Food For Thought - Your Competition
According to mortgage industry data, almost half of the loan officers who were actively closing loans in 2021 have left the industry. In June 2021, there were 178,270 mortgage loan officers (MLOs) who had closed at least one loan in the previous year. By January 2024, that number had fallen by 47% to 93,938. This significant drop can be attributed to several factors, including a decline in mortgage activity, increased competition, and economic uncertainty. The data suggests that many MLOs have either changed employers or left the industry altogether due to these challenges.
If half of mortgage industry is gone you only need 50% of the same level of business to do your same level of business. If the business is the same, there are only 1 in 2 providers still here to support those clients… what happens when rates come down further?
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