Good Morning...Here is today's market update from the Think Big Work Small Guys. Today is the thrid part in the three part discussion on The Fed Rule and the Loan officers compensation. The FED rule does not change the flow of compensations, it changes who gets it. All of this will be up to the interpretation of the bank working the transaction - some banks will have a more conservative approach while liberal banks will see it differently. The Mortgage Banking Association has asked for clarification, offered more sensible resolutions, and asked for a postponement of implementation. There may be two rate sheets, one for the compensation being paid by the Consumer and one with a set % being paid by the Lender; it one or the other, no in between.
Disclaimer: If you prefer reading your news over a cup of coffee in a relaxed atmosphere or your family's sense of humor gene skipped a generation, don't watch the video; these guys talk fast and are high energy.
Have a Great Day
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