Residential Magazine

2022 Top Emerging Stars

Keep an eye out for these talented originators as they climb the ranks

By Hannah Darden

Millennials are now the plurality of the home-purchase market, making up 43% of all buyers, according to the National Association of Realtors. As the generation that came of age during the Great Recession found its feet in the housing market, tech-savvy millennials shifted mortgage processes by pushing for digital applications and verifications. Some of these digital natives became mortgage originators, and they have a fluency in social media and digital tools that makes them attractive to clients and employers alike.

In this month’s edition of Scotsman Guide, we’re introducing the Top Emerging Stars rankings. This exclusive inaugural ranking lists the top 100 producers by dollar volume under the age of 40. These exceptional originators range in years of experience, from just two years to 20, but they have one thing in common: Each of them originated more than $135 million in loans in 2021.
Top Emerging Stars nominations will open again in January 2023 as part of the next Top Originators submission period.
Millennials have permanently changed the home loan process, and their mortgage shopping habits are markedly different from their predecessors. Millennials are more likely to shop around, obtaining an average of six mortgage quotes, according to a Forbes report. Baby boomers average three quotes. Millennials also are more likely to use mobile devices and the internet to find homes and mortgage lenders.
Millennials value digital communication, on-demand service and simple user experiences, Forbes noted. To get them from quote to close, loan officers must provide excellent service and a great deal. The digital fluency held by this year’s Top Emerging Stars makes closing these deals a breeze.
The top spot went to Hanh Dao of Loan Factory Inc., who originated $388 million in 2021. She is followed by Daniel Fogg of Semper Home Loans ($368.1 million), Daniel McCoy of Intercoastal Mortgage LLC ($349.3 million), Elizabeth Hoeffer of CrossCountry Mortgage LLC ($348.3 million) and Jason Evans of Guaranteed Rate ($309.8 million).
Scotsman Guide handpicked eight originators from the top 100 to interview about their secrets to success. Each young mortgage professional has a different story, but all agreed on one thing — to become an accomplished originator, you have to fall in love with the job. Read their profiles here.
This new feature was built to highlight the next generation of top mortgage originators. Whether they’re new to the industry or already a seasoned pro, the Top Emerging Stars have decades of promise in front of them. We hope to watch these talented originators climb our annual rankings for years to come.

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Affordability rules for youngest buyers


Generation Z home shoppers are receiving more mortgage offers in affordable U.S. metro areas, particularly those in the Midwest and South regions, according to a May 2022 report from LendingTree. The most popular metro was Salt Lake City, where 16.6% of all mortgage offers in 2021 were made to Gen Z borrowers.

The Utah capital was followed by Louisville, Kentucky, and Oklahoma City, where more than 15% of mortgage offers last year involved members of Gen Z. Cincinnati and Indianapolis filled out the top five. The least popular metros for Gen Z buyers were expensive coastal cities. In San Francisco, New York City and San Jose, less than 5% of mortgage offers went to Gen Z buyers. Los Angeles and Boston were the other cities in the bottom five.

This marks a major departure from the previous generation of homebuyers. Millennial homebuyers prefer major and more expensive metros, according to LendingTree, which used the same methodology earlier this year to analyze millennial buyer behavior. The top three metros in 2021 for mortgage offers to millennials were Denver, Seattle and Boston. This age group received more than 60% of all loan offers in these metros.

Mortgage payments are rising sharply


Although mortgage interest rates softened slightly and briefly this past June after a sharp increase since the start of this year, they remained well above the 5% mark, according to Freddie Mac data. The leveling off was good news for mortgage affordability, which has been steadily decreasing as home prices, inflation and interest rates rise.

Homebuyer affordability decreased in April 2022, according to a Mortgage Bankers Association (MBA) analysis of payments sought by loan applicants. The national median monthly payment for applicants rose to $1,889, up 8.8% from the $1,736 figure in March. MBA’s updated forecast predicts that rates will remain above 5% for much of the year but calls for deceleration of home-price appreciation.

The trade group’s index revealed that purchase loan application payments were highest in Western states. Idaho topped the list, followed by Nevada, Arizona, California and Utah. The states at the bottom of the list (indicating better affordability) were Connecticut, Louisiana, Alaska and Wyoming.


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