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Upcoming Changes
March 30th, 2011 11:18 AM

First, the industry changes: starting April 1st,
Loan Originator's commission will not be affected
by the rates. Basically you will get the lowest
rate from the lender for the same broker.
For example, we will get the same commssion
whether you get 30 yr fixed rate 4.875%, 5% or 5.125%.
In that case, you will get 4.875% if this is the lowest
rate.

Second, for the past a few years, I tried my best
to get all my clients with the best rates and best
service. But I was tied up with all the paper work.
Starting today, I will plan to build a team who can
help me to process the loan and I will focus on
working with the clients, lenders to get the best deal.

It may take some time, (ideally) I will have the
system ready within next 12 months.

We will have some challenges ahead for the new changes,
and as always we will survive and become more
competitive.


Posted in:General
Posted by Eric Fang on March 30th, 2011 11:18 AMPost a Comment

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