is the charm. And it felt a little like that for
us, as for the third year in a row, Scotsman
Guide ranked the nation’s top-producing
A record-setting number of mortgage brokers,
bankers, originators and loan officers entered
Scotsman Guide’s Top Originators 2011. With
more than 800 entrants, the competition to
make the final rankings was tougher than ever.
Of course, those working in the mortgage industry are used to tough times and stiff competition after the past few years. As the ranks
of mortgage originators have thinned, those
still working in the business know what it takes
to survive despite a struggling economy and a
struggling housing market. In some ways, it’s
difficult to characterize 2011 for the mortgage
industry. The refinance boom of 2010 carried
over into this past year, and interest rates continued to set record lows, prompting many
homeowners to refinance not just once, but
multiple times. Foreclosures began to level off,
but the purchase market remained weak. So
what did the top originators in the business do?
You’ll find out on the next few pages. We are
honored to present the top 200 originators by
volume, the top 150 by loans closed, the top 75
by Federal Housing Administration (FHA) volume, the top 25 by U.S. Department of Veterans
Affairs (VA) volume, and the top 25 by U.S. Department of Agriculture (USDA) volume, as well
as top entrants by purchase volume, refinance
volume and volume gain from the previous year.
From the more than 800 entrants, we have
put together a bigger, more comprehensive list
than even last year’s. And it remains the most
solid, most accurate and most intensely verified ranking in the industry.
For many, the third time
So how did the process work? To start, we accepted entries at scotsman guide.com between
Jan. 4 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 2011 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 2011 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.
On the next few pages, you’ll find originators’
rankings in multiple categories. In addition
to their volumes and other loan data, we list
• • State: Location of the originator’s primary
• • Purchases• vs.• Refis: The percentage of the
originator’s total loan volume (on the volume list) or closings (on the loans-closed
list) that was for purchase loans compared
• • 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 — FHA, purchases, refis, etc.;
• • 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 2011
production totals; and
• • Staff: The number of personal assistants for
each originator. Again, only loans each originator closed personally applied to the originators’ 2011 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, re-confirmed) 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?
Visit scotsmanguide.com/reprint11 or e-mail
— Jennifer E. Garrett, editor
Profiles: Jennifer E. Garrett (JEG), Rania Oteify (RO), and Raymond Fleischmann (RF)
Pages 21-22, 24: Top Dollar Volume
Pages 26, 28: Most Loans Closed
Page 30: Top FHA Volume
Page 32: Top VA Volume and
Top USDA Volume
Page 34: Top Purchase Volume; Top
Refinance Volume; and Top
Volume Gain, 2010 to 2011