As we noted in a recent column, wholesalers have been sending out new compensation contracts to their loan brokers. Some brokers I've interviewed are none-too-pleased with what they've seen while others are learning to live with the situation. But one broker I talked to (name withheld) said his wholesaler is capping compensation at 2% of the loan amount. But if this wholesaler (name withheld) doesn't receive a signed compensation contract from said broker by week's end, the table funder will trim the comp rate by 50 basis points to 1.5%. See Monday's edition of National Mortgage News for the full story…
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