Every lender or investor with an âaâ in their name seems to be subject to rumors and news in recent months. (More on Flagstar and American Pacific below.) Know anyone named âBernadetteâ? The name is actually Latin for, âThe act of torching a mortgage.â (Yes, it is cutting edge humor like that which brings you back.) Burning liens isnât a topic, but paying them off early is, and with mortgage rates off of their highs, early pay offs, or EPOs, were a conversation topic at the conference this week. And with it, loan officer compensation follows. Can a lender pay an originator based on pull through? Yes. Can lenders pay different originators under different payment plans, as long as the originator sticks with one plan? Yes. Can a lender, if they comply with state labor law, ask for compensation back after an EPO or EPD? Yes, and it may depend on the contract signed by both parties at the beginning of employment. As always, consult your in-house counsel or a lawyer well-versed in mortgage banking. While weâre on originators, occasionally I am asked about training for brand-spanking-new loan officers. No, this is not a paid ad, but veteran LO Tanya Blanchard has created Madison Chase Academy, â6 Months to 6 Figures: A Loan Officerâs Guide to a Profitable Businessâ with a sneak peak on the website. (This weekâs podcast is sponsored by Richey May, a recognized leader in providing specialized advisory, audit, tax, technology, and other services in the mortgage industry and in banking.)
While there are many ways to get ahead in life, few are as beneficial as earning more money. By increasing your income over time, you can boost your cash savings rate, save more money for retirement, and even afford a splurge once in a while. And if having more money makes you feel more secure, […]
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Founded in 2007, RoundPoint is among the 25 largest mortgage subservicers in the nation. The bulk of the business conducted by RoundPoint is tied to servicing home loans as opposed to issuing them, yet it also offers mortgages for new purchases as well as refinance loans and home equity loans. RoundPoint’s Charlotte, North Carolina, headquarters has an A+ rating from […]
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Clients will get pre-approval, lock their rate and get a mortgage commitment letter within 24 hours, Better.com says.
This article is for financial beginners. The first steps on your financial journey are intimidating, confusing, and stressful. We’ll fix that today.
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49k salary is a solid hourly wage when you think about it. When you get your first job and you are making…
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Investing in real estate is expensive, but not with REITs. Learn how to invest in REITs with this comprehensive guide.Investing in real estate is expensive, but not with REITs. Learn how to invest in REITs with this comprehensive guide.
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