WHO OWNS THE CLIENT

Have you ever given it a second thought? Who owns the client? A Florida mortgage loan officer may have found out the hard way that their former employer did! Consider the following:

In our current climate, Lenders are recruited daily, but what happens when a loan officer makes the move from one company to the other and takes open files with them to the new company or even leads purchased by that former company?

Florida regulators deemed it to be FRAUD on the part of the Loan Officer and now that same loan officer is facing the possibility that they may be banned from the industry as this is considered civil theft. Active files and/or leads purchased by the Business belong to the business that sponsors the loan officer, not the loan officer.

Hopefully this will make you take a pause and consider the ramifications of such an action if you are moving from one company to another.

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