In Demand: LOs with Purchase Money Experience

It's hard out there for an LO – unless, of course, you have purchase money experience. The ongoing refinancing boom won't last forever. (Then again,  we've heard that before.) Talk to any mortgage CEO or sales executive and chances are he'll tell you that he's hiring – but only loan officers with key contacts with Realtors and builders, which means housing may finally be poised for a true recovery. Another key job requirement is licensing and education. With so many nonbanks making a revival, lenders want LOs who are 'street legal' and have the ability to switch from a depository to a nonbank. Over the next two years the origination market could shift toward purchase money mortgages. As for refinancings, they will undoubtedly fall. But if home values finally rise, might we see a return to “cash out” refis? One can always dream…