Our professionals and support staff have extensive experience. |
Chief Compliance Officer
Senior Regulator (federal)
Senior Examiner (state)
Quality Control VP
Forensic Loan Auditor
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.
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.
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 Library |
Our Library section on MLO Compensation offers many important documents (and even audios) to support your review of TILA Loan Originator Compensation requirements.
Return to Top
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.
� 2007-2011 Lenders Compliance Group, Inc. All Rights Reserved.