Brokers All Over the County Are Hiring, But…

It appears mortgage brokerage firms across the  nation are hiring – so says Don Frommeyer, senior vice president of Amtrust Mortgage Funding, Carmel, Ind. (Don is also president of NAMB.)  But Frommeyer offers up this caveat: “The problem isn’t really finding mortgage originators, it’s finding ones who can get licensed so they can work for a broker.  Many people that have contacted me, are banking originators that are only registered and when we talk about what they have to do to work for a broker, most are saying that it takes too long.  Take for example one of my new employees.  He started the process in April by taking his 20 hours of live education, then scheduled his National Test.  He passed that.  Then he took a refresher course on the state regulations then scheduled his test.  He missed passing this test by one point.  He was then required by the state to wait 30 days before he could take the test again.  He, in the meantime, scheduled his fingerprints and background check and had all of that done.  After the 30 day wait, he scheduled his state test.  This time he passed that.  Then he had to wait for the state to finally approve him and he started on June 26^th, almost 60 days after he started the process.  And all during this time, he could not work.” There you have it.