Buckley Sandler Webcast: The Loan Originator Compensation Rule: Recent Developments and Open Questions
Although the Loan Originator Compensation Rule (LO Comp Rule) took effect almost six years ago, it continues to present significant challenges for the mortgage lending industry. The broad prohibition on terms-based compensation was designed to prevent borrowers from being steered into less advantageous loans, but the rule also contains highly technical restrictions that can be violated without any borrower harm and carry significant liability for individual loan originators, brokers, lenders, and investors. Furthermore, ambiguities in the rule often place employers in the difficult position of balancing compliance risk with the need to offer competitive compensation.
This webcast featured a discussion of the LO Comp Rule by Buckley Sandler attorneys who oversaw the rule at the CFPB, assisted the mortgage industry with its implementation, and advise on day-to-day compliance as well as respond to inquiries from the CFPB and private lawsuits. They discussed:
- Issues that continue to pose challenges when establishing policies and procedures for compliance and negotiating individual compensation agreements, including varying compensation by lead source or loan type and establishing compensation plans for loan origination teams
- Potential liability, including recent enforcement activity and private litigation
- Clinton R. Rockwell, Partner, Buckley Sandler
- Benjamin K. Olson, Partner, Buckley Sandler
- Steven R. vonBerg, Associate, Buckley Sandler
When: Tuesday, March 21, 2017 from 2:00 - 3:00 pm ET
Registration is required. Please, no outside law firms, government agency personnel, consulting firms, or media. After registering and being approved, you will receive a confirmation email containing instructions for joining the webcast.