“I ordered a book titled, ‘How to scam people online’ two months ago. It still hasn’t arrived yet.” Let’s open today’s Commentary with a couple topics that “bookend” lending. On the secondary marketing end, the current state of buybacks, Freddie Mac’s 2nd mortgage program, mandatory versus best efforts spread, and long-term lock demand by LOs have been hot topics, and these will be covered in “The Capital Markets Wrap” today at 12 PT/3PM ET for 45 minutes featuring Rob Kessel, Marcus Lam, and Ira Selwin. In the primary markets, the “LO 1099?” question continues to be brought up, especially by LOs doing their own research in their own states. “Show me where it says I can’t do that that!” is something no compliance person wants to hear. Lenders should hesitate to jump into claiming mortgage originators are “1099 employees” without other changes to the typical relationship, especially given the kinds of penalties typically found with income tax violations. Oh, and blindly compensating your originators differently for brokered loans? Nothing’s changed since the CFPB Supervisory Highlights seemed to make that a clear violation. (Today’s podcast is found here and this week’s is sponsored by Truv. Truv lets applicants verify income, employment, assets, insurance, and switch direct deposits. Unlock the power of open finance, with Truv. Hear an interview with California MBA’s Susan Milazzo on what to expect at next week’s Western Secondary Conference in Los Angeles.) Lender and Broker Software, Services, and Products