Ask any mortgage banker about compliance and chances are he or she can quickly rattle off how much this task is costing his firm each year. One executive (who did not want his name published) told me that his compliance department has a head count of 22 and it costs him roughly $2 million a year to be state licensed in just over 40 states. This executive heads a nonbank lender. He says it costs less for a bank, which is why he may decide to partner with a depository over the next year…
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