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#1508606 - 02/11/11 02:10 PM Re: How Many MLO's at Your Bank? #Just Jay
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Originally Posted By: Just Jay

I guess we saw this as a great opportunity to visit what we do and how. We looked at volume, locations, products, programs, expectations, procedures, bad habits, etc, and from that are determining who really needs to be doing loans, who is costing us money and causing us problems by doing loans, and who have picked up the slack from LO's who shouldn't be.

The costs, while annoying, are minimal especially from year to year renewal. But our LOs are well compensated... there is no reason that we are going to register a processor or assistant when the simple solution is to require the LO call and notify the borrower of what their rate will be like they should be. In the end, this simply more customercentric, and better relationship building.


Agreed!!! Right now our costs are somewhere in the $2700 range. Strike that $2500 range. We are talking to employees and learning, what work it is that we thought they did and what work it is that they actually do.

We decided not to register our President or our CEO. They’ve done maybe one maybe two covered loans in the last 5 years.

I think for us, our lenders have gotten too used to having people (processors) do their work for them. They, lenders, are compensated well and we are throwing back at them some of the duties that they have passed off.

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#1508676 - 02/11/11 02:45 PM Re: How Many MLO's at Your Bank? QCL
Kathleen O. Blanchard Offline

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I keep equating this to securities licensing. Not licensed, you can't do that. It is second nature in that world now. I am sure it was not at the outset.
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#1508701 - 02/11/11 02:54 PM Re: How Many MLO's at Your Bank? Kathleen O. Blanchard
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That is a great point! I am going to borrow it smile

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#1508747 - 02/11/11 03:23 PM Re: How Many MLO's at Your Bank? Truffle Royale
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JJ, it also reminded us to look at our policies with regard to who has approval authority... some of that is going away...
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#1508758 - 02/11/11 03:30 PM Re: How Many MLO's at Your Bank? Retired DQ
GenerousLife Offline
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We've taken the opportunity to streamline our process. We've moved to a centralized model and therefore only are registering 3 people. ($500+million bank)

If someone else performs as an MLO, instead of trying to keep track of their de minimus status, we will register them at that time.

We've tried to shoot holes in the plan, and we feel pretty good about where we are going.

Time will tell.
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#1508947 - 02/11/11 05:10 PM Re: How Many MLO's at Your Bank? Truffle Royale
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Does the rule on making '5 loans in the preceding 12 month period' mean we have to go back to 2010 and determine if they made 5 or more loans, or wait until the first year is up and determine?

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#1508971 - 02/11/11 05:24 PM Re: How Many MLO's at Your Bank?
raitchjay Online
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Yes, "preceding" 12 months, not "upcoming" 12 months.
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#1509902 - 02/14/11 07:48 PM Re: How Many MLO's at Your Bank? Truffle Royale
Compliance4521 Offline
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Just curiouse, who is paying the cost of registering? Your Bank? or MLO?

Lori

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#1509937 - 02/14/11 08:12 PM Re: How Many MLO's at Your Bank? Compliance4521
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The bank.

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#1510143 - 02/15/11 01:41 PM Re: How Many MLO's at Your Bank? QCL
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Same here.
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#1510155 - 02/15/11 02:09 PM Re: How Many MLO's at Your Bank? Sinatra Fan
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Same here.
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#1510221 - 02/15/11 03:48 PM Re: How Many MLO's at Your Bank? Dani York, CRCM
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Ditto. I don't know how we could keep LO's on staff if we said they had to pay the fees. I suppose at "mortgage companies" it would be feasible to say they needed to pay themselves, but then those persons would need to licensed as well if not working under a Federally regulated bank.

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#1511092 - 02/16/11 10:03 PM Re: How Many MLO's at Your Bank? Sheldon Hendrix
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NMLS......say it rapidly three times and you'll find yourself saying "animals! animals! animals!" grin
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#1514477 - 02/24/11 11:00 PM Re: How Many MLO's at Your Bank? swiggles
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Originally Posted By: swiggles
NMLS......say it rapidly three times and you'll find yourself saying "animals! animals! animals!" grin


See, and I say it like "Nihlms." Not like the initials.

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#1514574 - 02/25/11 02:32 PM Re: How Many MLO's at Your Bank? swiggles
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Originally Posted By: swiggles
NMLS......say it rapidly three times and you'll find yourself saying "animals! animals! animals!" grin


Hee! You're right - I did!
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