Items Tagged with 'LO comp'

ARTICLES

  • NAMB blasts MBA-backed push for changes to LO compensation rules

    Mortgage broker group tells CFPB that proposal is “completely unacceptable”
    Last year, nearly 250 senior executives at some of the nation’s largest mortgage companies asked the Consumer Financial Protection Bureau to change the Loan Originator Compensation rule, which governs how much loan originators are paid. The lenders asked the CFPB to allow LOs to voluntarily reduce their compensation to allow them to compete in the market. Now, that group has a rather vocal opponent stating that those proposed changes are a “completely unacceptable” idea.
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  • Wells Fargo faces class action lawsuit on loan officer compensation rules

    Letters will be mailed to potential plaintiffs shortly
    According to a lawsuit, LOs at Wells Fargo are paid advances on commissions at a rate of approximately $12 per hour, but those advances are "clawed back" from commissions earned. One loan officer had a problem with that and now a California judge ruled Wells Fargo must face a class action lawsuit over the claim.
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