Not only are commercial banks continuing to lose residential production market share, but it appears they are paying their retail loan officers less than nonbanks – a lot less. According to more than a dozen interviews conducted with executives and LOs at originating firms with different charters, some nonbanks are allowing for compensation plans that pay the originator upwards of 200 basis points. At banks, the best LO comp plan is 100 bps, Inside Mortgage Finance found. One bank mortgage manager, who spoke under the condition his name not be used, said...
A four-year veteran of the bank in California, this mortgage loan officer said he never felt any type of pressure to cross sell other Wells products either.
One mortgage insurance official who used Promontory Financial Group in the past described the firm’s work as “excellent,” but noted: “They don’t come cheap.”
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