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   ARTICLE   |   From Scotsman Guide Residential Edition   |   April 2011

Top Originators 2010

Who are the nation's highest-producing mortgage professionals?

>> Move on to the Top Originators 2010 rankings

For the second year in a row, Scotsman Guide has ranked the nation’s top-producing mortgage professionals. In some ways, 2010 was an anomaly: There were record-low interest rates, which spurred refinances, but there also were tighter underwriting standards, which meant it was harder to get loans closed. Not to mention increased numbers of distressed homeowners — many of whom couldn’t refinance their loan or sell their property — and increasing foreclosures. In a nutshell, we weren’t sure what kind of response we’d see to this year’s call for entries to the Top Originators rankings.

We were pleasantly surprised to see our entry volume increase over last year: Almost 700 mortgage brokers, bankers, originators and loan officers entered Scotsman Guide’s Top Originators 2010. And from those, we put together a bigger, more comprehensive list than even last year’s. And it’s still the most solid, most accurate and most intensely verified ranking in the industry.

We are happy and honored to present the top 200 by volume, the top 150 by loans closed, the top 75 by Federal Housing Administration (FHA) volume, and top entrants by purchase volume, refinance volume and volume gain from the previous year.

And that’s not all: We present additional rankings online of top entrants by U.S. Department of Veterans Affairs (VA) and U.S. Department of Agriculture (USDA) volumes.

Methodology

So how did the process work? To start, we accepted entries at scotsmanguide.com between Jan. 3 and Jan. 31 — no later.

To be eligible for consideration, originators must have had at least $30 million in loan volume or 100 closed home loans in the 2010 calendar year. A key point: Only loans and volume that originators closed personally could be considered. That is, loans for which they shared commission with anyone else, such as a junior or associate originator or an assistant, could not apply to originators’ totals.

Next came the verification process. We requested 2010 production reports from all top entrants, in addition to written verification of their volume from a certified public accountant, the chief financial officer at their company or a similar source. This included a statement that no other originator received commission for these loans and that the numbers were accurate.

We checked this data against the original submissions and followed up where necessary. Only entrants whose data we could verify in this fashion made it to the final list.

The results

In this year's lists, you’ll find originators’ rankings in multiple categories. In addition to their volumes and other loan data, we list each person’s:

  • State: Location of the originator’s primary office;
  • Purchases vs. Refis: The percentage of the originator’s total loan volume (on the volume list) or closings (on the loans-closed list) for purchase loans compared to refinances;
  • Closing Ratio: Called the “pull-through rate” by some, this refers to the percentage of loans an originator closed versus the applications taken. Some categories also include the closing ratio by loan type — e.g., FHA, purchases, refis;
  • Apps. Taken: The percentage of loan applications that originators took personally. Some originators have assistants who take some initial applications — per our guidelines, though, we only could count loans that originators closed personally toward their 2010 production totals; and
  • Staff: The number of personal assistants for each originator. Again, only loans each originator closed personally applied to the originators’ 2010 production total.

In some cases, we accepted originators’ best estimates for their  closing ratios. Although other company representatives submitted the initial information for some entrants, we have confirmed (and sometimes, reconfirmed) all the data that appear in these rankings. Also: Inclusion of any individual on this list does not constitute an endorsement of that individual by Scotsman Guide or Scotsman Guide Media.

Interested in a reprint of our rankings? E-mail advertising@scotsmanguide.com.

>> Move on to the Top Originators 2010 rankings


 


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