Don’t let a $50 referral fee doom your Loan Originator compliance program!

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Question:

We have started a new referral program to pay bank employees a modest fee to send possible borrowers to our real estate department. Can we do this?

Answer:

Yes, if done carefully. In making a referral, an employee must be vigilant to not say or do certain things unless they are a Loan Originator. You don’t want a teller or customer service rep to inadvertently act as an LO! Join the upcoming webinar “MLO, LO, or Neither?” to learn how to stay on the right side of compliance in your referral program.

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Learn more about Rebekah Leonard’s webinar

MLO, LO, or Neither?