In January of 2007, there were more than 13,000 licensed mortgage loan originators in Oregon. As of the Independence Day holiday, that number was down to 6,985 with less than half of them living in Oregon. It appears that the wheat is being separated from the chaff.
I have been working in the mortgage industry before there was a license requirement. I supported the licensing requirement for mortgage originators, expecting it to make our industry more responsive and responsible. In some ways it has, but nothing the way a downturn in the market has.
If you have lost your loan officer, I would like to offer my services. I am located in Eugene, but am able to handle your business in Oregon, California (soon Washington) and Alaska. Call me at 866-916-7596 or on my cell at 541-221-3455, anytime.
I am in this business for the long run. I can do almost any type of loan, but am a specialist in government loans. I teach classes in FHA lending practices and programs. I am a vereran and have always been a champion for my comrades-in-arms. Considering I flew a typewriter in the Vietnam War, arms may be an exaggeration. LOL
Florida had about the same results, losing 40% of licensed mortgage brokers. I hope it was the less professional, cut and run, quick hit types. I, like you am in it for the long run and have picked up quite a few Realtors. All the best! Randall 863-229-1235
Many small and large Nevada mortgage offices have closed or at least severely down-sized during this real estate slide, like everywhere else I suspect. And the licensing requirements here have further tightened, so in the future entry will be harder.
Fred, Nice post. I too have been in it since before licensing took force. I love the fact that they are making licensing more stringent. Keeps the bad seeds out of the business, and leaves more business for the good seeds.. Where did you get your stats on agents in Oregon, just curious?
Fred, I am glad the there has been a decline and I hope it is the lenders that needed to find another line of work. The lenders that truly "know their stuff" are worth their weight in gold and I hope they will be around for many years. I heard today there has been a 30% decrease in agents from our company so it must be an "across the board" phenom.
Randall - I am sure we are looking at something across the nation. Again, it isn't all bad. When things are easy (as they were) you get a lot of opportunistic people joining in. I won't miss a lot of them.
Esko - We needed the contraction in the market to clear out the deadwood. I have been doing this for over 20 years and have been through it before.
Thomas - Those with integrity and knowledge will survive and prosper.
Leslie - I am not sure it is over, but when it is, the pie may be smaller, but there will be a lot less people sticking their fork in it. I hope you find that I am one that is worth my weight in gold....because, I weigh a bunch. lol
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Florida had about the same results, losing 40% of licensed mortgage brokers. I hope it was the less professional, cut and run, quick hit types. I, like you am in it for the long run and have picked up quite a few Realtors. All the best! Randall 863-229-1235