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Barney Frank is a tool as they all are. He is the one who has us playing 3 card Monte with payroll to get paid on loans we close. We CANNOT get paid a commission on a loan. So the money goes to our company. Then we have to take hourly wages, overtime, a set amount per loan closed, quarterly bonuses etc to take the money we earned in the form of pay and adjust our pay every 3 months depending how much money is in our account. Real Estate agents, financial planners and even car salesmen get paid on what they sell and don't have to jump through hoops. It's nonsense. It's part of protecting the consumer! Just like the new 3 page Good Faith Estimate that nobody understands. The old GFE was 1 page and broke down every cost in black and white (no fees blended together) and the customer had to sign it. The new 3 page one doesn't need to be signed and doesn't show the borrower their itemized costs(fees are lumped together) How was this designed by the govt to help consumers if it doesn't require a signature or show them how their money is being spent? The old one showed you to the penny what I was making for commission the new one doesn't. I gave up on this a month after it came out! The attorney's at the closing table can't even tell you what exactly makes up your origination fees. Rant over!
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