The recent National Mortgage Licensing System (NMLS) Annual Report for 2013 shows interesting trends for the industry. The state licensed mortgage companies remained almost the same during last year. However, there was a significant change in loan originators and the number of licenses they have.
The number of mortgage companies actually decreased slightly by 2% to 16,178, but the licenses grew altogether by 4% to 34,998. Company branches also went up by 6% to 19,976, as did their licenses – by 17% to 38,595.
Mortgage loan originators increased to 130,311, which means 8% change. Their licenses went up by 28% to 331,351, which means 1.8 licenses per loan originator.
Although the growth was nationwide, the biggest changes were in states that adopted the Uniform State Test. It allows easier addition of more licenses for loan originators operating in more than one state.