We explore the good reasoned explanations why loan officer commission is detrimental 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 point that is main of for borrowers through the home loan application procedure at nearly every mortgage company. That’s a job that is important appropriate?
In substitution for this solution, the conventional loan officer is compensated 1% associated with the loan quantity in payment. On a $500,000 loan, that is a commission of $5,000. Numerous banking institutions pass this price right through to customers by asking greater rates of interest and origination charges.
It is thought by us’s crazy that ?ndividuals are efficiently charged to cover loan officers whom is almost certainly not representing their utmost interests.