Thursday, April 7, 2011

Maryland loan officers get ready! New compensation rules take effect

Mortgage brokers -- who work independently from banks, brokering loans through multiple lenders -- maintain that the rules favor loan officers employed by banks, and will drive many of them out of business.

Only time will tell for sure what the effect of the new compensation rules will be but one thing is for sure this ruling for the rules to take effect April, 6th was a suprise to many.  Lenders are now scrambling to meet the requirements and many Maryland lenders/banks have suspended taking new loan applications until they get organized for compliance with the new rules.

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