Mortgage Blog

A few year ago. I read the book "Never Eat Alone"
by Keith Ferrazzi. Even though it talked a lot
about how to network with other people, I did
not have lunch out with lenders/clients for a
quite a long time since I was very very busy
for the last a few years.

And I started networking again. Friday, I had
the lunch with an someone from the lender I mainly
do the business with(they have the lowerest rate
on the market).

We talked about the growth this lender enjoyed
in the last a few years, and the career this person
with the company and more importantly we discussed
the new loan originator compensation. We did have
a good time and enoyed the lunch together.

As you all know, starting April 6th, we had
this new loan origintator compensation regulation.

Basically, here are some of the mainly points.
1)Loan Originators will get the same percentage
of compensation, regardless which rate the borrower
will have.

2)Loan Originators can not credit to borrower
any fees. In order to do no closing cost loans,
the lender will cover all or part of closing cost.

I will explain more on the next a few blogs.