Comments on: Let’s Do Away with Loan Origination Compensation

By: The Federal Reserves proposed changes to Regulation Z (Truth in Lending) | Seattle Real Estate | Rain City Guide

Thu, 23 Jul 2009 16:41:01 +0000

[...] points which includes the mortgage originators compensation. Perhaps the FOMC would like to see mortgage originators be paid hourly instead of based off of rate…I’m all for [...]

By: The Territory Blog » Blog Archive » Flat-Fee Loan Origination

The Territory Blog » Blog Archive » Flat-Fee Loan Origination — Wed, 23 Apr 2008 18:51:28 +0000

[...] Apply these concepts to Real Estate Brokerage and taadaa! Territory Real Estate. To read Rhondas’s full article, click here. [...]

By: Jillayne Schlicke

Jillayne Schlicke — Wed, 09 Jan 2008 18:26:37 +0000

…licensed only in Cali, Kentucky, Ohio, and Washington.

Question, LIemployee:

Do you broker loans out on a regular basis or are you funding your loans on your own banking line 100% of the time?

Thanks.

By: LIemployee

LIemployee — Wed, 09 Jan 2008 17:45:30 +0000

Hello all,

I just came across this thread, and wanted to respond quickly to lax and Jillayne Schlicke. LoanInsights.com is not a lead generation site, it is the type of AUS system directly to consumers that lax references in his posts, and biliruben mentioned by name.

By: Rhonda Porter

Rhonda Porter — Fri, 30 Nov 2007 19:59:45 +0000

Thanks, John.

By: John Call

John Call — Fri, 30 Nov 2007 05:32:04 +0000

I think the discussions on this thread have been enlightening, I think there is some room for change and growth in the way we approach our clients and our compensation. In fact the only point of disagreement I’ve seen here is due to the strong wording of the title. Which is not what was meant at all.

Can’t we all just get along…LOL

By: Rhonda Porter

Rhonda Porter — Fri, 30 Nov 2007 01:45:56 +0000

srae, I think I did misunderstand you; thanks for your clarification.

“as a borrower,just because they can only get one set of interest rates/loan options with one lender…..doesn’t mean tech savvy borrowers can’t hop to another lender web site and identify rates there and compare”…good luck with that!

I think Jillayne hit the nail on the head with comment 80. Someone across the country is less likely to care about someone who could possibly wind up being their neighbor. Don’t get me wrong, I’m sure there are some excellent LOs who care for their clients across the country…rates on website mean nothing.

Even the rates I post at RCG on Friday are only good subject to the conditions that I quote. Most internet rates you see do not have “conditions”; they’re just bait and switch. When you click all the way through (trust me I do this) you’ll see just how much costs is attached to the rate–if they even honor that.

By: Rhonda Porter

Rhonda Porter — Fri, 30 Nov 2007 01:41:43 +0000

Jillayne, I hope you’re right!

By: Rhonda Porter

Rhonda Porter — Fri, 30 Nov 2007 01:41:09 +0000

biliruben, I’m not just talking mortgage payments either; in the case of my clients they refi’d out of a 15 year mortgage into another one, paying off some debts. They insisted on keeping the 15 and wound up refinancing again a few years later into a 30. I’ve written about this before at RCG. Every person has different financial needs and goals. A 15 year is not right for everyone and neither is a 30. My point is selecting the wrong mortgage and having to refi into another is an expensive decision. Nothing is free.

I do prefer a 30 year fixed rate mortgage over a 15 (generally) since a consumer can always pay additional principal towards the mortgage and effectively have a 15 year amortized mortgage; but the cannot do the reverse (have a 15 year and pay a 30) should they run into a situation where they need funds.

By: Tim

Tim — Fri, 30 Nov 2007 00:19:52 +0000

“The current market is weeding out all the bad broker apples and the true mortgage brokers who actually are trying to run an entreprenuerial business and understand dynamics of marketing and residual growth instead of the quick easy buck now, will be the originators still around for several more years.” – Srae

I really hope this is true, but I’m not sure.