As loan providers gear up to attract brand new loan officers (LO), numerous keep these things are asking for unique or complex payment plans. The genuine challenge lenders 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 recent styles he’s seen in loan officer payment, and will be offering guidelines to loan providers to fulfill conformity criteria, while attracting the absolute most loan that is talented.
MReport: What styles are you currently seeing with regards to loan officer compensation?
Ludlow: The trends that we’re seeing with loan officer settlement now relate primarily to being imaginative inside the Dodd Frank rules. After which additionally, a greater curiosity about making certain you have got a system that is auditable and certainly will be evaluated if you have regulatory review down the street. Therefore it’s actually a few things: freedom and auditability.