We are proceeding Wednesday, April 6 with our compensation plan and pricing protocol after today's decision. We held off on enacting our compensation protocol for both our retail and broker channels as a show of support for the NAMB and NAIHP efforts. We thought it would be best freeze our implementation to allow our origination bases maximum flexibility and a little more time to prepare. While we were hopeful that the stay would be extended we are prepared to "go live" with our plan tomorrow morning.
At this point we are running concurrent systems; Mortech Marksman for our new compensation plan. Mortech is a great interface that we were able to customize to fit our need for both retail and wholesale compensation structures. We are still running our Avista origination and pricing system for all transactions originated and received prior to 4/6/11. We will continue to issue a rate sheet with pricing specific to those transactions. Our plan has been crafted with the intent to merge the two systems over the next 30 to 45 days as our pipelines close out of the pre 4/6/11 applications. Our goal is to maintain pricing and compensation integrity on all transactions eligible prior to the rule taking effect. GSF wanted to be sure that our partners have the ability to realize commissions earned on previously disclosed transactions.
We anticipate that our Broker partners will have an adjustment period of a few weeks to the new compensation rules. Once the "psychological effects" wear off we fully anticipate our broker partners to focus on opportunity's that exist as a result of this rule and evolve as all strong species do. Our commitment is to assist our partners in any way we can during this transition. The good news... the spring home buying season is here, there are consumers and referral partners to service and mortgage brokers will open tomorrow to meet this need.
Chad Jampedro is Managing Vice President of GSF Funding in Pewaukee, He may be reached by phone at (262) 373-0790 or e-mail [email protected]