Appellate courts are officially playing pingpong with underwriters' employment status, leaving lenders to decide whether or not they qualify as employees exempt from minimum wage and overtime pay and open to regulatory scrutiny.
National Mortgage News readers share their views on the most pressing mortgage and housing topics of the month. Comments are excerpted from reader response sections of NationalMortgageNews.com articles and our social media platforms.
The more aggressive nonbank lenders are attracting top producers by essentially allowing loan officers to set their own rate of pay. While so-called "pick-a-pay" compensation plans are not illegal, critics say they can encourage loan officers to steer consumers into more expensive loans in order to increase their own pay.
From the rollercoaster ride toward the TILA-RESPA implementation deadline to concerns about other areas the Consumer Financial Protection Bureau would zero in on for scrutiny, these seven stories dominated National Mortgage News during 2015. Following are both the stories and an update on where the situation stands now.
A number of factors, including the shift back to a purchase market and burgeoning Hispanic and millennial demographics, are expected to spur mortgage industry hiring across the board in 2016, with one major exception: appraisers.