Photo: Avi Werde / Unsplash. Illustrative stock photograph; not a property or company discussed in this article. Your lender’s last employer may think it owns your clients. CrossCountry Mortgage has sent cease-and-desist letters to at least 25 former loan officers, according to HousingWire, which reviewed the letters. The Cleveland-based lender, described as a top-five mortgage lender, says those loan officers refinanced CCM-connected borrowers after they left. The letters are dated Oct. 29 and were signed by CCM’s senior corporate counsel,…
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CrossCountry Wants Its Old Loan Officers to Pay Up. It’s Asking 75 Basis Points Per Refi.
CrossCountry Mortgage is demanding 75 basis points per refinance from former loan officers, raising questions about borrower relationships and non-solicitation terms.
