I work for a local mortgage broker in Phoenix AZ. I signed a contract agreeing to a 50% commission split. A loan went into underwriting Oct. 18, 2007 and it funded December 3. The owner decided to verbally change the commission split on Holloween to 25% to cover a new lead generating service he purchased.... He now claims that 25% is what I get paid on the deal that sat in underwriting for over a month. I was already originated under the old compensation plan, gone through processing and at a lender awaiting funding. I never signed any new compensation plan contract. Can he get away with this?
Optional Information:
Phoenix, Arizona
Already Tried:
Talking with the owners. Now they are dragging their feet.