BlogTalkRadio Summary July 16, 2020: Loan Officer Compensation (Dodd-Frank Act)

2017-12-20T17:34:16+00:00 July 21st, 2010|Categories: BlogTalkRadio Podcasts|Tags: , , , , , , , , , , , |

Loan officer compensation has received much attention during the last few months as Congress found it necessary to limit how Loan Officers earn commissions. As part of the Dodd-Frank Act loan officer commissions will be limited to a percentage of the loan amount, with the potential for a bonus based on the number of loans closed.  Commissions can no longer vary based on the terms of the loan.  The provisions of the Dodd-Frank Act will not become effective for 18 to 24 months, until various regulatory agencies have produced further guidance. Overtime for Loan Originators is also a hot topic and is an issue right now.  Early this year the Department of Labor reversed a prior ruling which allowed Loan Officers to be exempt from overtime pay.  The new ruling makes it  much more likely that Companies will need to pay Loan Originators overtime.  Outside sales people are exempt from overtime.  Inside sales people are not.  A Company must establish policies to support whether their LOs are inside or outside sales people and must maintain records to support the designation.  Time worked must also be measured so hours greater than 40 will be known and overtime paid to those not [...]

BlogTalkRadio Summary July 12, 2010: Q&A on Mortgage Issues in DFA (Dodd-Frank Act)

2017-12-20T17:34:16+00:00 July 14th, 2010|Categories: BlogTalkRadio Podcasts|Tags: , , , , , , , , , , , , , , , , , , , |

Glen Corso, Executive Director of  The Community Mortgage Banking Project, joined the BlogTalkRadio/Lykken on Lending show again today and was kind enough to answer a series of questions from the hosts about the content of the Dodd-Frank Act (DFA).  Glen has lobbied on behalf of the industry as this bill progressed through the legislative process.  The DFA is expected to pass the Senate soon and will then be signed by the President.  It has several provisions which, when implemented, will have a significant impact on the mortgage industry.  Its implementation is many months down the road, but its content needs to be understood to the extent possible.  Many of the provisions in the DFA will not be fully understood until regulators have finalized the Bill’s implementation rules. Click on the attachment to read through an extensive Q & A on these topics. Click PLAY to listen to the podcast of this week’s BlogTalkRadio/Lykken on Lending with Dave Lykken and MBSQuoteline’s Joe Farr: Listen to internet radio with David Lykken on Blog Talk Radio MBSQuoteline supplies the essential market information necessary for effective decision making by Originators when assisting borrowers during the loan origination process, and for secondary marketing departments while managing pipelines. For additional [...]