The next generation of loan officers has yet to take their place in the mortgage industry, according to this year's Top Producers survey.
The younger generation's absence among loan officers is critical for a society that is
Approximately half of the respondents are between 41 and 50 years old, with another 30% even older.
Only 18% were between 31 and 40, with just 2% between 20 and 30.
While this sample is not exactly random, it is fairly representative of what has been reported as the age disparity among loan officers.
A disparity in experience
When it comes to experience, the largest bucket of producers are those who've been in the industry between 21 and 25 years, approximately 30%. Another 13% have 26 to 30 years, with 11% having worked more than 30 years.
On the other side of the scale are people who have six to 10 years of experience, 20%, with 12% being in the business between 11 and 15 years.
However, whether because the person was terminated at their previous company, decided to move on because the lender no longer met his or her needs or changed jobs because of compensation, the data around tenure at their current firm told a different story.
Just under three out of 10 were at their first year working at their current employer, with another 24% between two and five years. A mere 4% had over 20 years at the same workplace.
This year's No. 1 producer, Shant Banosian, was
Banosian is the only originator in this year's survey with over $1 billion in annual production. Even with his new duties, Banosian plans to remain an active originator.
Why loan officers stay or go
In several cases, tenure for loan officers and/or their branch is determined by what
Kevin Frawley, who is a senior loan officer at First Heritage Mortgage, ended the year outside the top 250.
He moved to a new company, which allowed for more of a file work emphasis on the assistants and processing team, "allowing us to spend more time in business development," his submission said.
"This allowed me to add a few new top producers to my roster in 2024," Frawley commented in a response to one of this year's survey questions. "We are always working to refine our process allowing us, the LO, to focus more on bringing in business and training up our team to be ready to support the new lines of business (builders and investors, non-QM mortgages, etc.)"
Lynn Chenaur-Bridges is an area sales manager for Bay Equity Home Loans, a subsidiary of Redfin, which after the survey period closed,
"My company did a great job marketing for me but I plan to take a more active role in my own marketing in 2025," said Chenaur-Bridges, who finished 2024 ranked at 250. She is a 40-year veteran of the mortgage business, who has been at Bay Equity for 13 years.
Cornerstone Home Lending
"I've found it to be a valuable tool for eliminating time-consuming tasks, allowing me to focus more on building personal relationships and driving business growth," Dinkins said, who has been at Cornerstone for all nine years he's been in the industry, according to his entry.
Another Bay Equity senior loan officer, Eva Mtaza, commented "AI is new and there is much to learn about how it can be a positive influence on my day-to-day work. As of yet, I feel it creates cold, impersonal approach that isn't right for my approach to my clients."
She ranked 184th, and is a nine-year veteran of the industry who has been with Bay Equity for two years.
The Top Producers survey
Submissions were made by the participants or their representatives. The information was verified to the best of our ability but National Mortgage News cannot claim the absolute veracity of the data. Some entries might have been removed due to submission errors or following the check on the data.
