NMLS Mortgage Industry Report 2016 Q1 Update Released June 10, 2016 Conference of State Bank Supervisors 1129 20 th Street, NW, 9 th Floor Washington, D.C. 20036-4307
NMLS Mortgage Industry Report: 2016Q1 Update This report compiles data concerning companies, branches, and mortgage loan originators (MLOs) who are licensed or registered through NMLS in order to conduct mortgage activities. This includes both state-licensed and federally registered companies and Mortgage Loan Originators. 1 Contents 1. Mortgage Entities in NMLS 2. State-Licensed Mortgage Entities, March 31, 2016 3. 2016Q1 State Licensing Activities: Mortgage Company Licenses 4. 2016Q1 State Licensing Activities: Mortgage Loan Originator Licenses 5. Mortgage Call Report 6. Federally Registered Mortgage Loan Originators 1. Mortgage Entities in NMLS State-Licensed Entities Type Unique Entities Licenses Company 15,504 37,536 Branch 21,238 49,591 Individual 127,924 394,171 NOTE: Includes companies holding an approved state license or a state registration through NMLS. License counts include separate licenses required for DBAs ( Other Trade Name ) required in certain states and multiple licenses for different authorities (e.g. Lender and Broker) required in certain states. Federally Registered Entities Type Unique Entities Company 9,691 Individual 402,427 Dual Entities A few companies and MLOs hold both an approved state license and an active federal registration. Type Unique Entities Company 94 Individual 3,219 1 Unless otherwise noted, all figures cover activity from 2016Q1, or statuses as of March 31, 2016. 2
2. State-Licensed Mortgage Entities 1, March 31, 2016 State Agency Companies COMPANY Annual percentage change 2 BRANCH Located in the state 3 Branches MLOs Annual percentage change 2 Located in the state 3 Average MLOs per Company Alabama 523 7.6% 104 809 8,492 33.6% 813 17.5 Alaska 165 4.4% 32 216 1,404 17.4% 133 8.9 Arizona 739 2.9% 385 1,935 10,430 40.2% 4,627 16.7 Arkansas 324 5.2% 24 453 2,874 13.9% 199 9.9 California BRE 5,724 2.1% 5,655 957 17,577 1.0% 16,234 2.8 California DBO 1,006 8.9% 432 5,596 26,673 21.5% 12,577 28.6 Colorado 1,153 10.2% 482 (6) 9,538 17.7% 2,894 9.2⁷ Connecticut 605 3.2% 135 661 7,029 34.9% 886 11.9 Delaware 339 4.0% 14 615 3,453 25.9% 223 11.8 District of Columbia 439 4.8% 6 740 4,080 42.2% 63 10.4 Florida 2,122 8.9% 1,121 2,325 21,076 15.6% 7,765 9.8⁷ Georgia 910 6.4% 383 538 10,879 21.0% 2,403 13.7 Guam 10 42.9% 2 6 5 400.0% 4 2.0 Hawaii 285 1.1% 95 170 1,719 9.8% 678 7.3 Idaho 302-2.6% 32 524 3,133 26.3% 526 9.0 Illinois 733 2.2% 280 475 9,768 9.4% 3,370 14.9 Indiana DFI 357 4.7% 29 (6) 8,563 29.0% 1,010 24.0 Indiana SOS 144 2.1% 77 17 480 3.2% 197 2.8 Iowa 530 6.0% 97 775 3,903 28.3% 206 14.4 Kansas 419 6.1% 33 691 4,481 37.2% 593 14.7 Kentucky 437 4.3% 65 754 7,050 26.1% 928 20.0 Louisiana 490 9.9% 166 834 7,459 31.2% 962 14.8 Maine 310 3.3% 40 477 3,309 48.3% 239 13.0 Maryland 780 5.1% 196 1,296 10,092 21.0% 2,215 14.5 Massachusetts 476-4.0% 163 916 7,460 8.9% 1,591 17.8 Michigan 718 4.2% 290 (6) 9,384 19.3% 4,310 15.6 Minnesota 591 4.4% 170 570 4,684 11.3% 1,380 11.2 Mississippi 318 5.0% 39 495 3,468 23.5% 357 10.8 Missouri 471 9.3% 226 661 5,172 26.2% 1,882 12.5 Montana 255 4.9% 30 349 2,213 34.7% 135 9.8 Nebraska 346 5.2% 29 482 2,508 29.7% 170 10.1 Nevada 323 4.9% 113 528 6,123 39.5% 1,849 18.9 New Hampshire 364-1.4% 33 618 3,418 7.8% 377 12.4 New Jersey 733 2.9% 280 1,189 12,856 16.3% 3,499 16.2 New Mexico 372 1.1% 48 666 4,760 36.7% 450 12.0 New York 813-5.0% 536 753 6,744 5.0% 2,755 9.7 North Carolina 547 1.1% 138 994 10,498 20.6% 2,122 19.2 North Dakota 397 10.6% 30 401 2,095 19.8% 62 10.8 Ohio 596 7.4% 224 1,903 8,761 26.4% 2,436 18.1 Oklahoma DCC 343 6.9% 61 535 5,006 34.1% 511 13.8 Oregon 659 9.8% 172 1,421 9,101 42.6% 1,799 14.2 Pennsylvania 846 2.5% 359 1,491 13,406 18.4% 2,685 14.6 Puerto Rico 79-9.2% 28 121 385-2.3% 276 8.5 Rhode Island 371 7.8% 29 427 2,622 25.5% 455 11.9 South Carolina BFI 353 5.4% 16 846 5,527 15.7% 670 14.2 South Carolina DCA 158 7.5% 116 57 384 3.2% 281 2.2 South Dakota 264 7.8% 5 (6) 2,225 38.7% 80 12.4 Tennessee 579 5.3% 105 1,535 9,276 25.9% 1,546 17.3 Texas OCCC (4) (4) (4) (6) 351 6.4% 63 -⁷ Texas SML 1,560 3.7% 990 2,531 20,671 19.8% 8,027 12.7 Utah DFI 164 (5) 10 (6) 163-18.1% 4 -⁷ Utah DRE 471 1.9% 245 350 4,581 8.1% 2,642 9.4 MLO 3
State Agency Companies COMPANY Annual percentage change 2 BRANCH Located in the state 3 Branches MLOs Annual percentage change 2 MLO Located in the state 3 Average MLOs per Company Vermont 308 8.5% 22 386 1,621 16.2% 92 9.3 Virgin Islands 36 12.5% 2 51 78-12.4% 22 3.7 Virginia 788 3.5% 230 1,844 14,416 24.6% 2,409 18.4 Washington 830 3.2% 209 2,293 14,889 26.4% 3,307 19.1 West Virginia 339 4.0% 26 427 1,858 10.2% 103 7.6 Wisconsin 455 2.7% 66 928 7,299 23.9% 761 18.5 Wyoming 225 5.1% 6 323 2,371 53.0% 52 12.1 Nationwide 15,504 1.5% - 21,238 127,924 7.6% - 8.2 Notes: 1. This report counts the number of companies, branches, and mortgage loan originators in each state, regardless of the number of licenses these entities may hold in each state. Thus, if a company holds two licenses within a state (e.g. broker and lender), the company is only counted once. The same is true for the Average MLOs per Company. Nationwide figures, similarly, only count each company, branch or individual once. 2. Percentage change indicates the overall increase or decrease in licensed entities that occurred over the previous 12 months. 3. Located in the state means that the company's headquarters, as identified on their NMLS Company Form, is located in the state, or the MLO's work address, as identified on their NMLS Individual Form, is located in the state. 4. Texas OCCC did not manage mortgage company licensing through NMLS in 2016Q1. 5. Utah DFI did not manage mortgage company licensing through NMLS in 2015Q1. Annual percent change cannot be determined. 6. The following agencies did not manage mortgage branch licensing through NMLS in 2016Q1: Colorado, Indiana DFI, Michigan, South Dakota, Texas OCCC, Utah DFI. 7. The following agencies do not require Sponsorship of MLOs by the employing company: Colorado, Florida, Texas OCCC, Utah DFI. MLOs located in the state and Average MLOs per Company may not be accurate. 4
3. 2016Q1 State Licensing Activities: Mortgage Company Licenses 1 New Applications Applications Processed License Expirations State Agency New Applications Approved Denied Withdrawn Revoked Surrendered Terminated Alabama 18 18-1 - 5 17 Alaska 14 7 - - - 2 4 Arizona 44 22-2 - 17 34 Arkansas 8 15-2 - 10 - California BRE 232 194-12 - 1 466 California DBO 68 27 1 32 9 6 - Colorado 63 59 - - - 7 45 Connecticut 24 24-4 - 8 24 Delaware 19 12-4 - 2 11 District of Columbia 9 11 - - - 2 18 Florida 111 99 3 8-22 110 Georgia 45 26-8 - 5 23 Guam 3 1 - - - - - Hawaii 19 11 (2) 3-6 20 Idaho 10 2-11 - 4 15 Illinois 21 10 1 8-24 15 Indiana DFI 18 7-1 - 8 4 Indiana SOS 6 7-1 - 3 10 Iowa 19 12-3 - 3 16 Kansas 19 10-2 - 6 3 Kentucky 16 10-1 - 7 8 Louisiana 19 27 - - - 1 19 Maine 12 12 - - - 5 8 Maryland 34 39-8 - 6 24 Massachusetts 26 12-16 - 5 25 Michigan 45 43-7 1 5 39 Minnesota 36 25-5 - 2 14 Mississippi 14 12-4 - 5 5 Missouri 18 18-2 - 5 2 Montana 9 17 - - - 2 3 Nebraska 19 15-6 - 1 3 Nevada 119 21-5 - 3 6 New Hampshire 18 5-1 - 3 9 New Jersey 17 16 - - - 3 29 New Mexico 14 16-1 - 2 21 New York 15 10-5 - 18 33 North Carolina 22 17-6 - 11 28 North Dakota 17 17-1 - 9 7 Ohio 36 46 2 4-10 16 Oklahoma DCC 24 14-2 - 2 7 Oregon 32 24-2 - 3 13 Pennsylvania 30 21-6 - 3 24 Puerto Rico 6 7 - - - - 12 Rhode Island 32 33-2 1 5 5 1
New Applications Applications Processed License Expirations State Agency New Applications Approved Denied Withdrawn Revoked Surrendered Terminated South Carolina BFI 23 22-1 - 3 3 South Carolina DCA 4 1-2 - - 7 South Dakota 14 4-2 - 3 5 Tennessee 25 32-1 - 1 36 Texas SML 72 68-18 - 7 103 Utah DFI 27 29-1 - 1 - Utah DRE 24 26 - - - 6 33 Vermont 20 10-6 - 4 - Virginia 34 19-8 - 11 - Washington 32 24-1 - 6 14 West Virginia 18 17 - - - 3 18 Wisconsin 21 16-1 - 3 7 Wyoming 8 5 - - - 2 5 National 1,722 1,324 7 227 11 307 1,422 Notes 1. Texas OCCC did not manage mortgage company licensing through NMLS in 2016Q1. 2. The Hawaii Division of Financial Institutions has indicated that it is not able to release the number of license applications denied. Definitions Approved-Status assigned when regulator has reviewed the license/registration application and decided to issue a license to the applicant through NMLS. Denied-Status assigned when a regulator has reviewed the license/registration application and determined that sufficient grounds exist to deny the request. This status may also be used by regulators who deny a renewal request for license. Withdrawn- Status assigned when an applicant has been approved to voluntarily withdraw their application or has not responded to regulator requests for additional information within a timely manner. Revoked-Status assigned when a regulator has taken action to revoke the license/registration. Pursuant to federal SAFE legislation, placement of a MLO license into this status will render the MLO unable to obtain or maintain a license to conduct mortgage business in any jurisdiction. Surrendered-Status assigned when a regulator approved a surrender/cancellation request submitted by the licensee/registrant. Terminated-Status assigned when a regulator expires a license/registration. 6
4. 2016Q1 State Licensing Activities: Mortgage Loan Originator Licenses New Applications Applications Processed License Expirations State Agency New Applications Approved Denied Withdrawn Revoked Surrendered Terminated Alabama 833 1,002 3 56-35 1,394 Alaska 171 124 1 14-4 202 Arizona 1,489 1,438 1 113-25 925 Arkansas 307 424-20 - 368 36 California BRE 602 327 4 251-6 1,670 California DBO 3,520 2,984 2 220-22 3,963 Colorado 1,051 719-58 - 5 1,115 Connecticut 774 774 2 125-55 1,301 Delaware 402 395 3 30-43 455 District of Columbia 435 434-11 - 16 561 Florida 1,376 1,348 141 151-76 2,240 Georgia 1,569 1,341 22 287 5 190 1,018 Guam 1 4-3 - - - Hawaii 146 139 (1) 15-9 185 Idaho 473 356-77 - 114 413 Illinois 597 592 8 41-40 1,648 Indiana DFI 879 794-34 - 33 1,254 Indiana SOS 32 25-17 2 6 126 Iowa 457 439-13 - 24 677 Kansas 565 531 5 18-25 659 Kentucky 907 876 3 79-353 526 Louisiana 888 1,056-20 - 41 1,289 Maine 416 399-2 - 9 411 Maryland 1,105 982-218 - 48 1,678 Massachusetts 707 629 3 107-38 1,464 Michigan 1,007 1,004-213 - 128 1,526 Minnesota 333 336-18 - 9 599 Mississippi 473 513-47 - 256 134 Missouri 1,094 819 15 58-14 698 Montana 266 360-11 - 9 342 Nebraska 296 375 2 46-23 370 Nevada 875 768-113 1 15 686 New Hampshire 395 386 1 56 1 207 249 New Jersey 1,272 1,201-131 - 54 1,961 New Mexico 498 544-25 - 23 697 New York 799 417 2 301-17 1,027 North Carolina 1,067 735 23 162-56 2,422 North Dakota 258 213-7 - 148 318 Ohio 1,467 1,954 5 102-50 2,194 Oklahoma DCC 501 497-8 - 19 791 Oregon 1,100 1,080-63 - 24 1,121 Pennsylvania 1,224 1,115-101 1 115 2,459 Puerto Rico 18 11-1 - - 71 Rhode Island 256 270 3 10 1 83 486 7
New Applications Applications Processed License Expirations State Agency New Applications Approved Denied Withdrawn Revoked Surrendered Terminated South Carolina BFI 481 437-72 - 26 717 South Carolina DCA 26 15-24 - 3 82 South Dakota 308 272-12 - 11 404 Tennessee 988 1,379 22 9-69 1,567 Texas OCCC 45 35 3 39-1 114 Texas SML 1,851 1,606 6 271-72 3,309 Utah DFI 34 19 3 19-2 98 Utah DRE 277 286 2 9-20 1,303 Vermont 160 156-6 - 51 244 Virgin Islands 9 1 - - - - 25 Virginia 1,350 1,184-307 - 59 2,013 Washington 1,391 1,512 1 60 2 80 2,763 West Virginia 157 175 1 10-21 343 Wisconsin 695 664 11 34 1 39 1,350 Wyoming 345 429 5 45-30 328 National 41,018 38,900 305 4,370 14 3,319 58,021 Notes 1. The Hawaii Division of Financial Institutions has indicated that it is not able to release the number of license applications denied. Definitions Approved-Status assigned when regulator has reviewed the license/registration application and decided to issue a license to the applicant through NMLS. Denied-Status assigned when a regulator has reviewed the license/registration application and determined that sufficient grounds exist to deny the request. This status may also be used by regulators who deny a renewal request for license. Withdrawn- Status assigned when an applicant has been approved to voluntarily withdraw their application or has not responded to regulator requests for additional information within a timely manner. Revoked-Status assigned when a regulator has taken action to revoke the license/registration. Pursuant to federal SAFE legislation, placement of a MLO license into this status will render the MLO unable to obtain or maintain a license to conduct mortgage business in any jurisdiction. Surrendered-Status assigned when a regulator approved a surrender/cancellation request submitted by the licensee/registrant. Terminated-Status assigned when a regulator expires a license/registration. 8
5. Mortgage Call Report Starting in 2011, state-licensed mortgage companies began submitting a quarterly call report of mortgage activity through the NMLS Mortgage Call Report. Loan Originations by Purpose Forward loan originations reported by state-licensed companies have decreased by 11.8 percent from the same quarter last year. However, home purchase volume is up 13.9 percent. $300 Loan Volume (billion $) $200 $100 $0 Home Purchase Refinancing Home Improvement Active MLOs The number of Active MLOs* in 2016Q1 decreased by 0.4 percent nationwide over 2015Q1, and increased 14.5 percent for the top ten state-licensed companies (by origination volume) year over year. 100 80 Number of Active MLOs for State-Licensed Companies Thousands 60 40 20 0 All Companies Top 10 * An active MLO originated at least one loan in the quarter. 9
6. Federally Registered Mortgage Loan Originators, March 31, 2016 State Total FDIC FRB NCUA OCC FCA Alabama 6,568 2,145 1,808 984 1,592 84 Alaska 709 147 2 102 467 - Arizona 10,020 470 588 1,227 7,762 - Arkansas 4,164 908 2,274 240 684 82 California 41,006 4,218 1,475 5,026 30,437 - Colorado 8,105 1,463 1,069 1,126 4,509 1 Connecticut 5,748 1,234 90 462 3,974 3 Delaware 1,438 99 339 140 852 10 District of Columbia 1,110 100 54 163 794 - Florida 24,885 3,336 3,409 4,086 14,157 43 Georgia 9,368 3,746 1,034 764 3,803 70 Guam 119 64 17 34 5 - Hawaii 1,951 590 498 426 440 3 Idaho 2,574 772 17 574 1,216 6 Illinois 17,982 3,864 2,081 1,493 10,601 10 Indiana 8,401 1,703 1,250 1,639 3,784 74 Iowa 5,615 2,183 581 886 1,959 26 Kansas 4,184 1,370 713 526 1,602 13 Kentucky 6,070 2,290 842 527 2,369 73 Louisiana 6,062 2,643 928 583 1,893 49 Maine 1,781 588 22 428 746 2 Maryland 6,790 1,265 1,418 764 3,334 45 Massachusetts 9,533 3,016 567 1,633 4,363 - Michigan 12,857 1,311 2,874 2,858 5,788 93 Minnesota 7,542 1,899 195 1,117 4,324 45 Mississippi 3,578 1,969 667 175 720 57 Missouri 9,100 2,471 2,166 918 3,560 27 Montana 1,497 483 420 228 367 6 Nebraska 3,425 1,272 344 633 1,167 20 Nevada 2,745 150 26 228 2,353 - New Hampshire 1,733 439 14 314 970 - New Jersey 12,193 2,047 478 470 9,277 1 New Mexico 1,779 399 96 198 1,094 5 New York 25,231 1,140 2,651 2,641 18,843 8 North Carolina 11,961 3,802 1,011 2,707 4,328 152 North Dakota 1,159 454 15 229 464 - Ohio 16,819 1,670 2,437 1,862 10,839 85 Oklahoma 4,735 1,587 1,268 468 1,422 43 Oregon 5,973 1,488 57 1,497 2,947 8 Pennsylvania 18,164 5,993 1,538 2,219 8,813 59 Puerto Rico 806 232 196 332 44 5 Rhode Island 1,780 346 80 299 1,059 - South Carolina 4,676 2,185 203 753 1,522 39 South Dakota 1,338 407 150 188 590 12 10
State Total FDIC FRB NCUA OCC FCA Tennessee 8,113 3,027 1,963 952 2,156 68 Texas 24,918 3,969 3,545 2,356 14,971 247 Utah 4,039 364 100 1,757 1,835 - Vermont 775 131 3 195 446 - Virgin Islands 81 12 5 40 25 - Virginia 10,931 2,167 2,229 2,752 3,760 92 Washington 9,256 2,618 106 2,218 4,342 6 West Virginia 1,748 815 265 151 512 13 Wisconsin 8,888 1,707 460 1,984 4,695 107 Wyoming 961 224 313 173 256 3 Nationwide 402,427 84,934 46,936 56,715 214,667 1,794 NOTE: The number of MLOs in each state is determined by the work address provided in each MLO's record. FDIC - Federal Deposit Insurance Corporation FRB - Board of Governors of the Federal Reserve Board NCUA - National Credit Union Administration OCC - Office of the Comptroller of the Currency FCA - Farm Credit Administration 11