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Loan Originator Compensation Policy Manual

The Consumer Financial Protection Bureau's Loan Origination Rule amended Regulation Z of the Truth-in-Lending Act (TILA), and affected the loan origination process. Do you have your loan originator qualification and compensation policies in place? Don't worry - we can help.


Overview

The AllRegs Loan Originator Compensation Policy Manual is a comprehensive, turnkey policy manual that provides background and history of the law and explains permissible forms of compensation for lender-paid and consumer-paid options. It clarifies the CFPB's definition of loan originator, includes revisions for integrated disclosures, provides current rules for Loan Originator Qualifications, Anti-Steering and Safe Harbor, and includes supplementary material that may be incorporated into your Loan Officer Compensation agreements.

Implementations of the Loan Originator Compensation Policy Manual is required by the CFPB for all mortgage originator organizations with employees compensated for originating loans.

The policy includes the following topics:

  • Introduction
  • Accountability and Monitoring
  • Staff and Training
  • General Principles for Compliance
  • Loan Steering
  • Compensation Agreements

Benefits

The Loan Originator Compensation Policy Manual features the following benefits:

  • Supports strong operational preparedness
  • Establishes staff training requirements 
  • Defines roles and responsibilities
  • Helps meet regulatory and internal compliance requirements 
  • Allows policy revisions to fit your business model
  • Delivered via email within one business day
  • Maintain one central consolidated source of relevant information for use by asset, portfolio, and property managers as well as third-party vendors.

Optional Services

Maintenance: Receive regular and ongoing industry updates to keep your policy within regulatory requirements.

Publishing: Publish your manual, including your company procedures, in AllRegs Online to complete your policy manual solution.

Contact your account manager for information regarding these optional services!

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