Are loan brokers being recruited by some of their wholesalers to become retail loan officers? The answer to that question is yes. We all know someone (or quite a few someones) who have thrown in the broker towel because it's easier to work for a bank with money. One broker I recently spoke to said he hated to give up the life of being a freelancer, but just didn't want to deal with the hassle of taking the licensing test and putting up with what he called the “tremendous complications caused by all these new regulations.” Of course, contrarians might say: go ahead and leave. That will just mean more business for me.
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