% of LOs and Brokers that have left the market place.

Does anyone have solid numbers for % of brokers and licensed LOs tat have left the business?  Any estimates that have been released prior to year end renewals?
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December 29 2008 - Charlotte
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How anyone could arrive at an accurate estimate is completely beyond me. i would say it is significant.
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December 29 2008
some of the figures thrown out there indicate that the industry has been reduced in size by nearly 60%
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December 29 2008
Profile picture for Sir Allan
It was difficult to project how many of us there were in 2005 -06.

Simply from what I can guess, I think its upwards of a 75% loss. Its not just most of the boom folks are gone, its some who were here before that are also gone.

This housing crisis has left things worse off than if the boom never happened .
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December 29 2008
The number is likely pretty big.  The % of them that jumped right back in to jump into our current refi boom is likely high as well.
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December 29 2008

No large organization wants to ask this tough question. And most brokers/agents don't want to answer the question for fear it will cause even more panic.


This business has always been very cyclical. And the agents/brokers who are in it for the long-haul, as full time, all the time business, are going to be the ones who see the market eventually turn around. There was a glut of part-time or less than full time agents/brokers that were gliding along making extra income for the past few years... so I'm not sure how one would take these into account?

I would say only about 10-percent of the Agents/Brokers in the Charlotte Market are actually making a decent living at this point. And they are all 1099-employees-- meaning they pay their own taxes and insurance and every other fee... so anything they are making is not great at this point.

The problem is still the banks. They need to release the money and relax or at least follow their own underwriting standards and start giving loans to qualified borrowers.

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January 07 2009

Nate,
Banks are lending to borrowers that: a) can show income b) have good credit and c) have equity/down payment. It's back-to-basics. I wouldn't say the "problem" is the banks, as much as it is finding buyers that meet the time tested methods of traditional lending. Bring in a qualified buyer and they'll get a loan.

During and after the S&L crisis in the early 90's I saw a lot of agents/mortgage brokers exit. When the market bagan to rebound in 98 there was more business to go around for those of us that stuck with it. Of course the "easy money" crowd soon got back in the game, but now that we've seen a down cycle, maybe they'll stay out of the business for good and let the pros takes care of business.

To answer the question posted: From my experience, 60% percent of LO's, processors, u/w's, title agents etc that were in the business 5 years ago are gone. RE agents haven't seen as much drop, but many are part timers hanging onto licences to avoid RE school in 5 years.

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January 07 2009
Not enough.  From the looks of things on Zillow, most should have left the market by now but have not.  We still have too many of the dishonest, low-life, "screw you as we can," lenders who have not been exorcised fro the business.
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January 07 2009
100% of myself is still doing mortgages.
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January 07 2009
good info.  I was thinking NC Commisioner of Bank would be posting active license #s somewhere.. verses last year..etc.  I cant find this info on the site.  I would think its public info?
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March 10 2009
60% of Washington originators did not renew their state license.
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March 10 2009
As you all may know, 66% of statistics are made up.
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March 10 2009
but i heard 78% of the people who state "66% of statistics are made up" made up the 66% number? :)
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March 10 2009
"As you all may know, 66% of statistics are made up."

http://www.dfi.wa.gov/consumers/news/2008/fewer_mortgage_brokers.htm

Sadly, this is one of those other 34% of the time.  I did not say how many have gone to retail federal licensing or left the marketplace entirely.  I merely said 60% of originators did not renew their license.
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March 10 2009
i love it
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March 10 2009
we all need more loans so we dont have time to joke on this forum

or have more time make money and play golf at the same time.
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March 10 2009
exactly.
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March 10 2009

I know that as far as REALTORs they will soon have the numbers released, once they determine how many have not renewed membership this quarter.

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March 10 2009

Email from NCAMP on Monday 3.31.2009:

Licensed NC Loan officer numbers

2006= ~17,000
2009=~6,000


65% drop in licensed NC Loan Officers over a 2-3 year period. Thats a BIG number.

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April 01 2009
wow.. were did you get the #'s? on the NCCOB site somewhere?
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April 01 2009

thanks for the post.. good info.

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April 01 2009
We've seen a drop in the number of licensed real estate agents in Minnesota. I can't recall the number but the local association says there are still too many agents and too few house for everyone to make even a modest income. Locally Edina Realty has shuttered quite a few offices and has lost approximately 700 agents statewide. 
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April 01 2009
interesting.
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April 01 2009
 
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