Minimum compensation level for the state - Wells Fargo Wholesale
We haven't been sending loans to Wells Fargo for over a year, but one of their updates on LO Compensation from last week has an example of Lender-paid compensation and they mention a "Minimum compensation level for the state". which for the example they show it to be $2000. In the example due to loan size the actual calculated compensation comes out to $1,150, then their example shows that the net compensation is short $850 of this "Minimum compensation level for the state", and then states that The $850 equals a cost to the consumer to complete the broker’s compensation. This sounds like the consumer would be paying this $850 even though this is a "Lender paid compensation" example.
Has anyone doing regular business with Wells figured out what they are doing here and if this "Minimum compensation level for the state" is just a Wells thing, or something that everyone will be following. They also have an example with a "Maximum compensation level for the state"
Any feed back here?
by Client Server March 3, 2011 1:16 PM
I can't get any feedback from Wells Fargo AE. Their videos on website are worthless.
All they do is send News Flash after News Flash.
They want it to be vague......good luck!
by awinkler March 3, 2011 3:30 PM
Ive heard in Nebraska they set minimum at $1600 and max comp at $5000. In Iowa minimim is at $800 and max at $8000. Good luck Wells in Nebraska haha
by sfranny March 6, 2011 12:52 AM