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Posted To: Pipeline Press
Recently I gave a speech to a group of loan originators and Realtors in Sacramento. Of course the topic of compensation arose - maybe because I brought it up. Anyway, aside from a few rumored exceptions, most smaller lenders are waiting to see what the large accumulators (Wells, BofA, Chase, USB, Citi, GMAC, etc.) are going to do. Wells' wholesale group, for example, announced that it would come out with a policy in February. Brokers are well aware that they will get paid either by the lender or the borrower - not both - with the goal, of course, being to prevent steering. READ MORE Many mortgage banks that are ahead of the crowd have already run numbers to analyze historical production for their loan agents - average loan size, buybacks, file completeness, FICO's, etc., etc. - to get a good...(
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