As the mortgage market heats up – particularly on the home purchase side – demand for top-performing loan originators continues to grow. Meanwhile, nonbanks are proving to be very aggressive in the recruitment of LO talent.
But finding a way to recognize the value of loan originators in competitive times — and at a level that draws in key players and keeps your own star performers from bolting to another lender—is guided by more than just economics. Specifically, the Consumer Financial Protection Bureau’s LO compensation rule casts a big shadow over what can and can’t be done with LO compensation.
Innovation in recruitment and retention plans runs the risk of crossing the regulatory boundaries into territory that could incite large fines. Sticking strictly to conservative low compensation levels, on the other hand, threatens production levels.
This 90-minute recording explores how to walk the line between these competing needs. Our panel, including legal and recruiting experts, discusses how to entice and retain top performers while staying within the CFPB’s rule.
For more information, please visit the event website.