Recent discussions among the lending community highlight the fluctuation of the loan officer population. However, rather than debating numbers, attention should be directed towards productivity. The Nationwide Multistate Licensing System (NMLS) counts those with licenses but doesn't differentiate between active and inactive loan officers. A significant decline is noted among producing loan officers, with the number of those closing fewer loans decreasing substantially. Understanding who is actively closing loans offers valuable insights for industry leaders and recruiters surpassing mere NMLS counts, critical for growth in the evolving market.
It's time to shift from focusing on the size of the LO population to how productive its members are.
General NMLS numbers don't break down and show how many loan officers have changed companies, which ones are licensed in multiple states.
It's more interesting and accurate to review the loan officer population in terms of who is closing loans.
The overall LO population dropped only 5.6% between 2019 and 2024; however, the number who closed five to nine loans dropped by 14%.
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