Originator Compensation Reform: Putting the Cart Before the Horse

Originator compensation is a hot topic among MND readers. The broker situation has been outlined fairly well by the wholesalers. Not much change vs. the current process is anticipated. Brokers will get paid either by the lender or the consumer. One or the other. Not both. That's it. That sector of the industry looks to be on track for April 1 implementation. The same cannot be said about the mortgage bankers though. In fact, no one has a clue what to expect in the direct lending world. Last I checked, most folks were waiting for guidance from the five major lenders: Wells, BoA, JP Morgan Chase, GMAC and Citi. I haven't heard much from that crowd either. Have you? If so please share with the community! Barring any surprise leaks in the comments section, this leaves us to wonder how the situation...(read more)

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Source: http://www.mortgagenewsdaily.com/12032010_originator_compensation.asp

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