Wells Fargo tries to boost mortgage business with higher pay

Loan officers' top commission rate rose to 70 basis points from 63, according to Bloomberg, and the new policy - which took effect on July 1 - also merges two lower tiers into one that pays 65 bps instead of 48 or 58.

“By adjusting those tiers we created a lot of desire for the loan officers to go out and get that extra production,” says Franklin Codel, who oversees mortgage origination for Wells (WFC +0.7%). “This creates that little extra incentive.”

With the refinancing boom finished, lenders are trying to find business by funding new home purchases, but those deals usually require more effort than a refi, and the big players are losing talent to smaller firms with better pay packages and shorter turnaround times for closing deals.

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Comments (1)
  • outofhere
    , contributor
    Comments (3694) | Send Message
    ANYBODY remember how the commission scale effected countrywide performance?
    14 Aug 2014, 05:57 PM Reply Like
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