Getting licensed to be a mortgage loan officer is simple – or so some readers have told us. But we’ve also heard stories about failure rates in some states approaching 40%. Veteran nonbank LOs who passed their tests with flying colors are happy that the ‘bad actors’ and ‘wannabes’ are staying out of the business because, well, it potentially means more customers for them. Meanwhile, some bank LOs are starting to tire of all the cracks being made about the free ride they’re getting. But there’s at least one area where banks and nonbanks alike are on an even playing field: compliance. Both have to answer to the Consumer Financial Protection Bureau – unless they happen to be quite small in size.
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