April 16th, 2011 10:58 PM by Eric Fang
A few year ago. I read the book "Never Eat Alone"by Keith Ferrazzi. Even though it talked a lotabout 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 mainlydo the business with(they have the lowerest rateon the market).
We talked about the growth this lender enjoyedin the last a few years, and the career this personwith the company and more importantly we discussedthe new loan originator compensation. We did have a good time and enoyed the lunch together.
As you all know, starting April 6th, we hadthis new loan origintator compensation regulation.
Basically, here are some of the mainly points.1)Loan Originators will get the same percentageof compensation, regardless which rate the borrowerwill 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.