Under our LO comp plan, LOs are eligible to split a quarterly incentive pool based on meeting minimum production goals (i.e., the total dollar volume of mortgage loans.)
We also have a minimum incentive of $500/loan or $800/CRA-qualified loan. Are there any implications for paying more on CRA-qualified loans?
For “quality control” measures, we have satisfactory loan file quality, satisfactory audit and exam results, no unsaleable or repurchased loans (due to compliance errors), following compliance rules, completing training, etc. What other topics do you measure in LO performance for compensation factors?