Loan Think

Nonbanks Won't Hire Bank LOs?

The most charitable thing a mortgage company did this year happened when MetLife, a bank holding company, paid for its residential loan officers to receive training and education in preparation for passing their state licensing tests. Of course, it might be argued that MetLife was merely trying to make selling its mortgage division easier by having its army of LOs become 'nonbank' legal. (Bank LOs only need to register with the states and are exempt from testing.) Needless to say, it appears the LO profession now has two tiers: nonbank-ready versus not-ready. This means nonbank LOs can easily go work for a depository, but the door doesn't swing open in the other direction – unless the bank LO takes the initiative to get tested. MetLife made it easy for its LOs by footing the testing bill. Will other banks do the same?

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Law and regulation
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