Over the last 12 months or more, many mortgage broker loan officers have made the decision to go work for a bank. We think they've made a hasty decision.
There are several reasons why there's been this exodus of brokers:
1. For one, mortgage brokers have to survive a fairly rigorous process to become licensed - BUT, if a loan officer goes to work for a bank, they are not required to get licensed. This is just wrong on so many levels; but I digress;
2. Our government continues to favor the banks when it comes to new regulations. This can certainly cause a mortgage broker to feel a bit queasy as we continue to absorb what feels like the majority of the blame for the mortgage mess - at least if the regulatory environment is used as an indicator. It's disconcerting at best when one compares the changes being made to the brokerage industry that do not apply to the banking industry. I wonder who has the more powerful lobby (please forgive my sarcasm)? So, it's almost understandable why a loan officer working for a broker would say: "I've had enough!".
One can at least understand these reasons, but for us, the thought of shutting down the brokerage business that many of you have helped us build is unfathomable. Being a mortgage broker with our own company allows us to have better control over the process used to serve our clients. It allows us significantly more options in terms of products and terms we can offer. It gives us control over who we hire as part of the team that serves you - and we have a great team. And so many other benefits.
So we are steadfast in our commitment to maintaining our brokerage as long as the government doesn't regulate us closed. Every member of our team has been licensed for a while - well in advance of the deadline, and we look forward to the opportunity to serve our clients for a long time to come.
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