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Sandra Womack: Posted on Tuesday, May 03, 2011 7:46 AM
What other industry do you know that is absolutely forced to'CAP'your income? Automobile-no. Jeweler-no. Furniture-no. Hedge Fund Manager-no. Financial Planner-no. NONE! The consumer(and unfortunately realtor)have NO idea what is happening to the Loan Officer compensation. When income is cut by 2/3 to protect the consumer that sounds FANTASTIC doesn't it? NO! The other 2/3 is lining the pockets of the big old bailout banks, i.e., Chase, Citi, BofA, and Wells and indeed there is talk on the HILL to protect the consumer from those nasty realtor compensations as well. |
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Compliments MMG: Posted on Thursday, March 31, 2011 7:53 AM
All independent loan originators have already been placed through the ringer with state and national testing, background checks, and stringent requirements to obtain mortgage licensing which had to be completed by year end 2010. The one's who escapedthe requirements last year were depository institutions (banks, savings associations, credit unions and their subsidiaries - otherwise known as the BAILOUT BANKS). Many former inexperienced loan originators (and predators) flocked to the banks as a safe haven in order to continue originating loans in hopes new rules would not apply to them. |
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