Staying Within Bounds: Attracting Top LOs on the CFPB’s Watch

An Inside Mortgage Finance Webinar

Recorded April 23, 2014

It’s never been easy to retain and attract top mortgage producers, but the task has become decidedly tougher with an increased dependence on home purchase mortgage activity and the current regulatory environment. In particular, two new sets of rules from the Consumer Financial Protection Bureau, the loan originator compensation restrictions and the qualified mortgage standards, have put loan originator compensation in the regulatory spotlight.

As if that weren’t problem enough, this year’s lower mortgage origination volume is creating less opportunity for loan originators to earn and more pressure on them to perform.

In “Staying Within Bounds: Attracting Top LOs on the CFPB’s Watch,” our experts untangle how you can—and how you must not—structure loan originator compensation. You’ll gain valuable insight into what you have to do to meet the CFPB requirements and where you have leeway for creative compensation.

You’ll hear from:

  • Richard Andreano, Practice Leader, Mortgage Banking Group, Ballard Spahr

  • Donald Brewster, Deputy General Counsel, PennyMac

  • Kristie Kully, Partner, K&L Gates

  • Ben Olson, Counsel, BuckleySandler; former Deputy Assistant Director, Office of Regulations, CFPB

What we discuss during the 108-minute webinar:

  • Can you vary compensation by product type in order to incentivize originators to do more business in a particular product?

  • What rewards can you offer to employees or non-employee sources who make referrals?

  • When is it okay to pay more than one originator for a loan and how do you split the commission?

  • How can you structure plans that increase rewards as originators reach new levels of sales?

  • What records do you need to keep of your system and your payouts?

  • What are your options for “clawing back” compensation when loans don’t meet the expectations on disclosure documents or have to be repurchased due to default?

Audio CD and conference manual - $382.00
MP3 and Manual - $380.00

Please contact Customer Service if you need assistance: 1-800-570-5744

Poll

Do mortgage lenders really need a new credit-scoring model or is the current FICO system adequate?

It’s fine. Stick with what works.
Time for a change. Borrowers are different today.
Undecided, still assessing the situation.

vote to see results