007, and it makes sense that not much was taught after the millennium.  The good news is that, in the end, the Realtors and consumers should begin to enjoy a much more knowledgeable and Professional Loan Officer - if they can find us! 

Dave R.