Last week, 335 originators switched companies and 1,294 individuals obtained their NMLS license. Notable originator movements last week include:
Figures are based on last 14 months’ production.
Top Gainers (non-Bank/CU):
Calculations based on last aggregate production of individual LO’s 14 months’ production. Excludes companies below $100M in 14mo LO production value after gains factored in.
17,438 loan officers changed companies between January 1 and September 9, 2026.
When RETR analyzed those moves by channel, one result stood out:
Mortgage brokers were the only major channel with positive net LO movement.
At first glance, that might look like a simple story about brokers gaining share.
The underlying movement is more interesting.
A Bank/CU → IMB → Broker Pattern
The largest cross-channel migration in the data was from independent mortgage banks to brokers.
1,897 LOs moved from an IMB to a broker, while 1,572 moved from a broker to an IMB.
That creates a net flow of 325 LOs from IMBs to brokers.
That number is notable because brokers gained just 327 LOs on a net basis overall.
In other words, almost the entire broker channel’s net headcount gain can be explained by its movement with IMBs.
A similar relationship appears between banks and IMBs.
1,042 LOs moved from a bank or credit union to an IMB, while 814 went the other direction.
That creates a net flow of 228 LOs from banks and credit unions to IMBs.
Banks and credit unions were down 230 LOs overall.
Again, one channel-to-channel relationship accounts for almost the entire net change.
Put those two flows together, and the 2026 picture starts to look like this:
Bank / Credit Union → IMB → Broker
Banks and credit unions are sending net LO talent toward IMBs.
IMBs, in turn, are sending net LO talent toward brokers.
And the IMB channel is effectively sitting in the middle.
That does not mean individual LOs are necessarily following that exact career path. This data measures movement during the period, not long-term career progression.
But at the industry level, the direction of the flows is hard to miss.
Most LOs Still Stay Within Their Channel
It is also worth keeping the scale in perspective.
Of the 17,438 moves we analyzed, 11,559 were moves within the same channel.
So roughly two-thirds of moving LOs did not change business models at all.
The cross-channel moves are a smaller portion of total movement, but they are what explain nearly all of the net gains and losses between the three major channels.
That is what makes the pattern significant.
Some Companies Are Still Winning Regardless of Channel
Channel trends do not determine the outcome for individual lenders.
CrossCountry Mortgage led our analysis with 640 LOs gained.
Other notable companies by inbound LO headcount included Pinnacle Bank, Guaranteed Rate, New American Funding, NEXA Mortgage, Huntington Bank, West Capital Lending, Barrett Financial, Fifth Third Bank, and loanDepot.
That group spans multiple business models.
So even as broader channel preferences may be shifting, individual companies are still finding ways to attract meaningful LO talent.
What Are Loan Officers Optimizing For?
The data tells us where LOs are moving.
It does not tell us why.
But it raises the more important question:
What are loan officers optimizing for when they choose their next platform?
Compensation? Control? Technology? Lead flow? Operational support? Realtor relationships?
With more than 17,000 LO moves in a little over eight months, the mortgage talent market remains highly active.
And so far in 2026, the clearest channel-level pattern is:
Bank / Credit Union → IMB → Broker
In Part 2, we’ll look at the production volume moving with these loan officers — because headcount tells us where people are going, but not how much production is going with them.
When it comes to mortgage market intelligence, you have a handful of options, and RETR is one that truly stands out. Here’s what Charles Cuthbert, a top producer at 1st Security Bank has to say about RETR: “RETR is a critical tool that I use on a daily basis. It has offered great insight in helping identify loan officers that we feel fit our profile of smart, driven and nice to build our team!”
But you don’t have to take their word for it. RETR offers a free trial to individuals and organizations to judge the quality of the data and insights for themselves.