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 loan providers 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 present styles he’s seen in loan officer settlement, while offering recommendations to loan providers to meet up conformity requirements, while attracting the absolute most pay day loan skilled loan officers.
MReport: What styles are you currently seeing when it comes to loan officer payment?
Ludlow: The trends that we’re seeing with loan officer compensation now relate primarily to being creative in the Dodd Frank guidelines. After which additionally, a greater fascination with making certain you have got a method that is auditable and may be evaluated if you have regulatory review down the trail. Read more…