Hedging, Productivity, POS, Audit and Tax Products; Non-Agency News; STRATMOR on Sales Costs; GDP Solid

“I’m trying to organize a hide and seek tournament, but good players are really hard to find.” Good LOs (trustworthy, loyal, helpful, friendly, courteous, kind, obedient, cheerful, thrifty, brave, clean, and reverent… do I have that right?) can be hard to find. Compensation figures in there somewhere, and in this continued era of cost-cutting remember that HUD sent out a note years ago about mortgage loan officers being W-2. (Press your “Control/Ctrl” key and “F” simultaneously. Then type in W-2. There are nine mentions.) The CFPB, in its examinations, looks at LO comp. One can always ask the CFPB questions through this site, but more weight is put on LO compensation requirements under the Truth in Lending Act (Reg. Z) which addresses total loan originator compensation. It states that total income is either wages and tips reported on a W-2 or reportable income on a 1099. See 12 CFR Part 1026 (pg. 11352). One can also see the Final rule: Loan Originator Compensation Requirements under the Truth in Lending Act (Regulation Z) (consumerfinance.gov), pgs. 262-63, 274, and 517. (Today’s podcast can be found here and sponsored by ReadyPrice, offering the industry’s most powerful universal delivery portal that gives brokers the edge they need. Shop, lock and deliver with multiple lenders, all in one place, for free! Hear an interview with ReadyPrice’s Rick Soukoulis on how to win broker business and the overall direction of the wholesale channel.) Lender and Broker Products, Services, and Software
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