As loan providers gear up to attract loan that is new (LO), numerous keep these things are asking for unique or complex payment plans. The challenge that is real face is adapting their settlement intends to these demands, while complying with customer 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, while offering guidelines to loan providers to meet up conformity requirements, while attracting the essential 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 click to find out more officer settlement now relate primarily to being innovative inside the Dodd Frank guidelines. After which also, a greater fascination with making certain you have got a system that’s auditable and may be evaluated if you have regulatory review down the street. So that it’s actually a few things: auditability and flexibility. Those will be the a few things that appear to be driving most of the choices now.