As loan providers gear up to attract brand new loan officers (LO), numerous keep these things are asking for unique or complex settlement plans. The real challenge loan providers face is adjusting their settlement intends to these needs, while complying with customer Financial Protection Bureau (CFPB) standards.
Joe Ludlow, VP at Advantage Systems shares his insights in regards to the present styles he’s seen in loan officer payment, and provides guidelines to loan providers to satisfy conformity criteria, while attracting probably the most skilled loan officers.
MReport: What styles have you been seeing with regards to loan officer settlement?
Ludlow: The trends that we’re seeing with loan officer payment now relate primarily to being innovative in the Dodd Frank guidelines. Then additionally, an increased curiosity about making certain you have got a method that is auditable and that can be evaluated if you have regulatory review down the street.