Wells Fargo Tries Boosting Pay Amid Mortgage-Revenue Drop
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Wells Fargo & Co.’s mortgage business, the largest in the U.S., is looking to halt a revenue slump by sweetening the payoff for employees amid a shift to new home purchases.
Loan officers’ top commission rate rose to 70 basis points, or 0.7 percentage point, from 63 basis points, according to a copy of the policy obtained by Bloomberg News. That means an employee who completes $1.6 million of loans in a month would earn a base commission of $11,200, up from $10,080.