Lenders Compliance Group: FAQs - Loan Originator Compensation (Now Available!)

Tuesday, March 22, 2011

FAQs - Loan Originator Compensation (Now Available!)

Our FAQs Outline - Loan Originator Compensation is now available to the public!

Effective Date: April 1, 2011 –

Loan Originator (Officer) Compensation

The Effective Date of the Loan Originator Compensation requirements is April 1, 2011 and the mortgage industry has been scrambling to implement new policies and procedures, automated responses, new disclosures, compensation plans and employment agreements, and seeking out educational venues to determine appropriate actions.

The FAQs Outline offered by Lenders Compliance Group covers virtually all areas affected by the amendment to the Truth in Lending Act (TILA), as it relates to mortgage loan originator compensation.

The fee is very low - it hardly covers our costs and overhead - but providing the FAQs Outline to loan originators should be done for the sake of the industry. And that's enough motivation for us! This is not a time to 'jump on the bandwagon' and make a few extra bucks.

With no time to lose and the April 1, 2011 effective date rapidly approaching, having a tool like the FAQs Outline can immediately clarify information and provide ways and means to implement this new TILA requirement.

FAQs Outline: Antidote to Ambiguity!

FAQs Outline – Now Available!

This document is proprietary.
To date, it has been only available to our monthly compliance administration clients.
We're providing the FAQs Outline to the mortgage industry because it is imperative to provide as much support as possible to loan originators at this critical time.

Contents and Coverage

CONTENTS section now consists of 4 pages with 142 Questions, all of which are answered throughout with 142 Answers.
Total Pages: 35
Updates: FAQs Outline will continue to grow, as needed