LOs Stay Steamed on Compensation Issue

The mail bag is getting full from all the angry comments I received regarding the Federal Reserve rule designed to control loan broker and LO compensation. Here's an interesting note from 'Larry in Illinois' who writes, "It's outrageous that the government can restrict compensation paid to loan officers. The amount of time and work required to move the borrower from application to closing is extensive. The loan officer isn't compensated unless the loan closes. If we had the same lobbyist that the National Rifle Association has, this bill would have never passed or would be overturned. I think the NAMB should contact the NRA for advice and get this Todd bill overturned." In my recent column on the issue I also forgot to mention that the Fed's point man on LO compensation, Paul Mondor, used to work at the Mortgage Bankers Association...