This is an interesting report. It was received today:

Here is the word from upper management. BSM’s now must have their broker licence. Problem is that due to the massive pay cuts a lot of BSM’s had to file bankruptcy, either chapter 7 or 13. Once the state does the credit check and background, the state won’t allow the BSM the Broker’s licence, and then the BSM either has to step down to step out.

Funny HSBC cut pay by 20-50K per BSM and pretty much made them file bankruptcy last year. Now that same BSM can’t get their broker’s licence and the kicker is once the state says, “No,” you have to wait 7 years to reapply! Nice kick HSBC! Thanks for the pay cut and now I can’t go to another brokage house!

Related posts:

1. Aldinger leaves trail of failures with Capmark Financial bankruptcy
2. North Carolina limited loan officer license explained
3. Greg Zeeman of HSBC has spoken as back end packing continues
4. HSBC gets rid of mortgage brokers and more employees
5. Arizona HSBC optimization update