We heard an interesting one the other day and it goes like this: certain banks may be asking their residential loan officers to sign an agreement that says they will not pursue their LO mortgage license with the state. We’re checking out leads on this, but it suggests that certain banks want to prevent their LOs from jumping ship to nonbanks where a license is required. (Residential bank LOs do not require a license – though they must register. Depending on the state, it can take two to three months to get a license – which can be an eternity if you’re unemployed.) Anyway, it sounds a bit strange but if you have any intelligence on the matter drop me a line at:
