PHILADELPHIA, Oct. 17, 2022 /PRNewswire/ -- UMortgage is helping drive an influx of Loan Originators from retail channels to the broker space with more than 70 former retail LOs and 112 total LOs joining its platform in Q3 of 2022. While other companies continue with mass layoffs, UMortgage continues to support its claim to grow in a shrinking market.
With rates continuing to increase month-over-month, total mortgage industry employment declined from 404,400 to 401,200 between July and August of 2022, according to a report from National Mortgage News. Recently, mortgage application activity has declined in tandem with a decrease in housing market demand. These factors have driven many companies within the mortgage industry to lay off staff members while retail Loan Originators sought out new opportunities to access more competitive rates and products.
Despite this overall decrease in industry employment, reports found an increase of 800 individuals employed in the mortgage and non-mortgage brokerage industry between July and August, with UMortgage's weekly Discovery Meeting leading 10% of those individuals to the platform across those months.
Bloated cost structures, an inability to compete with rates offered elsewhere, and outdated technologies have cut into profits for retail lenders and led to unsustainable lending practices within the channel. UMortgage has spearheaded a migration away from retail lending by offering its Loan Originators:
- Robust optionality with a growing portfolio of 20+ lenders and their entire suite of loan products
- Specialized Operations pods to with Loan Processors, Coordinators, and Closers assisting throughout the loan process, lead by a dedicated pod leader
- A fully web-based tech stack which is accessible from mobile devices and eliminates manual data entry
- Custom marketing materials to help grow individual businesses
With these tools in hand, UMortgage is helping retail LOs towards a platform which is built to help loan originators thrive in any market.
In Q3 of 2022, UMortgage welcomed more than 112 total Loan Originators to its innovative platform, upping its total number of LOs to 194. UMortgage plans for continued growth for the remainder of the year, with Q4 goals outlining a vision to onboard another 150 LOs by the end of 2022.
If you're a Loan Originator looking to increase your business and help improve the standard within the mortgage industry, register for our weekly Discovery Meeting which happens every Thursday at 2pm EDT.
Media Contact:
Gregory Mays
[email protected]
SOURCE UMortgage
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