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Wholesale Lenders Release Compensation Plans

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         <p>Courtesy of <a rel="nofollow"
onclick="javascript:_gaq.push(['_trackPageview',
'/outgoing/article_exit_link/4363120']);"
href="http://www.tucsonratesandrealestate.com/" title="Tucson Rates and
Real Estate">Tucson Rates and Real Estate</a></p>
<p><a rel="nofollow" onclick="javascript:_gaq.push(['_trackPageview',
'/outgoing/article_exit_link/4363120']);"
href="http://tucsonratesandrealestate.com/?attachment_id=647"><img
src="http://tucsonratesandrealestate.com/wp-
content/uploads/2011/03/comp1-150x150.jpg" border="0" alt="comp1 150x150
Wholesale Lenders Release Compensation Plans" title="Wholesale Lenders
Release Compensation Plans" width="150" height="150"></a>Several
Wholesale Lenders have released Compensation Plans to comply with the
amendments added to Reg Z. You can bet they were prepared by legal
counsel, as the Reg Z language is quite vague in how they can be
interpreted. My guess is we will see the most conservative
interpretation to begin with, and as time goes by, it might change a
little bit. I have had input from many people who will be affected by
this change and no two persons idea on how this will work has been the
same.</p>
<p>Currently there are a few things going on in our Government that may
or may not effect the future of these regulations.</p>
<p>1. US House of Representatives Finance Commitee is holding hearings
this week to review the changes to Loan Originator Compensation.</p>
<p>2. SBA has sent two separate letters to the Federal Reserve Board of
Governors to clarify exactly how to implement the new laws.</p>
<p>It is very apparent there will be several problems implementing the
new rules for small businesses. Most Lenders who fund brokered deals do
not want to get involved in how their brokers pay their loan officers.
First of all, they don't want to spend time or money to see if their
customers are in compliance. Second, they are only able to determine
compliance with their interpretation of the law. Better left to others.
My guess is the government will continue with their punishment of
Mortgage Brokers and the consolidation of the mortgage industry to the
FDIC insured Banks whom they (we) bailed out.</p>
<p>On the side bar of <a rel="nofollow"
onclick="javascript:_gaq.push(['_trackPageview',
'/outgoing/article_exit_link/4363120']);"
href="http://www.tucsonratesandrealestate.com/" title="Tucson Rates and
Real Estate">Tucson Rates and Real Estate</a>, I have included a few of
the compensation plans already released. The one from Crescent Mortgage
seems to be the most in depth and easiest to understand. If they all
interpreted the law the same, they would be identical. As you will see
they are not, but close. My guess is that on a local scale, everybody
wants to see what others are doing first before they announce their
plans. A better compensation plan from one company could result in the
migration of loan officers from other companies. We will have to wait and
see.</p>         <!--INFOLINKS_OFF-->
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