When In Doubt, Get That LO License

Last summer when MetLife revealed that it would sell its "forward" mortgage business the company did something smart for its workers: it paid for its loan officers to take classes and obtain their state licenses. Readers know quite well that bank LOs are exempt from such requirements, but MetLife theorized that it would have an easier time selling its production network to a nonbank if licensing became an issue. In the end, of course, MetLife could not find a buyer for its lending arm – despite many lookers. Still, hundreds of LOs that worked for MetLife Home Loans are finding employment. The reason: they have licenses.

Origination

Regulation

Comments (4)

I believe that Metlife announced last summer (July 2011) that they were going to sell the Bank holding company...not the forward mortgage unit. The announcement that the forward mortgage unit would be sold did not come until the fall (October 2011).

Posted by Rodney P. | Wednesday, February 15 2012 at 12:26PM ET

Paul, you are absolutely correct in your observation about getting licensed as it will make it easier to make a move. Also I do not understand the resistance to going ahead and getting it done, as it makes a statement to your professionalism and commitment to your business. And if you do not think the producers that are licensed are not painting a portrait of those as not licensed as not as qualified to do the customer's loan then you are fooling yourself.

Posted by Chuck Cowan @RecruiterChuck | Wednesday, February 15 2012 at 1:27PM ET