As lenders gear up to attract brand new loan officers (LO), numerous keep these things are asking for unique or complex settlement plans. The challenge that is real face is adjusting their payment intends to these demands, 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 settlement, and will be offering best practices to loan providers to meet up with conformity criteria, while attracting the essential skilled loan officers.
MReport: What styles have you been seeing with regards to loan officer compensation?
Ludlow: The trends that we’re seeing with loan officer payment now relate primarily to being creative in the Dodd Frank rules. After which additionally, an increased desire for ensuring you’ve got a method that’s auditable and that can be evaluated if you have audit that is regulatory the street. Therefore it’s actually a few things: auditability and flexibility. Those would be the a couple of things that appear to be driving almost all of the choices now. Having said that, it must be great through the loan officer’s perspective, because we must attract loan officers.
What’s really occurring on the market could be the choice in regards to the payment plan is created between the recruiting sales manager when it comes to retail home loan compensation as well as the loan officer that is prospective. Continue reading Here you will find the Top 5 problems loan providers are Facing With Loan Officer Compensation