It appears that hiring in the mortgage brokerage sector is beginning to pick up steam, but licensing problems are an obstacle, according to Don Frommeyer, president of the National Association of Mortgage Brokers.
“Brokers all over the country are hiring,” Frommeyer recently told National Mortgage News. His own shop, Amtrust Mortgage Funding, Carmel, Ind., currently has openings for two mortgage originators.
His comments came shortly after Friday’s job report, which showed that overall employment in the mortgage industry was down slightly, but that brokerage firms have hired 6,000 full-timers since January.
The trade group president noted that finding qualified loan officers isn’t the problem—it’s finding LOs “who can get licensed so they can work for a broker.”
Frommeyer said he often receives employment inquiries from LOs who’ve worked for depositories, noting that these potential workers are “registered” but approved.
“When we talk about what they have to do work for a broker, most are saying it takes too long,” he said.
Unlike nonbank LOs and brokers, bank loan officers do not have to pass state licensing exams. They only have to register with the state.
