Money, Freedom Driving Bank Loan Officers Back to Brokering

APR 2, 2015 12:38pm ET  Experienced loan officers are leaving banks and going solo in greater numbers, lured by the prospects of better pay and access to more mortgage products. The shift seems to begin taking hold at the end of last year and continued through early 2015, said Don Frommeyer, the chief executive officer of industry trade group NAMB-The Association of Mortgage Professionals. According to the Nationwide Mortgage Licensing System, there were 16,022 unique mortgage company entries in the database at the end of the fourth quarter, up from 15,887 in the third quarter but down from 16,178 at the end of 2013. NMLS does not break out data on types of licenses. A major issue for many bank loan officers is that they are limited in the kind of products they can offer to consumers. That can be a problem in serving consumers who need a nonqualified-mortgage product other than a jumbo loan. At the same time, mortgage bankers are cranking up non-QM offerings in the wholesale channel. That movement is likely to increase during 2015. “If you don’t have the product where you work, you can’t do that purchase loan and everyone is scraping for purchase business,” said Drew Waterhouse, the managing director of mortgage industry recruitment firm Hammerhouse. “I work for a bank, I only got one option [to offer consumers],” added Frommeyer, who is also a senior loan officer at American Midwest Bank in Carmel, Ind. “When you work as a broker you have three or four. If you run [a scenario] through one [lender] and it doesn’t work, you can turn around and...

Happy Halloween 2014

HAPPY HALLOWEEN 2014 FROM FLORIDA MORTGAGE SOLUTIONS. ENJOY THE VIDEO! Personalize funny videos and birthday eCards at JibJab!   REALTORS!!! DON’T TURN CLIENTS AWAY. WE HAVE NEW HOME LOAN PROGRAM FOR BUYERS WITH RECENT FORECLOSURE OR SHORT SALE.   CLICK...

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