How to Legally Compensate Mortgage Loan Originators
Thursday, August 10, 2017
12:00 pm – 1:30 pm PT
1:00 pm – 2:30 pm MT
2:00 pm – 3:30 pm CT
3:00 pm – 4:30 pm ET
Compensation paid to mortgage loan originators (MLOs) is highly regulated. The Dodd-Frank Act restricts how your institution can compensate MLOs. Furthermore, they may be entitled to overtime pay.
Although many MLOs are paid well, there have been lawsuits against financial institution employers claiming violations of the Fair Labor Standards Act, which argue that they should receive overtime pay. The Department of Labor issued an interpretive ruling which holds that employees who perform the typical job duties of an MLO do not qualify for an exemption and, therefore, most mortgage loan officers are entitled to overtime pay. This webinar will address the restrictions and requirements and how to legally compensate mortgage loan originators.
Continuing Education: Attendance verification for CE credits upon request
- MLO compensation restrictions and requirements
- Who is deemed to be a mortgage loan originator subject to these compensation rules?
- What constitutes compensation?
- How to legally pay profit-based bonuses to mortgage loan originators
- How to determine if MLOs are entitled to overtime pay
- TAKE-AWAY TOOLKIT
- CFPB's loan originator rule - Small Entity Compliance Guide
- Employee training log
- Quiz you can administer to measure staff learning and a separate answer key
WHO SHOULD ATTEND?
This informative session is designed for human resource staff, mortgage loan officers, managers, compliance personnel, legal staff, and auditors.
PLEASE NOTE: Program content is subject to copyright and intended for your individual financial institution’s use only.