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More Originators Fear Effects of Legislation: Survey

A survey released Wednesday found that more mortgage originators fear the effects of legislation for their industry than from any other challenge.

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Releasing the Second Annual Survey of Originator Opinions, mortgage industry recruiting firm ""Hammerhouse LLC"":http://www.teamhammerhouse.com/ polled about 400 active loan originators across the country on issues that ranged from regulation to technology.

Asked which challenge felt the greatest for loan originators in

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2012, 51 percent said oversight and legislation could crimp the industry.

Twenty-nine percent placed working with ""a committed and financially stable mortgage lender"" second when asked the same question. In the same vein, 28 percent of respondents cited financial strength and stability as a major reason for staying with their current employer.

Fifty-one percent of originators said new regulations constricting regulation produced no impact for the competitive standing of their company in markets today. Thirty-seven percent said it had negatively impacted their company.

Fifty-six percent of respondents cited correspondent mortgage bankers when asked which type of company structure would assist originators with referrals they sourced by themselves, with 28 percent in line with federally chartered and bank-backed institutions.

Many respondents said product flexibility and compensation would likely compel them to transition from their current firms to new ones, with 24 percent behind the former and 23 percent citing the latter.

About Author: Ryan Schuette

Ryan Schuette is a journalist, cartoonist, and social entrepreneur with several years of experience in real-estate news, international reporting, and business management. He currently lives in the Washington, D.C., area, where he freelances for DS News and MReport.
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