The survey was designed to uncover the strategies and techniques individual producers have found effective in today’s volatile and uncertain market conditions.
The survey solicited responses from over 500 loan officers, including both independent and credit union lenders. The main focus was to gather information on the top services and products that have proven successful for the surveyed producers.
The survey results revealed some interesting trends. The majority of respondents reported that refinances represented the majority of their business – consistently accounting for over 50% of their loan volumes. This was especially the case for respondents aged 45-54, who mentioned that almost two-thirds of their loan volumes were composed of refinances. The most popular refinance program was the 15-year fixed rate loan, followed by the 30-year fixed rate loan.
The survey also sought to provide insight into the mortgage products used most heavily by the surveyed producers. The most commonly cited products included conventional loans, government-insured programs (FHA/VA/USDA), jumbo loans, and HARP. Conventional loans and government-insured programs accounted for almost half of the loan volume each among the surveyed producers. Meanwhile, jumbo loan production has risen significantly, now accounting for 25% of loan volume. Finally, HARP loan volume increased sharply in the age range of 35-44, where it represented almost 10% of total loan volume.
In terms of service, the surveyed producers highlighted the importance of building customer relationships. Over 95% of respondents reported that they had a dedicated client service team to ensure customer satisfaction. Similarly, most of the producers emphasized the need for technology solutions to keep up with customer needs and market changes. Almost half of the surveyed producers made use of automated loan origination systems, while another third of producers utilized mobile technology.
Finally, the survey delved into the risk management practices of the surveyed producers. The respondents reported using a number of techniques to manage risks. These included diversifying products, improving underwriting processes, and developing tighter risk controls. Additionally, the surveyed producers also made sure to monitor compliance with relevant regulatory requirements.
In conclusion, the survey provided interesting insights into the strategies and technologies utilized by the nation’s top producers in 2020. Refinancing remains the dominant loan product, with conventional and government-insured loans accounting for the majority of loan volumes. As far as services go, top producers continue to emphasize the importance of customer relationships and have adopted technologies to improve customer experience. Lastly, producers are also taking steps to manage risk, such as diversifying products and monitoring compliance.
The National Mortgage News survey of the nation’s top producers in 2020 provides valuable insights into the most successful strategies and technologies employed by industry professionals. Refinancing remains the dominant loan product, accounting for more than half of total loan volume. As far as services go, top producers continue to emphasize the importance of building customer relationships and have implemented technologies to improve customer experience. Additionally, producers are adopting diversification strategies and tight risk control processes to mitigate possible losses. Taken together, this survey not only sheds light onto the strategies of today’s top producers, but also offers guidance to industry professionals looking to maximize their success amidst uncertain market conditions.
This article was contributed on Oct 20, 2023
