As we all know, the mortgage application market has picked up some steam the past few weeks thanks to lower interest rates. And as we also know, loan brokers are suffering because of the new compensation rules. But we’re also hearing scattered reports that agents from insurance companies (State Farm) and brokerage houses (Merrill Lynch) are now peddling home mortgages along with insurance policies and stocks. It’s called “cross selling” and there’s nothing wrong with it as long as these finance professionals are licensed and approved to be loan officers. But the question begs: can someone who sells equities for a living also offer sound mortgage advice or is that better left to retail LOs and loan brokers?…
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