“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!
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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