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Top-producing Draper and Kramer LOs spurn NAF

Housing Wire

Most of last year’s top-producing loan officers at Draper and Kramer Mortgage Corp. In total, the production of these originators represented about $424 million last year, a sizable share of DKMC’s total origination volume of nearly $2 billion, according to Modex. NAF, founded in 2003 by Patty and Rick Arvielo , originated $8.4

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

Housing Wire

His manager and company bosses knew that he and other LOs were lying about where the lead source came from, he said. Under an updated Regulation Z , lenders could no longer pay loan officers differently based on terms of loans other than the amount of credit extended. The lower comp rate stung. Still, it was better than nothing.