Tuesday, Dec 09, 2008
Number of state-licensed agents is down nearly 70 percent in only two years
las Vegas Sun: State’s mortgage industry dramatically contracts amid home foreclosure crisis
Nevada’s housing recession is taking a stunning toll on the state’s mortgage banking and brokerage industry.
The state reported a drop of more than 55 percent among mortgage agents, brokers and bankers in the past two years.
“It is simply a function of the marketplace that as credit has been constricted and loans are not as available there is less of a market for people who make or broker loans,” said Joe Waltuch, Nevada Mortgage Lending Division commissioner.
The biggest drop came among mortgage agents, whose ranks have thinned almost 70 percent. The division reported last week that the state had 3,589 active licensed mortgage agents as of Dec. 1, a decline from 11,686 in October 2006 and 8,295 at the end of October 2007.
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