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TOUGH TRANSITION FOR MANY LOAN OFFICERS COMING FROM BANKS ATTEMPTING TO JOIN MORTGAGE COMPANIES

By
Mortgage and Lending with Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 NMLS # 6869

“Tough Transition for Many Loan Officers Coming from Banks Attempting to Join Mortgage Companies”

 

From 2007 through 2010, there was an exodus of loan officers that were part of the mortgage broker world that decided that the mortgage broker community would not survive, so they went to work for banks. How things change, well not really. The mortgage broker community knows full well, it is here to stay!

 Tough transition for many loan officers coming from banks to mortgage companies

One additional motivation was the beginning of the NMLS (National Mortgage Licensing System), which required national and state licensing and testing. Many, just couldn’t pass the exams, so the easy way out was to go to work for a bank. Bank loan officers, must register with NMLS, but are exempt from testing.

 

This is not a level playing field, when it comes to the best interest of the public. I probably shouldn’t complain, as some of my best referral sources, are loan officers that work for banks. They refer loans to me, that they can’t do or don’t know how to do.

 

In 2011,  I interviewed 3 loan officers that worked for banks. All three used to work for mortgage broker shops, before going to work for banks . All expressed concerned about their ability to pass the exams, which is understandable. I really had no sympathy however, this is just part of knowing what you are doing.  I asked about how many loans they closed every week and how they got their business. Long story short, I didn’t see the passion for being successful in an office like mine.

 

I have another interview coming up this coming week, so I’m hopeful that I will hear and see the passion that it takes for that right person to join our company.

image: master isolated images/freedigitalphoto.net

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Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com

www.righttracfg.com

www.joepetrowsky.com

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Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.

Comments (6)

Michael S. Bolton
Michael S. Bolton,Inc. - Zimmerman, MN
MN Appraiser

Joe~Just so I'm clear on this, if your a loan office of a big bank you don't need to pass a test to be licensed, however, if your a loan officer for a broker then you need to pass a test. Is the license the same level?

Have an AWESOME day!

 

Apr 26, 2012 06:08 AM
Kevin A. Guttman-Author, ReverseMortgageSpecialist
NMLS #384936 - Colorado Springs, CO
877-251-9709

Joe,

Well said.

Not a level playing field.

Good post. Thank you!

Kevin

Apr 26, 2012 06:30 AM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Joe I am trying to hire two Loan Originators for our New London office, and the pickings are slim.  Very few licensed Loan Originators out there these days.  Hopefully Bank Loan Originators will have to also be license soon.

Apr 26, 2012 10:53 AM
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Joe

Mortgage brokers are the heart and soul of real estate financing.

Good luck and success.

Lou Ludwig

Apr 26, 2012 12:53 PM
Conrad Allen
Re/Max Professional Associates - Webster, MA
Webster, Ma, Realtor

Hi Joe.  If you can't pass an exam you are not mortgage broker material.  Period.

Apr 27, 2012 08:23 PM
Kevin A. Guttman-Author, ReverseMortgageSpecialist
NMLS #384936 - Colorado Springs, CO
877-251-9709

Joe,

I am seeing the same thing in Co Springs.

Kevin

May 04, 2012 01:17 AM