I couldn’t help reading more about the issues that have been presented about how loan officers make their money, and how things are being disclosed. The challenge? These mortgage companies are going to have to let people go, and become a one man operation. While it isn’t conducive to anyone’s sanity during a busy time, it certainly spells trouble for everyone in terms of job loss and being able to run an office efficiently.
I know personally what that must feel like for loan officers across the board, but I work for myself and I know that when I get busy I wish I had more hands. I certainly hope that those who run a one man office are able to keep a processor because I know how hard that can be.
I guess my bigger issue is, I don’t have a problem paying anyone for a service that they provide, and even though some were unethical in their business practice that doesn’t mean that I was, and I have to make a living. I work hard, and while I do believe I work harder than most I just don’t see how cutting back on compensation helps anyone. The regulators are much better off by ensuring that buyers and homeowners get educated before borrowing money, and that they get what they need when they take out a mortgage loan.
Whether a current homeowner wishes to refinance, or someone else is looking to buy, the real problem was making sure that borrowers were actually getting loans that they needed and that were of benefit to them. That was the real issue, and before the regulators spend too much time on the wrong things, they need to get really involved in how these modifications are going and how they are being handled, along with the foreclosures.
-Mayer Dallal
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