If you are an experienced loan officer or new to the industry, new would be quantified as in the last 4 years, there have been a significant transformation of the mortgage industry. We have been through several underwriting guideline changes, documentation changes such as the infamous GFE 2010 (good faith estimate) and of course the appraisal ordering system better known as the HVCC (home valuation code of conduct).
Well hold on to your mental bearings as the world of loan officer compensation comes to an end as we know it. Make room for the new and improved Frank-Dodd rendition of how the government feels industry advisors, us, experienced and ethical loan officers, will be compensated going forward. As I understand it the end result is supposed to give the consumer, the exact same rate and fee schedule to obtain that rate. The amount of precision that is required to achieve these results as I see it ultimately cost the consumer in the form of fewer choices and very possibly higher mortgage rates than are currently available.
The details are still very much being worked out and may not even be ready to go by April 1st, 2011, however there will be changes and those of us in the industry who understand the changes will be prepared to guide our clients once again in the direction that will be best for them. The wonderful thing about my company, Premier Mortgage Group, is that we will continue to do it right, morally, ethically, and always in our clients best interest as we always have.
If you have any questions, please feel free to contact me at mfriedman@pmglending.com
Enjoy the day.
