RC_RC_GO_404.1 Reviewing LO Comp Plans for Compliance Professionals

The 2013 Loan Originator Rule covers a variety of elements, but is of particular importance to regulation of loan originator compensation ("LO Comp"). Understanding the definitions and requirements of the Rule helps compliance professionals manage risk at their companies and provide input on how to develop policies that support production while maintaining compliance.

The Reviewing LO Comp Plans for Compliance Professionals course has two main parts: a review of the compensation-related provisions of the 2013 Loan Originator Rule, followed by an interactive practice that allows learners to consider the requirements in the context of realistic business scenarios. The first part of the course focuses on the concept of loan origination activity, compensation covered by the Rule, the prohibition against basing compensation on a loan term or proxy for a loan term, the dual compensation prohibition, the anti-steering prohibition, and recordkeeping requirements. After addressing these elements of the Rule, the course opens the doors on a strategy session where the learner will participate in brainstorming with a lender's management team to develop compensation plans that meet business needs while maintaining compliance with the Rule.

This is a single-family/residential course.

• Loan Originator Rule Review
• Loan Origination Activities
• Loan Originator Employee Plan
• Producing and Non-Producing Manager Plans
• Record Retention

Seat time approximately 4 hours.

Copyright 2023.