MBA Moves to Change LO Compensation
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What is the probability of this happening and when?
what is the probability it will happen and when?
I always knew you guys were cool, but the Avett Brothers Shirt confirms my suspicions!!
The LO Comp rule applies to loans under ‘lender-paid’ compensation. If the LO chooses ‘borrower-paid’ option on LE’s and CD’s, the LO is free to choose the level of compensation and can always reduce it from the time the LE is issued until closing (CD issued), but of course, can’t increase it. The downside to this is that the APR will appear higher to the borrower, even with the same net closing costs (now that’s bogus!), but I’ve been able to successfully explain that to borrowers (usually with something along the line of ‘your tax dollars at work’, etc. – that usually gets an acknowledging nod from the borrowers – everyone understands govt waste).
Go back to what it was. negotiated commission splits, LO ability to select rates and pricing. put caps on earned commission 3% on 200k+ loan amounts. earned, not to closing cost. however, in my 12 years i never once had a bank employer tell me i charged too much, had few tell me i charge to low. I did have an mortgage broker fire a LO for over charging. those evil mortgage brokers.
LO Compensation should not be the same on all products. Government lending is more difficult to and requires more time and effort. Basically is it fair to get paid the same on a more difficult loan such as FHA or VA when Conventional lending is much more easy.
The way it is now a lot of LO’s shy away from Government Lending which is an underserved market