March 30th, 2011 11:18 AM by Eric Fang
First, the industry changes: starting April 1st, Loan Originator's commission will not be affectedby the rates. Basically you will get the lowestrate 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 bestservice. But I was tied up with all the paper work.Starting today, I will plan to build a team who canhelp 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 thesystem ready within next 12 months.
We will have some challenges ahead for the new changes,and as always we will survive and become morecompetitive.