www.lasvegasmtg.com Report: How did we get to the new Mortgage Compensation for L. O.'s?
by John Le Francois
www.lasvegasmtg.com Report: There is a lot of discussions about the New Mortgage Compensations for Loan Officers that will be enacted starting 04/01/2011. Many lenders have been providing different interpretation on the rules and how it will be enacted with continual webinars addressing these changes. Some Loan Officers are abandoning the ship and looking for other forms of work for fear of a loss of income. We will see who is left standing after 04/01/2011 and are still willing to work in this industry.
The real question is how did we get here in the first place. What information that was provided to the Federal Reserve Board and Ben Bernake was used to put the blame solely at the feet of Mortgage Brokers and its Loan Officers. Why was the whole debacle of the mortgage meltdown blame placed with Mortgage Broker Loan Officers and not with the Banks or its officers that provided these loan programs to the brokers? Its called selective data that supports your view and special interests "the banks" that are to large to fail!
The answer to this question was provided by Frank Garay and Brian Stevens from Think Big Work Small.