Banks Have a Huge Advantage Over Their LOs?

Tongues are clucking in the industry about the death of the ‘transitory’ license with many nonbank loan officers believing that their depository brethren are at a financial disadvantage. In other words: bank LOs can’t jump to a nonbank shop unless they’ve passed the licensing requirements and testing. This means bank LOs are (in theory) beholden to their bank employers. But the issue is never as simple as it seems. I know of bank retail LOs who are more than happy with their employers, even a few who work at Bank of America. (We never hear too many complaints from Wells Fargo LOs, do we?)  And from what I understand some banks have very nice benefit packages. But I also hear the stories of some LOs leaving $50,000 to $100,000 in potential income on the table because they work for a bank vs. a nonbank. It could be an exaggeration – or not. But I guess in the end you can’t put a price on job security.