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Loan officers are dramatically cutting their pay to win clients. It’s often illegal. 

Housing Wire

Mortgage rates had climbed close to the 7% range and he was determined to remain competitive on pricing with rival loan officers in North Carolina. After Mike paid his loan officer assistant, he was clearing just 40 bps. The lower comp rate stung. Still, it was better than nothing.

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Cloudvirga’s POS platform provides loan officers with everything they need to prepare a loan in minutes

Housing Wire

Cloudvirga’s platform solves for both by creating the best experience for borrowers and loan officers. The Cloudvirga team has been able to dramatically improve the experience of the borrower and the loan officer. It focuses on more than just task management and automation. Jason Smith, SVP Sales and Marketing.

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Polly announces AI integration into its pricing engine

Housing Wire

Mortgage capital markets tech firm Polly announced on Tuesday that it has launched “Polly/AI,” which integrates artificial intelligence (AI) technology into the newest version of its product and pricing engine (PPE) and includes a “co-pilot” for loan officers that will “process, interpret, and recommend a range of outcome-driven results.”

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Guideline Buddy launches AI-powered chatbot

Housing Wire

The new tool is designed to help loan officers, processors and underwriters instantly find the relevant mortgage guidelines they need. All features are offered in English and Spanish, enabling loan officers to expand its reach to more markets.

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These LOs are TikTok sensations. They call a potential ban “unfortunate”

Housing Wire

It may be counterintuitive, but loan officer Scott Betley, a 32-year-old TikTok sensation , says he isn’t worried about a potential U.S. Betley, who has more than a decade of experience helping first-time and move-up buyers, joined NFM Lending as a loan officer in 2021. ban of the short-form video app.

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Opinion: The role of the LO will soon be very different

Housing Wire

Today, a mortgage lender must have scalability in its operation, an ability to pivot quickly to meet changing market conditions and client needs, a well-designed technology stack and, above all, a keen sense of what its customers and the marketplace truly want from them.

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Florida-based LO accused of falsifying documents

Housing Wire

A Florida-based loan officer faces more than 30 years in federal prison if convicted on charges alleging she falsified divorce papers and child support payment information to help unqualified borrowers secure a loan, according to a Department of Justice indictment. Her place of work was not disclosed.