| PRESSÂ RELEASE
Appraisals, Dodd-Frank at Forefront of Loan Originator Concerns DALLAS — (Aug. 20, 2012) The real estate appraisal process is among the most frustrating issues for mortgage loan originators, according to initial responses from the 2012 Loan Originator Survey being conducted by Mortgage Daily. Also having a big impact is the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. Personal computers used by originators are dominated by one technology giant, while smart phones are dominated by a rival. Participants in the Loan Originator Survey, which is in its second year, are mortgage originators registered in the Nationwide Mortgage Licensing System and Registry. Even though the survey is still in process, initial responses provide some insight about the profile of the typical U.S. mortgage loan officer. Participating originators will be given access to the full completed report and have until Sept. 15 to complete in the survey at https://www.mortgagedaily.com/LOSurvey2012Form.asp. One of the questions in the survey asked, “How has Dodd-Frank impacted your commissions?” While a plurality of the respondents said that their commissions have been mostly unchanged as a result of the landmark legislation, more than a quarter indicated that their income has declined at least 25 percent. What’s even more interesting is that more than a fifth said that their income has risen because of the new law. More than a quarter of the originators noted that their income has declined because of real estate appraisal requirements implemented since the mortgage crisis began. Opposition to current appraisal requirements is strong, with many of the respondents making negative comments about today’s appraisal environment. It’s easy to understand why given that most have lost deals because of low appraisal values. Several commenters said that it is the consumer that is being hurt the most. A third of the surveyed participants said they rely on realtors as their primary source of new business, while a similar share depend on referrals from prior customers. The Internet was cited by the biggest share of originators as the most-used medium for advertising. A majority of the participants don’t use social media in their marketing, but among those who do — most generated little or none of their originations from social media. Almost all of the respondents indicated that they utilize the Microsoft Windows operating system on their personal computers. Microsoft also ranked high among web browser users — with nearly three-quarters of surveyed originators indicating that they use Internet Explorer as their primary browser. Google Chrome came in at a distant second. But when it came to operating systems on their mobile phones, more than half use an Apple device. More than a quarter use the Android operating system, and none use Microsoft. Although tablet devices were used by more than 40 percent of those surveyed, a majority of tablet users do not perform origination functions on the devices. Most tablet users own an iPad. The primary source of general news for originators is the Internet. Only a small share look to television for general news, and even fewer rely on a printed newspaper. A third of the respondents depend on e-mail for mortgage industry news. |
|
Take the 2012 Loan Originator Survey now at: Results from 2011 Loan Originator Survey are available at: About MortgageDaily.com CONTACT Prospective Survey Sponsors: Keith Tauber Source: MortgageDaily.com |
