final rule: Lender Compensation is Being Targeted - Price Fixing by the Big Banks
- 03/04/11 11:28 PM
Many industry experts feel that by the federal government restricting lender compensation in a manner as currently proposed is as good as price fixing. The federal government does not step in and tell neither doctors, attorneys, accountants nor any other industry how much compensation they can earn on a transaction. What is going on in the bigger picture is that the big banks are trying to push out small business owners and smaller broker/correspondent lenders from the marketplace; commoditizing this industry. In a perfect world, Wells Fargo, Chase, Bank of America and similar banks would like to have a bunch of … (1 comments)
Many industry experts feel that by the federal government restricting lender compensation in a manner as currently proposed is as good as price fixing. The federal government does not step in and tell neither doctors, attorneys, accountants nor any other industry how much compensation they can earn on a transaction. What is going on in the bigger picture is that the big banks are trying to push out small business owners and smaller broker/correspondent lenders from the marketplace; commoditizing this industry. In a perfect world, Wells Fargo, Chase, Bank of America and similar banks would like to have a bunch of … (1 comments)
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