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12/10/2008 04:56:50 PM · #26 |
Originally posted by yospiff:
Originally posted by vxpra:
He said if he had it all to do over again he'd ban commisions out right and his employees would be salary only |
Though I am not in sales, (I am on the technical side of things, thank goodness!) I have worked closely with a lot of salespeople and I think many industries would not get salespeople who could sell if they went to salary. There's got to be some means of setting up an incentive structure that rewards salespeople for the quality of their sales. In the office equipment business, that is often done by a recurring income from the deal, based on equipment usage, rather than a flat commission on the original sale. I don't know how that could be applied to mortage lending. |
You might've hit on something. Monthly commisions based on whether the loan is current. Maybe a final "balloon" commision after 18 months (most of the fraud we see results in a loan defaulting within fourteen months) of "good standing" for the loan, or twelve months- thirteen months whatever- if it gets refinanced. |
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12/10/2008 04:57:36 PM · #27 |
Regulate - yes, I can see where that's necessary. Harsh penalties for liars and thieves and scoundrels. But no direct handling of loans by government, please. Can't see where that would be any change for the good.
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