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            March 9, 2011

  

                                             LO Compensation - FAQs Outline
                                                 To Our Valued Subscribers

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Greetings!

   

On Monday, March 7, 2011, we notified you about our FAQs Outline for Loan Originator Compensation, consisting of 90 questions and answers (22 pages) and covering many areas. It was destined to be expanded.

 

As of today, the FAQs Outline has grown to 110 questions and answers (27 pages). That's 20 additional Q&As and 5 more pages in just two days! So, that should give you some idea of the complexity, implications, nuances, exigencies, and implementation criteria.

 

We have received numerous calls and emails requesting our FAQs Outline. But, it has not been placed in the Library.

 

**The FAQs Outline is only and exclusively available to our monthly compliance administration clients.**

 

We had mentioned the FAQs Outline in the context of suggesting that you meet immediately with your compliance advisers to review the forthcoming TILA compensation requirements.  

 

We believe strongly that a FAQs or something similar can help to clarify and establish important issues. Obviously, it is important to attend webinars, webcasts, and lectures.

 

Yours truly,

Jonathan Foxx

President & Managing Director  

Why is the FAQs Outline only available to LCG's Clients?

Our compliance administration work offers direct and continual support to our clients' particular compliance needs. This assures continuity and timely information.

 

In addition to our comprehensive compliance program, our monthly compliance administration clients also receive special updates for their areas of operations, state and federal law advisories that may impact their loan originations, 24/7 response, compliance advisories, advance article publication notices, and surely such documents as the FAQs Outline.

 

Our Newsletters are free. They will stay free! The premise of these Newsletters is not to sell our services. We are sure that you will contact us if and when you need us. And we'll be here for you when you do need us!


Our mission is to share our knowledge with you in the belief that by so doing we will all benefit by timely, actionable, and reliable information regarding residential mortgage compliance. 

Get Ready! 

With only a few days to go before the April 1, 2011 effective date, it is a matter of top business priority to draft appropriate policies and procedures, and, among other things, revise compensation plans and agreements with loan originators, affiliates, and other relationships.

 

Consequently, we have either scheduled calls or are meeting with our clients through this month to discuss TILA compensation. You should be doing the same!

 

In any event, remember: the new TILA compensation requirements are effective on April 1, 2011.  

 

Whether there is a delay to the effective date or even further guidance from the FRB prior to April 1, 2011, be prepared - plan, get ready, and implement immediately.

 

Careful discussion and consideration are needed on the part of compliance personnel, management, legal, and operations to be properly prepared to develop the required procedures involved in all significant aspects of the TILA loan originator compensation issue.

Visit LibraryLibrary
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Our Library section on MLO Compensation offers many important documents (and even audios) to support your review of TILA Loan Originator Compensation requirements.


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Suite of Services and Specializations

Mortgage Compliance                 Compliance Administration

 

Defaults and Claims Reviews        Forensic Mortgage Audit

 

Mortgage Defaults Task Force       Mortgage Quality Control

 

FHA Examinations               State and Federal Examinations

 

Mortgage Due Diligence     FNMA|FHLMC|GNMA Applications

 

Legal Reviews & Remedies          Loss Mitigation Compliance

 

Sarbanes-Oxley Compliance           HMDA & CRA Processing

 

Mortgage Fraud Audit                   Disaster Recovery Plans

 

CORE Compliance Matrix�                         Statutory Licensing

 

Business Development                Information Security Plans

 

IT & IS Compliance                                     RESPA-AfBAs

 
Lenders Compliance Group is the first full-service, mortgage risk management firm in the country, specializing exclusively in mortgage compliance and offering a full suite of hands-on and automated services in residential mortgage banking.

We are pioneers in outsourcing solutions for mortgage compliance.

This communication is sent to our valued clients and colleagues, who regularly receive our Mortgage Compliance Updates, Compliance Alerts, and Commentaries.


These publications are free to subscribers. Information contained herein is not intended to be and is not a source of legal advice.


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