Our poll is over and I’m actually a little surprised by the results: a majority prefers the current most common form of mortgage originator compensation.
Points, based on a percentage of the loan amount received 48.9% of the vote. Followed by hourly, based on work performed, at 31.1%. Paying your mortgage originator a flat fee, the same fee for everyone, came in last at 20%.
I hope the FED and Washington State’s DFI reads this… right now they’re both trying to change how mortgage originators are paid.
Shouldn’t it be up to the consumer? They have the right to vote with their feet. If they don’t like how a mortgage originator feels they should be compensated, they can walk.
Our government getting involved with how an industry is paid is very troubling to me.