When you hear the phrase " bank robbery" you usually think of the bank as being robbed. But not today. Today it is the banks doing the robbing, in this case, from the loan officers and originators that are generating their mortgage business. Who would have ever thought that the people who are most responsible for originating and closing loans would become the victim of robbery by their own employer, the banks. They're not using guns like a self-respecting thief would do; There's no crime scene, no 911 call, and no investigation. Their weapon is a self-serving interpretation of the Dodd-Frank Act.
At netbranchology.com. we have been contacted by loan officers and originators that work at several of the major banks and want us to place them with another firm. These people are explaining that even though their production has risen considerably over the past year they are earning less. They explain that their employers, in this case, several of the major banks, are using the skin in the game provision of the Dodd-Frank Act to reduce their earnings and fund the banks contribution for the loans they originate. Now there's a constructive approach; Withhold a significant portion of your employee's income to cover a requirement that has nothing whatsoever to do with the job the loan originator performs. Sounds just like a bank, doesn't it? Worst of all, the bank's policy on paying this money back to the originator in the future is, shall we say, optional.
In another case, an experienced mortgage banker reports that his employer, another major bank, now uses technology that deducts penalty fees from his earnings in the event the underwriter or processor doesn't do their job within time constraints dictated by the new regulations. His regional manager explained that the originator is part of a team and that originators must accept the limitations of the people on the team. When the regional manager was asked if the processor and underwriter paid a portion of the penalty, he replied, "No, they're salaried, but it does affect their bonus". Peculiar, don't you think? During a sales meeting designed to motivate the bank's originators, the same regional manager asked his assembled group of originators what suggestions they had to help improve their morale and increase their production. Curiouser and curiouser...
If you are a victim of this kind of robbery consider working for a mortgage firm that doesn't treat you like the enemy. At netbranchology.com, we work with an assortment of banks and mortgage companies with employment programs that will help you close more loans and earn more income for yourself. You will have maximum freedom to grow your business the way you want. Close the kinds of deals you like; Work with the people you choose. HIre your own processors. One of our corporate clients even offers an equity interest in the firm for qualified candidates. Contact one of our recruiters today to discuss the details of your situation.
When it comes to your success,
we take it personally.
netbranchology.com... specialty recruiters for the mortgage and banking industries. Job candidates NEVER pay a fee for our services; Our fees are paid for you by our corporate clients.
...specialty recruiters for the mortgage and banking industries...
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