As loan providers gear up to attract brand new loan officers (LO), numerous keep these things are requesting unique or complex payment plans. The challenge that is real face is adjusting their settlement intends to these needs, while complying with Consumer Financial Protection Bureau (CFPB) standards.
Joe Ludlow, VP at Advantage Systems shares his insights concerning the present styles he’s seen in loan officer payment, and provides recommendations to loan providers to fulfill conformity criteria, while attracting the absolute most skilled loan officers.
MReport: What styles are you currently seeing with regards to loan officer payment?
Ludlow: The trends that we’re seeing with loan officer payment now relate primarily to being imaginative within the Dodd Frank guidelines. After which additionally, an increased curiosity about making certain you’ve got a system that’s auditable and that can be evaluated if you have audit that is regulatory the trail. So that it’s really a few things: flexibility and auditability. Those will be the a few things that appear to be driving all the choices at this time. Having said that, it needs to be great through the loan officer’s perspective, because we must attract loan officers. Continue reading