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            March 7, 2011

  

                                              Loan Originator Compensation
                                                          FAQs OUTLINE

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Greetings!

 

We have drafted a FAQs Outline exclusively for our clients.

 

The FAQs Outline consists of 90 questions and answers (22 pages) and comprehensively covers the Final Rule on Loan Originator Compensation.

 

We strongly recommend that you meet  immediately with your residential mortgage compliance professional to review the forthcoming TILA requirements with respect to loan originator compensation. It will take some time to understand the requirements, revise programs, consider effects on your origination platforms, and revise your compensation plans and employment agreements.  

 

In addition to drafting appropriate policies and procedures, revising compensation plans and agreements with loan originators and affiliates, we suggest that you also work through an actual FAQs type of outline in order to clarify and establish important issues.

 

Effective Date: April 1, 2011

 

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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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