Top-flight loan officers in search of job security have been fleeing the confines of nonbank lenders for the megabanks, in search of job security and a future. But it now appears some of these LOs are headed back to the nonbanks because the big boys take much too long to close a loan.
What's at stake here, quite simply, is loan commissions. Not only are there reports of firms like Bank of America and Wells Fargo tightening the hatch on how much they pay in commissions, but because these lenders take so long to close a mortgage, some Realtors won't give certain branches referrals anymore.... Read more: http://tinyurl.com/28lxo5m
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