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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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“Last night, my Uber driver was a loan officer.”

Housing Wire

Garth Graham, senior partner and manager of merger and acquisition activities for the Stratmor Group , said many of the layoffs in the IMB industry so far have involved employees working in support positions, with loan officer jobs being the last to be jettisoned. Charting the loan officer exit.

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The LO edge in 2022? Realtors, Realtors, Realtors

Housing Wire

According to three loan originators speaking at a policy summit hosted by the National Association of Hispanic Real Estate Professionals in Washington D.C. I think it’ll be a broken record but Realtors, Realtors, Realtors,” emphasized Rafael Montano, an LO at Rocket Mortgage. The post The LO edge in 2022?

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Nations Lending, Carpenter Realtors launch Commitment Mortgage

Housing Wire

Full-service mortgage lender Nations Lending and local Indiana real estate firm Carpenter Realtors launched a joint venture, Commitment Mortgage , in order to offer an end-to-end experience — from finding a home to closing a loan in a cooled-down housing market. “We of all loan types, data from tech mortgage platform Modex showed.

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DataDigest: There are too many real estate agents and LOs. It’s a problem

Housing Wire

You know what loan officers and real estate agents love almost as much as cashing a commission check? Complaining about other loan officers and real estate agents. million Realtors competing for about 4.2 And they have good reasons to do so. And there are north of 1.5 million existing home sales.

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Better narrows loss in 2023, aims to reach profitability soon

Housing Wire

The operating model change involved Better pivoting to hiring experienced loan officers on commission-based compensation plans. Previously, the lender had higher fixed-cost components and no commissions for its loan officers. 31, 2023, we had three warehouse facilities for a total capacity of $425 million.”

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Opinion: Sitzer/Burnett decision presents an uncertain future for buyer agents

Housing Wire

The Sitzer/Burnett trial out of Kansas City found the National Association of Realtors (NAR) guilty of conspiring to inflate agent commissions — sparking a debate over agent commission fees and the longstanding role of buyer agents in real estate transactions. Most successful loan officers get their business from buyer agent referrals.

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