Just curious as to how others have their Mortgage Loan Officer set up in regard to salary.......Our MLO is considered "broker" as we do not fund any of the loans, they are processed underwrote and closed through a third party.....we currently have it set up on commission only basis....and of course have removed the exempt status, so she has to complete timecard and all of that fun stuff..........but was curious if any were doing commission minus any expenses or how you may have set up? Also curious since how having to do timecard, do you pay for things such as holidays? Also curious as to have set up as far as any yield spread pricing or total fees collected limits?
Thanks! (I put curious in the above so much,,,,,,could not help but think....curiosity kills the cat or whatever that saying is!)

Bump

Our MLO's are set up to make minimum wage and work 8 hours a day (on the clock). So they do get holiday pay.
When they receive their monthly commission we deduct $1,257 from it.