LOAN OFFICER COMPENSATION RULE TOO BE DELAYED

By
Mortgage and Lending with Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 NMLS # 6869

“Loan Officer Compensation Rule too be Delayed”

The CFPB are quickly figuring out, they no one in the mortgage industry, the real estate industry or anyone that believes in a free enterprise system is just going to bend over. Loan officers compensation rule to be delayed

I wonder if some of this has to do with an upcoming election? I wonder what percentage of the business community is going to vote for another four years for failure and moving our country toward socialism?

The sooner that this country repeals Dodd-Frank, the sooner more jobs will get created. The sooner these restrictive rules and regulations are eliminated the sooner that more jobs will get created.

 

Will the CFPB Delay the LO Comp Rule Too?

By: Paul Muolo

The Consumer Financial Protection Bureau this week decided to delay the issuance of a final "qualified mortgage" rule until after the Nov. 6 elections. The scoop was first reported by National Mortgage News on its website Thursday. This new development has prompted many loan officers and nonbank lenders to speculate that maybe (just maybe) the CFPB will delay its compensation proposals until well into next year. Of course, final proposed regulations have not been written yet. And what’s been unveiled to this industry thus far has caused much anger and resentment toward the young agency. There is much confusion over the idea of ‘flat fee’ compensation, but a close reading of the rule suggests that LOs can continue to earn percentage-based commissions depending on how a loan is funded. But there is one piece of good news in the CFPB proposal: it opens the door to allowing mortgage brokers to eat unanticipated increases in third-party costs, passing that savings onto applicants and using it as a competitive advantage against bank LOs. Then again, the CFPB also has concerns about allowing such practices.

image: renjith krishnan/freedigitalphotos.net

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Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com

www.righttracfg.com

www.joepetrowsky.com

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Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

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Topic:
ActiveRain Community
Location:
Connecticut
Groups:
Wake Up Brokers
Connecticut Professionals
LOAN OFFICERS WHO AREA SERIOUS ABOUT MAKING MORE MONEY
All About Mortgages/Mortgage Networking
Tags:
doddfrank act
fees
mortgage broker
mortgage
loan officer compensation
consumer financial protection bureau

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Rainmaker
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Lisa Von Domek
Lisa Von Domek & Associates LLC Team at Real Estate Broker/Associate with Real Living Real Estate Group www.LisaVon.com - Dallas, TX
....Experience Isn't Expensive.... It's Priceless!

Good morning Joe,

After the victory in Wisconsin yesterday, I am even more optimistic that we will take our country back in November!

Jun 06, 2012 08:06 AM #1
Rainer
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Steven Cook
No Longer Processing Mortgages. - Tacoma, WA
- Pierce, King, Kitsap, Thurston, Mason Counties

Joe -- that is the problem when the legislators (at any level) write some broad law, and then palm off the regulatory activity to a non elected entity.  Good to hear there is another reprieve on this issue.

Jun 06, 2012 11:52 AM #2
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Rainmaker
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Joe Petrowsky

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