Banks and thrifts have been unable to adjust staffing levels as quickly as more independent mortgage banking competitors to meet surges and contractions in origination volume. Because federally insured banks and thrifts are subject to additional levels of government regulation that affect employment practices, their personnel recruitment and hiring processes usually require more time for staff expansion. Furthermore, bank and thrift residential lenders have been unable to reduce staffing as rapidly as independent mortgage originators in the face of declining loan production.
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