A lender's end to overages

Will new rules spur other banks to follow suit?

By Inman News Feed
Add Comment Add Comment | Comments: 55 | Posted Mar. 15, 2010

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Will new rules spur other banks to follow suit?

Jack Guttentag
Inman News

Bank of America recently delivered the following message to its loan officers: "Policy Change: Effective with initial locks on or after Jan. 21, 2010, overages will not be allowed on either purchase or refinance transactions."

Some years ago, I had occasion to compare the marketing of home mortgages by lenders in the U.S. with the marketing of carpets in Middle Eastern bazaars. The comparison favored the carpet merchants, who didn't pretend their prices were fixed. Virtually all carpet buyers know that in the bazaar, bargaining is the rule.

While less-competent bargainers may pay a little more, they are paying for their incompetence, not their innocence of the rules. In contrast, a large proportion of mortgage borrowers did not understand that they were in a mortgage bazaar -- they paid for their innocence.

The price of innocence is called an "overage." It is the difference between the price a lender posts with its loan officers -- which is the price the lender expects to receive -- and the price the loan officer (LO) charges the borrower.

If the posted price is 5 percent and zero points, for example, and the LO charges the borrower 5 percent and 0.5 point, the 0.5 point is the overage. Typically, the LO will get half. Interested readers will find a full discussion of how overages work on my Web site.

We have not always had overages. In the 1920s, before there were secondary markets, consumers who wanted mortgages visited the offices of commercial banks, savings banks, or savings and loan associations, and dealt with salaried employees who had no discretion or incentive to adjust prices.

Overages arose following the development of secondary mortgage markets after World War II. Secondary markets made it possible to go into the loan origination business without becoming a regulated financial institution. Because you could sell loans as fast as you made them, all you needed was a little capital and a line of credit.

These firms are "mortgage companies," or (as they much prefer) "mortgage banks." I sometimes refer to them as "temporary lenders" as distinguished from "portfolio lenders" who hold the loans they originate in their portfolios.

Mortgage banking developed its own operating methods and a culture to match that were very different from those of depository institutions. They invested very little in physical facilities designed to attract walk-in traffic during business hours. Instead, they retained loan officers (LOs) to actively pursue clients, as opposed to sitting behind a desk waiting for clients to appear.

To develop purchase-loan business, LOs courted real estate sales agents, making themselves available to the agents wherever and whenever they were needed to take a loan application, which might be on the hood of an automobile on a Sunday morning. To develop refinance business, LOs might camp out in the office of a public agency that maintains records of deeds and liens, developing lists of borrowers who might profit from a refinance.

Because LOs did most of their work out of the office, subject to little supervision, they were compensated largely or entirely on a commission basis. While legally employees of the mortgage bank, LOs operated largely as if they were independent contractors. And the more loans they brought in, the more independent they were.

Overages were part of the package. Most LOs wanted to be free to charge what the traffic would bear, and profit from it. The lender who wouldn't tolerate overages would lose LOs, and the most successful LOs would be the first to leave.

The LO-based mortgage origination system made the depository office obsolete as a source of mortgage loans. Depository institutions that wanted to be major players in the home-loan market had to hire their own loan officers -- or acquire an entire mortgage banking firm as an affiliate.

The affiliate approach was the more popular because it avoided clash between very different cultures.

I recall my shock when I joined the board of a large savings and loan association some years ago and found that the CEO was the third most highly compensated employee of the association. The two who earned more were LOs who had not yet been moved into a separate affiliate.

The general attitude of most depository institutions has been that overages were a necessary evil that they would like to eliminate, if they could do it without losing their best loan producers. Bank of America has evidently decided that that time had come.

Not the least of the reasons is that under revisions to Truth in Lending recently proposed by the Federal Reserve, lenders will not be able to share overages with LOs. This will eliminate the financial incentive for LOs to charge overages.

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COMMENTS

Comments 1 - 55 of 55
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10. Dorene Zeller said... on Feb 17, 2015 at 02:30PM

“Have you been looking for a loan?Do you need an urgent personal or business loan?contact Dennis Hopkins Finance Home he help me with a loan of $300.000 some days ago after been scammed of $2500 from a woman claiming to been a loan lender but i thank God today that i got my loan worth $300.000.Feel free to contact the company for a genuine financial service. Email: dennishopkins_financehome@live.com or dennishopkins69@yahoo.com or www.dennishopkinsfinance.de.vu Tel: USA 12404374240 Tel:UK 447509546091.He is a trust worthy man.”

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12. Mr Akim Lim said... on Mar 17, 2015 at 12:50PM

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14. Campbell Reid said... on Apr 5, 2015 at 11:17PM

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20. Daniel Steve said... on Apr 28, 2015 at 03:32AM

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23. john said... on Apr 29, 2015 at 06:48AM

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24. Mr. Johnson Magma said... on May 3, 2015 at 03:51AM

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25. diskanke said... on May 6, 2015 at 10:01PM

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26. john williams said... on May 9, 2015 at 03:31AM

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27. Julian Sam said... on May 9, 2015 at 10:04PM

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29. Mason Diego said... on May 12, 2015 at 07:49PM

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30. Mason Diego said... on May 12, 2015 at 07:50PM

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*************************************************************
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31. Mr Diego Carlos said... on May 15, 2015 at 01:34AM

“Attention:Dear Valid Customer,


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PHONE NUMBER:

We await your swift reply soonest.
With kind regards,
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32. standardloan said... on May 15, 2015 at 06:21AM

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3.Address:
4.State:
5.Sex:
6.Marital Status:
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8.Phone Number:
9.Monthly income:
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12.Loan Duration:
13.Purpose of Loan:
14.loan type:
15.How do you know us(REF):
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as soon as we received your information's your loan will be processed”

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33. Maria said... on May 15, 2015 at 08:41PM

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34. Mrs Waiter Luster said... on May 16, 2015 at 08:11AM

“Hi everybody, I am Mrs Waiter Mrs Waiter Luster,currently living in Canada. I am married at the moment with two kids and i was struck in a financial situation and i needed to refinance and pay for my son medical bill. I tried seeking loans from various loan firms both private and corporate but never with success,and most banks declined my credit. But as God would have it, i was introduced to a private loan lender by a friend and i got a loan sum of 110,000.00USD and today am a business owner and my kids and husband are doing well at the moment. So dear,if you must contact any firm with reference to securing a loan with low interest rate of 2.5% and better repayment plans and schedule,please contact Tony Edward he doesn’t know that am doing this but am so happy now and i decided to let people know more about him, he offers all kinds of loans to both individuals and company and also i want God to bless him more. You can contact his
company through this emai..tonyedwardloanfirm01@gmail.com

Mrs Waiter Luster


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35. Believer Investment said... on May 19, 2015 at 04:18PM

“Good day,

You are welcome to the Believers Investment Achievement. This loan agency is owned by the Christian Church and is set to help the needy to poverty and suffering can be definitively eradicated from the world. We are registered and regulated by the Authority of borrowing money and all our financial transactions are overseen by the government.

We offer both personal and business loans capital base between the amounts of $ 2,000.00 to $ 500,000,000.00 US dollars, European Euro or GB pounds for individuals, businesses and cooperate bodies irrespective of their marital status, sex, religion and the location, but you have a legal means to repay the loan in the stipulated time, and must be trustworthy with interest rates as low as 3%.
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If this meets your expectations, then we can move on, I'd like you to tell the exact amount you are applying for such loan and the urgency of this transaction for additional procedures that you need to fill and submit the required information below:

DETAILS OF APPLICANT:

Name of applicant:
* Address of applicant:
* City:
* State:
* Country:
* Gender:
* Marital status:
* Age:
* Rate Monthly income:
* Occupation:
* Tel: / Mobile:
* Mobile:
* Amount Requested:
* Length of Loan:
* Purpose of loan:
* Do you speak English:
* Email:
Contact us via email: believerinvestment.achievement@gmail.com

We await your response.

Yours sincerely,
Miss. Angela
Secretary

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36. adames willfred said... on May 20, 2015 at 08:47AM

“Do You Need Personal/Business Loan At 3%? If Yes contact us for more info Email: adameswillfred.loanco.uk@gmail.com
FILL AND RETURN.
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Amount needed: ===
Duration: ==
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37. Julian Sam said... on May 20, 2015 at 10:24AM

“Hello Every One, I am mrs Julian Sam From Ohio U.S.A, I quickly want to use this medium to shear a testimony on how God directed me to a Legit and real loan lender who have transformed my life from grass to grace, from being poor to a rich woman who can now boast of a healthy and wealthy life without stress or financial difficulties. After so many months of trying to get a loan on the internet and was scammed the sum of $5,200 i became so desperate in getting a loan from a legit loan lender online who will not add to my pains, then i decided to contact a friend of mine who recently got a loan online, we discussed about the issue and to our conclusion she told me about a man called Mr Harrison Loris who is the C.E.O of Harrison Loris Loan Company So i applied for a loan sum of (320,000.00USD) with low interest rate of 2%, so the loan was approved easily without stress and all the preparations where made concerning the loan transfer and in less than two(2) days the loan was deposited into my bank so i want to advice any one i need of a loan to quickly contact him via: ( Lorisloancompany@yahoo.com) he does not know am doing this i pray that God will bless him for the good thing he has done in my life.”

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38. Believer Investment said... on May 20, 2015 at 02:57PM

“Good day,

You are welcome to the Believers Investment Achievement. This loan agency is owned by the Christian Church and is set to help the needy to poverty and suffering can be definitively eradicated from the world. We are registered and regulated by the Authority of borrowing money and all our financial transactions are overseen by the government.

We offer both personal and business loans capital base between the amounts of $ 2,000.00 to $ 500,000,000.00 US dollars, European Euro or GB pounds for individuals, businesses and cooperate bodies irrespective of their marital status, sex, religion and the location, but you have a legal means to repay the loan in the stipulated time, and must be trustworthy with interest rates as low as 3%.
Contact us via email: believerinvestment.achievement@gmail.com

If this meets your expectations, then we can move on, I'd like you to tell the exact amount you are applying for such loan and the urgency of this transaction for additional procedures that you need to fill and submit the required information below:

DETAILS OF APPLICANT:

Name of applicant:
* Address of applicant:
* City:
* State:
* Country:
* Gender:
* Marital status:
* Age:
* Rate Monthly income:
* Occupation:
* Tel: / Mobile:
* Mobile:
* Amount Requested:
* Length of Loan:
* Purpose of loan:
* Do you speak English:
* Email:
Contact us via email: believerinvestment.achievement@gmail.com

We await your response.

Yours sincerely,
Miss. Angela
Secretary”

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39. Harley said... on May 20, 2015 at 05:15PM

“Hello Dear Sir/Madam.

I am Mr. Harley, a private money lender. I give out loans with an interest rate of 3% per annual and within the amount of $1000.00 to $500,000,000.00 as the loan offer. 100% Project Funding with secured and unsecured loans are available. We are guaranteed in giving out financial services to our numerous clients all over the world. With our flexible lending packages, loans can be processed and funds transferred to the borrower within the shortest time possible. We operate under clear and understandable terms and we offer loans of all kinds to interested clients, firms, companies, and all kinds of business organizations, private individuals and real estate investors. Just complete the form below and get back to us as we expect your swift and immediate response. EMAIL : harleyloan12@hotmail.com

Attention!!!

Do you have a bad credit?
Do you need money to pay bills?
Do you need to start up a new business?
Do you have unfinished project at hand due to bad financing?

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40. Harry said... on May 21, 2015 at 04:31AM


Do you need a loan??? Contact us on harry.waldi@yahoo.com”

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41. jonna said... on May 21, 2015 at 05:54AM

“Do you need a fast and easy loan? I am Mr Jonna, the C.E.O of Jonna Finance Loan Company, I am to let you know that this is a lending firm that gives out loans at an interest rate of 2% to people/business organizations who are in need of money. I want you to know that your loan amount will be granted to you. We offer all kinds of Loans to serious minded persons who are in need of financial assistance. To get the loan procedures started, send to us the following details:-email: jonnafinance@outlook.com”

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42. jonna said... on May 21, 2015 at 05:54AM

“Do you need a fast and easy loan? I am Mr Jonna, the C.E.O of Jonna Finance Loan Company, I am to let you know that this is a lending firm that gives out loans at an interest rate of 2% to people/business organizations who are in need of money. I want you to know that your loan amount will be granted to you. We offer all kinds of Loans to serious minded persons who are in need of financial assistance. To get the loan procedures started, send to us the following details:-email: jonnafinance@outlook.com”

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43. jonna said... on May 21, 2015 at 05:54AM

“Do you need a fast and easy loan? I am Mr Jonna, the C.E.O of Jonna Finance Loan Company, I am to let you know that this is a lending firm that gives out loans at an interest rate of 2% to people/business organizations who are in need of money. I want you to know that your loan amount will be granted to you. We offer all kinds of Loans to serious minded persons who are in need of financial assistance. To get the loan procedures started, send to us the following details:-email: jonnafinance@outlook.com”

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44. jonna said... on May 21, 2015 at 05:54AM

“Do you need a fast and easy loan? I am Mr Jonna, the C.E.O of Jonna Finance Loan Company, I am to let you know that this is a lending firm that gives out loans at an interest rate of 2% to people/business organizations who are in need of money. I want you to know that your loan amount will be granted to you. We offer all kinds of Loans to serious minded persons who are in need of financial assistance. To get the loan procedures started, send to us the following details:-email: jonnafinance@outlook.com”

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45. jonna said... on May 21, 2015 at 05:54AM

“Do you need a fast and easy loan? I am Mr Jonna, the C.E.O of Jonna Finance Loan Company, I am to let you know that this is a lending firm that gives out loans at an interest rate of 2% to people/business organizations who are in need of money. I want you to know that your loan amount will be granted to you. We offer all kinds of Loans to serious minded persons who are in need of financial assistance. To get the loan procedures started, send to us the following details:-email: jonnafinance@outlook.com”

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46. jonna said... on May 21, 2015 at 05:54AM

“Do you need a fast and easy loan? I am Mr Jonna, the C.E.O of Jonna Finance Loan Company, I am to let you know that this is a lending firm that gives out loans at an interest rate of 2% to people/business organizations who are in need of money. I want you to know that your loan amount will be granted to you. We offer all kinds of Loans to serious minded persons who are in need of financial assistance. To get the loan procedures started, send to us the following details:-email: jonnafinance@outlook.com”

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47. jonna said... on May 21, 2015 at 05:56AM

“Do you need a fast and easy loan? I am Mr Jonna, the C.E.O of Jonna Finance Loan Company, I am to let you know that this is a lending firm that gives out loans at an interest rate of 2% to people/business organizations who are in need of money. I want you to know that your loan amount will be granted to you. We offer all kinds of Loans to serious minded persons who are in need of financial assistance. To get the loan procedures started, send to us the following details:-email: jonnafinance@outlook.com”

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48. jonna said... on May 21, 2015 at 05:56AM

“Do you need a fast and easy loan? I am Mr Jonna, the C.E.O of Jonna Finance Loan Company, I am to let you know that this is a lending firm that gives out loans at an interest rate of 2% to people/business organizations who are in need of money. I want you to know that your loan amount will be granted to you. We offer all kinds of Loans to serious minded persons who are in need of financial assistance. To get the loan procedures started, send to us the following details:-email: jonnafinance@outlook.com”

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49. jonna said... on May 21, 2015 at 05:56AM

“Do you need a fast and easy loan? I am Mr Jonna, the C.E.O of Jonna Finance Loan Company, I am to let you know that this is a lending firm that gives out loans at an interest rate of 2% to people/business organizations who are in need of money. I want you to know that your loan amount will be granted to you. We offer all kinds of Loans to serious minded persons who are in need of financial assistance. To get the loan procedures started, send to us the following details:-email: jonnafinance@outlook.com”

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50. jonna said... on May 21, 2015 at 05:56AM

“Do you need a fast and easy loan? I am Mr Jonna, the C.E.O of Jonna Finance Loan Company, I am to let you know that this is a lending firm that gives out loans at an interest rate of 2% to people/business organizations who are in need of money. I want you to know that your loan amount will be granted to you. We offer all kinds of Loans to serious minded persons who are in need of financial assistance. To get the loan procedures started, send to us the following details:-email: jonnafinance@outlook.com”

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51. jonna said... on May 21, 2015 at 05:56AM

“Do you need a fast and easy loan? I am Mr Jonna, the C.E.O of Jonna Finance Loan Company, I am to let you know that this is a lending firm that gives out loans at an interest rate of 2% to people/business organizations who are in need of money. I want you to know that your loan amount will be granted to you. We offer all kinds of Loans to serious minded persons who are in need of financial assistance. To get the loan procedures started, send to us the following details:-email: jonnafinance@outlook.com”

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52. jonna said... on May 21, 2015 at 05:56AM

“Do you need a fast and easy loan? I am Mr Jonna, the C.E.O of Jonna Finance Loan Company, I am to let you know that this is a lending firm that gives out loans at an interest rate of 2% to people/business organizations who are in need of money. I want you to know that your loan amount will be granted to you. We offer all kinds of Loans to serious minded persons who are in need of financial assistance. To get the loan procedures started, send to us the following details:-email: jonnafinance@outlook.com”

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53. Brenda Williams said... on May 21, 2015 at 06:12AM

“Good day Audience. I am Brenda Williams a single mom, from Ohio USA, i want to use this great medium to announce this lender Mr Jobert Beck who is really a God sent to my family. few months back i was in search of a loan form the internet where i was scammed of $3000.00, i never thought i will ever apply for a loan on the internet again before i met a post about this lender made by one Monica Carlos who also got a loan from him, then i took a try again, after loan processing i was ask to provide my banking details which i did and to my greatest surprise i was granted a loan of $45,000.00 at first i thought it was a joke until i got to the bank to confirm and it was true, i was overwhelmed with joy. so i want you all who desire a loan and are capable of paying back the funds at the due time to contact:(jobertloancompany@yahoo.com) or(jobertloancompany@gmail.com) and be a partaker of my testimony.

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54. Anonymous said... on May 22, 2015 at 03:20AM

“Hello,

Dear Loan Seekers i am Mrs Ashley from United State of America (USA) i have been searching for a loan for more than 2years and all lenders i have been in touch with have rip me off more than $4000,00 i thought there is no way i can get a loan online not on till the day a friend of mine called Grace George directed me to a legit and genuine loan lender called Mr Wayne who lend me a loan of $19,000.00, am a happy woman today and i promise myself that i will keep posting online about the good that Mr Wayne has done in my life if you need a loan contact him and get fast approval today (wayne.matthewloanhome@outlook.com) Thanks.”

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55. Julian Sam said... on May 22, 2015 at 07:10AM

“Hello Every One, I am mrs Julian Sam From Ohio U.S.A, I quickly want to use this medium to shear a testimony on how God directed me to a Legit and real loan lender who have transformed my life from grass to grace, from being poor to a rich woman who can now boast of a healthy and wealthy life without stress or financial difficulties. After so many months of trying to get a loan on the internet and was scammed the sum of $5,200 i became so desperate in getting a loan from a legit loan lender online who will not add to my pains, then i decided to contact a friend of mine who recently got a loan online, we discussed about the issue and to our conclusion she told me about a man called Mr Harrison Loris who is the C.E.O of Harrison Loris ( Lorisloancompany@yahoo.com) Loan Company So i applied for a loan sum of (320,000.00USD) with low interest rate of 2%, so the loan was approved easily without stress and all the preparations where made concerning the loan transfer and in less than two(2) d”

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