“Banks and Mortgage Brokers not on a Level Playing Field”

I hear so much about bank loan officers having an unfair advantage, because banks don’t have to disclose the “SRP or commissions” they get when they sell their mortgages. I read and hear this complaint constantly, even within my office. Frankly, I could care less. 

The loan officer that works for a Broker shop has had to become better or not survive. Loan officers that work for banks, credit unions, mortgage bankers or lenders that have become correspondents, do not have to get licensed. I love being the underdog, it just makes me work that much harder.

I have interviewed numerous prospective LO, that are currently working for a non-licensed entity, 99% of the time I would not hire one of them. I would actually be afraid that if they had to go through the same testing, many would never pass the required tests. 

No matter what happens with this licensing issue going forward, if I was planning on staying a loan officer and wasn’t licensed, I would begin the process of getting licensed.