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loan officer de-commission laws michigan HELP! Michigan

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  • loan officer de-commission laws michigan HELP! Michigan

    Hello and somebody please help or enlighten me in regards to a commission sales situation many bankers and myself are dealing with at our current employer. I work for a "DIRECT LENDER" mortgage company in michigan, in which we write and close loans in many states across the country. In recent months myself and many other bankers have been de-commissioned on loans that closed and funded many many months, and sometimes even YEARS ago. We all know that we can be de-commissioned if one of our closed clients sells or refinances within 120 days, but this is ridiculous. Loans that closed 10 months to nearly 3 years ago have come back to haunt some bankers. We close loans underwritten and approved, guideline compliant, and authorized by the company, only to get nipped well down the road if something goes wrong with that loan. I even heard one banker was decommissioned on a loan where his client had died. What are the laws in regards to this matter?? This seems unfair to the bankers, who have done a good job in writing, processing, and closing the loan. If somebody dies or loses their job, it's obviously not the bankers fault. Do we have any protection in regards to this matter? please help!
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