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Mortgage Compensation Plan Delayed
Apr 04
|09:09
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Yes, this was delayed. Was it due the confusion of it all, the ridiculousness of it all or just plain not ready?
Come April 1st 2011, the mortgage industry will be rocked again. Not only will the compensation plans be changed, to the “unfavor” of most, but the guidance on presentation of mortgage products to clients shall be expanded and strictly adhered to.
To be sure the unsavory type of mortgage loan officer does no wrong by their naive and trusting clients, the Federal Reserve has adapted guidance on presentation of available mortgage products.
The definition blanketed the most is that of “anti- steering”.
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