I don't think you are necessarily doing anything wrong... but with the intent of rules being to prevent lenders from paying MLOS for products or services differently based on loan terms, I think an argument could be made that setting the pay scale for refi's lower and purchases higher would go against the intent of the regulation.
I am not saying that the argument is a particularly strong one, but I could see someone challenging the effort and motivation put into "selling" refis versus going after purchases... In effect making your MLO's be more aggressive to getting new money in the door, so that they earn MORE money, for themselves and your evil money grubbing bank... (I kid of course)...
Ultimately, I think the MLO compensation rules are terrible and frustrating given that a car salesman can hustle me, sell me more car than I need and that's not a problem. A financial advisor can hustle me and make me invest in worthless stocks and lose "future" money solely to get a bigger commission, and that's not a problem. An insurance salesman can all hustle me and sell me insurance for things I don't need just to achieve a bigger bonus and that's not a problem... but an MLO sells a mortgage at .25% interest over the "crooked" LIBOR and its the worst thing that can happen ever...
Last edited by AFaquir; 07/18/12 09:10 PM.
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MBA Fin/MBS HR
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