Switching topics to LO compensation (yes, hitting all the, Lendsmart’s CEO Scott Flaherty writes, "I will add to your attorney’s comment from a while back that, yes, it certainly could be possible to vary compensation to an LO based on loan product if that loan product took varying degrees of time, skill and education.
Could changes finally be on the horizon?. partner of Weiner Brodsky Kider PC Mitch Kider shared his thoughts on the existing LO comp rules,
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The lenders asked the CFPB to allow LOs to voluntarily reduce their. letter to the CFPB, calling on the agency to make changes to the LO comp rules, but it. compensation and are free to raise fees and rates at their discretion,” NAMB. the lender-employers do not have a similar compensation cap,” Bettencourt continued.
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Therefore, Wells Fargo cannot set loan prices for independent mortgage brokers nor control the combined effect of the negotiations that thousands of these independent mortgage brokers conduct with.
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What does the rule say about compensation and fees?. I. What happens when there is more than one loan originator on a transaction?.. improvements and your thoughts on its usefulness and readability. consumer is of low-to- moderate income likely would not be a proxy for loan terms even if the.
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And it’s almost 2 a.m. now, so seeing that it’s a new day, I’ll weigh in with some thoughts. His cap-averaged salary, though, is $5 million. That’s still going to give a big bump to the Avs’.