In Loan Brokers We Trust?

Mortgage companies ramped up hiring in October, adding 1,500 full-time employees to their payrolls – but almost all of the new hires came from mortgage brokerage firms, according to newly released government figures. One key advantage that banks have over nonbanks is that their residential loan officers can forgo licensing and testing hassles -- which can save a lender a ton of money in education and training. But one trade group official who has met with the Consumer Financial Protection Bureau said the new agency is on a fast learning curve and is starting to understand that there “is no real difference” between a broker LO and a bank LO. Of course, if you listen to most nonbank and broker LOs they will tell you this: that their service is a whole lot better than what the banks offer…