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Great minds do think alike! The Mortgage Messenger today ALSO discusses how the April 1 date of implemenation for the new compensation of loan officers will cause a radical change in our industry!
When an automaker makes a defective car we do not go after the salesman who sold the car! Many of these new regulations come from the subprime collapse of 2008. Certainly some loan officers were doing things they shouldnt, but we were selling a product created by lenders and Wall Street. Loan Officers did NOT create the products that caused the collapse. I am not certain there is any other industry where the EMPLOYEE’s compensation is regulated/defined by the Government.
Certainly some loan officers will survive this latest change, but our industry is certainly facing some serious fallout…