Leif Thomson is the founder and CEO of Mortgage Master, one of the largest retail home lenders in all of New England. The firm has been around for 24 years – in good times and bad. He, like everyone else in the industry, is now operating under the Federal Reserve’s new loan officer compensation rule, which has been the law of the land for about a week now. What does this industry veteran think about the reg? “I wish the rule wasn’t here at all,” he said. Mortgage Master currently employs about 250 LOs. These salesmen and women now earn between 75 and 80 basis points per mortgage.
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