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#1640525 - 12/19/11 04:19 PM MLO Compensation
Cale_N_Oats Offline
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Cale_N_Oats
Joined: Aug 2008
Posts: 742
Southern Illinois
I was at a seminar recently and one of the presenters said that they were told by the regulators (I think FDIC) that banks can't provide bonus' to their Loan Officers based off the profitability of the Bank. Does this sound familiar to anyone? I don't remember reading this in the SAFE Act, and I know their are some new LO compensation rules for mortgages.
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#1640535 - 12/19/11 04:26 PM Re: MLO Compensation Cale_N_Oats
Kathleen O. Blanchard Offline

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Kathleen O. Blanchard
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This interpretation of Reg Z rules came out in an FRB webinar that you can still access at:

http://www.philadelphiafed.org/bank-reso...ompensation.cfm

The CFPB is expected to issue their interpretation in early 2012 but not in time for bonus payments for 2011. The FRB still owned Z at the time they issued this interpretation.
Last edited by Kathleen B; 12/19/11 04:28 PM.
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#1640543 - 12/19/11 04:34 PM Re: MLO Compensation Cale_N_Oats
Cale_N_Oats Offline
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Cale_N_Oats
Joined: Aug 2008
Posts: 742
Southern Illinois
Great! Thanks Kathleen.
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