CFPB Regulations on Loan Originator Compensation: How to Get and Keep Great Loan Originators and Still Comply
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CFPB Regulations on Loan Originator Compensation: How to Get and Keep Great Loan Originators and Still Comply (MLC552H)
Understand CFPB Regulations That Restrict Compensation for Mortgage Loan Originators.
This session by expert speaker Kris D. Kully will provide up-to-date information on the regulations of the Consumer Financial Protection Bureau ('CFPB') that restrict compensation for mortgage loan originators. Though the main prohibition put against compensations that are loanterm-based in nature seem straight-forward, mortgage loan providers may be surprised at how far-reaching the CFPB's interpretations go, and at how many types of compensation arrangements may nonetheless still be permitted.
The session will also include an outline of topics covered, which will provide a summary of many of the considerations mortgage loan providers must undertake in establishing a compensation plan.
Get answers to such important questions:
Can mortgage loan originators work as a team and split commissions?
Can a lender pay a bonus to my mortgage loan originators, and if so, what type of bonus and how much?
Can lenders dock a loan originator's compensation for mistakes in order to avoid high cost laws, early pay off or default, or to cover the cost of uncollected appraisal or credit report fees?
Can a lender pay its loan originators more or less for certain types of loans, such as streamlined refinancing, jumbo loans, or loans under special housing finance agency programs?
Can loan originators choose their own compensation levels (under a so-called "pick-a- pay" compensation program?)
Who Should Attend
Mortgage lenders (including banks, savings associations, and other mortgage companies)
Loan originators specifically - branch managers, sales team leaders, human resources managers, legal/compliance professionals.
Kris Kully is a partner in Mayer Brown's Washington DC office and a member of the Consumer Financial Services group. She advises clients on federal and state regulatory compliance matters affecting providers of consumer financial products and services, including licensing and substantive practic...
Disclaimer: The content herein does not represent any association between CFPB and Eli Financial LLC. CFPB neither endorses any product of Eli Financial LLC nor warrants accuracy of the content hereto.