We explore the main reasons why loan officer payment is harmful to customers. And then we provide an alternative Better that is— Mortgage loan officers whom don’t receive money commission, ever.
Loan officers will be the main point of contact for borrowers through the entire mortgage application procedure at virtually every mortgage company. That’s an important work, appropriate?
The typical loan officer is paid 1% of the loan amount in commission in return for this service. For a $500,000 loan, that’s a commission of $5,000. Numerous banking institutions pass this price right through to customers by recharging greater interest levels and origination fees. Continue reading