This happened despite 2023 being the worst year for mortgage originations in a generation, at $1.64 trillion, down from $2.25 trillion in 2022.

What 2023 proved, yet again, is that top originators provide a level of service to their clients that sets them apart from the competition and they often occupy a niche that others shy away from or are not aware of yet.

For Ellen Schuler, a branch sales manager at Cornerstone Home Lending, success in 2023 was a matter of going back to basics. She originated $162.1 million, with 328 units.

It was contacting her referral sources in person and via email that was most effective, the 25-year industry veteran said.

"You'd be surprised how just getting out more and being in front of people makes a big difference. I know a lot of loan officers do that, but I'm more hands-on than most," she added.

Being in the referral source's office gives them a chance to talk and ask questions, and that interaction helped boost Schuler's numbers too, she said.

It was also a matter of having the right niche programs and being able to handle applications that other lenders turned down, Schuler said, adding "no deals are easy these days."

While 2024 started out slow for Schuler, the big dip in rates in early March helped to bring consumers back in, and some of the business is even coming from existing homeowners.

"Realtors are saying to me 'call my seller, tell him what you can do,'" Schuler said. "It's interesting, we're kind of working both sides of it now and it's more of a team effort."

For Brian Minkow, a divisional vice president at CMG Home Loans in Westlake Village, California, 2023 was a year of transition. In May, the 180-branch strong retail channel at Homebridge Financial Services, where Minkow had been for six years, was acquired by CMG.

Even with the ups and downs involved in such a move, as well as the general environment for the industry — Minkow referred to it as his worst year for production in almost 20 years — he still had a relatively strong year, with production of $227.6 million and 265 units.

The relationships developed with his various referral sources, including Realtors, accountants and business managers, played a huge role in his success.

"The market was very tough, so the Realtors and the referral partners wanted to make sure that their clients got to somebody like myself, who would make it happen, because obviously, it's a lot harder industry right now," Minkow said. "When you don't have a loan officer that knows what they're doing and knows how to get it done — they were very worried about that."

He also noted the niche programs that CMG has to offer, such as its All in One loan, that combines banking and mortgage features, helped.

As for 2024, between the start of February and the middle of March, his business has picked up as rates trended lower during much of the period.

"I tell my clients this all the time: you're buying the home and you're renting the rate," Minkow said. "They're only going to rent that rate for whatever, four months, eight months, 12 months, and then we'll refinance out of it."

A loan originator's outlook about the business when they come into the office is also important, added Neil Kantor, an area sales manager in the Rockville, Maryland office of Bay Equity Home Loans.

That positive attitude every single day, no matter how bad the previous day or month was, that's important because a lot of opportunities remain, he said. Loan officers just have to work harder for every deal. He produced $140.3 million and 303 loans.

"It's not going to come easy, like the COVID years," Kantor said. "You just have to put more effort into it."

That includes educating the consumer about mortgage rates and the opportunity to buy a home.

But sometimes that education leads to the conclusion to hang back on a home purchase. Last year, Kantor counted the highest number of voided contracts he has seen in his career. Consumers shopped for homes and put in bids, but didn't realize the impact of what the payments would be. However, there's an opportunity there for further enlightenment: borrowers also needed to be informed about the refinance opportunity that would arise when rates fell, Kantor said

"We're definitely doing a lot less business obviously, than when rates were much lower," Kantor said. "But I think for the most part anyone that had any success last year was probably still working just as much if not more, for a third of the volume."

A lot of consumers, especially first-time home buyers, "don't understand the market. It's our job to put them at ease, and explain everything to them," Kantor said.

In this year's Top Producers survey, 64% of the respondents were male. Experience ranged from a year or less through 51 years. More than 30 respondents stated they had 20 years in the business with the next largest grouping coming at 25 years with over 20 people.

This compared with a 66% male to 34% female split of respondents in the Top Producers 2023 survey. The mean number of years in the industry was slightly over 18 years, with the mean for women respondents at nearly 19 years.