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Impact of Home Equity Lines of Credit in New Loan Originator Compensation Rules

Question: 
Are Home Equity Lines of Credit included in the new loan originator compensation rules? If so, can an employer incent a loan originator based on the amount drawn versus the line amount?
Answer: 

HELOCs are exempt from the loan originator compensation rules. Financial institutions may incent loan originators based on the amount drawn.

Vendor: 

BAI provides financial service leaders with the industry’s most actionable insights. For over 90 years, BAI’s mission has been to empower leaders to make smart business decisions, drive positive change, and move the industry forward. Because a strong financial services industry helps consumers, businesses, and communities thrive. For more information call: 800-224-9889.

First published on 12/10/2017

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