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. You're going to sell the house yourself? What about MUD, environmental, mineral rights, seller disclosure, financing addendum, signing your name to a contract you have NO clue about? Folks - you NEED the realtor! Consumer - are you protected by new law (Dodd-Frank)? The 20-year veterans - scape goats - of the mortgage industry (your experienced people who know how to put a loan together and never had any part of the subprime mess) have been forced with insurmountable guidelines, regulations, 3 times the paperwork just to put your loan together. There is three times the work for 2/3 less pay as of April 1. When the time comes that all LO's have had enough, who do you think you'll get to structure that difficult loan? Answer - the same minimum wage people at the bailout banks that are taking your deposits. How much help will you really get? How much direction in overseeing that 6-month credit repair to qualify you? How many 1-800 numbers will you talk to? Are you ready for 90-day closings? Wake up consumer! Wake up realtor! OH - and did you check out the recent profits of those banks? They have out-performed the oil industry. |
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