It’s not really clear what changes are coming on LO compensation, but we always knew that somehow changes would be made. Closing loans is a lot of work, let alone getting the applications and getting someone to be approved, but I certainly understand why there is concern over how loan officers are being compensated.
I even saw this years ago when I first started in the business, because loan officers were less apt to focus on the borrowers best interest when they knew how much they could make. It’s really sad, but there were so many people who would sit and figure out the maximum amount of money they could charge to know on each loan so they would know exactly how commission they could walk away with. There is nothing wrong with wanting to make a decent living, but don’t do it at someone else’s expense. In every loan there should always be a benefit to the borrower, and if there isn’t then the loan shouldn’t be done. The whole point of what we do is to progress home ownership not make this situation worse than it already is.
People are looking for hope, not a commission driven loan officer who is looking to make a quick buck. This job takes work, and those who don’t want to put time into it shouldn’t be in this field.
-Mayer Dallal
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