What Ive Heard about LO Compensation Plans

by 29 Oct 2010
What I've Heard About LO Compensation Plans First, Whatever you do, don't pay for Frank-Dodd seminars (when it involves LO Compensation) and in fact, don't even take your precious time to listen to them even if they are free.... ....because it's not going into effect until April 1, 2011; secondly, the rule-making committee has not yet set up the rules and third, after they do, there will be a 60 to 90 day "comment" period before the final rule is released. With that being said, I've heard that companies are working on restructuring compensation plans right now and here are some of the payment methods (and yes, there are combinations) that we have heard about! salary draw against commission flat fee per loan quality bonus (like insurance co annuity over time) % of leads to closed loan ratios additional marketing dollars hourly increase matching to 401K quarterly bonus portion of servicing income overall company performance www.MortgageCurrentcy.com only writes about rules and regs that are REAL--not hearsay or rumors. Try for $1 for 7 days.


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