Loan Originator Compensation

This is a policy guide to comply with the provisions governing Loan Originator Compensation for mortgage lenders and mortgage loan originators. This a separate policy guide. Once purchased this guide will be customized to your specifications. You will receive an immediate invoice receipt with a download link to a questionnaire with some simple questions to answer and receive your customized guide within 24-48 hours. This is written for independent mortgage bankers but can be customized for depository financial institutions and credit unions. 

Table of Contents

LOAN ORIGINATOR COMPENSATION POLICY

• PURPOSE
• SCOPE

GENERAL REQUIREMENTS

• LOAN ORIGINATOR QUALIFICATIONS
• COMPENSATION FROM A CONSUMER
• COMPENSATION FROM A THIRD PARTY
• THIRD-PARTY SERVICE PROVIDER CHARGES
• MORTGAGE BROKERS
• NMLS ID AND STATE LICENSE DISPLAY
• DISCIPLINARY ACTION

PERMISSIBLE COMPENSATION

• AMOUNT OF CREDIT EXTENDED
• LOWERING COMPENSATION

PROHIBITED COMPENSATION

• EXAMPLES OF PROHIBITED COMPENSATION
• ANTI-STEERING 8
• DUAL COMPENSATION PROHIBITION
• TRANSACTION TERM
• PRODUCT-BASED COMPENSATION
• COMMISSIONS FOR PERFORMING NON-ORIGINATOR ACTIVITIES
• PRICING CONCESSIONS

LOAN OFFICER COMPENSATION AGREEMENTS

• PERIODIC REVIEW

RECORD RETENTION

• EXAMPLES

APPENDIX A (DEFINITIONS)

• COVERED LOAN
• EXEMPT EMPLOYEES
• NON-DEFERRED PROFITS-BASED COMPENSATION PLAN
• TRANSACTION TERMS