Assisting Mortgage Lenders, Banks and Credit Unions in Managing their Compensation Programs Effectively
CARLSBAD, CALIF. (PRWEB) OCTOBER 15, 2019
The Compliance Group, TCG (
http://www.TheComplianceGroup.net), an innovative service-oriented company offering solutions specializing in Compliance, Quality Control, and Servicing, has added a new audit program to their portfolio. The new Mortgage Loan Officer Compensation Audit Platform solves a common issue mortgage lenders have with managing multiple compensation programs across different levels of sales production and roles, and validating that they are being administered accurately.
This new platform implements a series of best-practices performed for TCG clients often requested during engagements and now formalized as a platform.
“We are excited to provide our Mortgage Loan Officer Compensation Audit Platform to mortgage lenders,” states Annemaria Allen, CEO. “Top MLO talent is at a premium, and making sure that the compensation plans you have in place are working correctly reduces distractions that might otherwise create risk for a lender.”
In addition to current compensation plans, more complexities are on the horizon for mortgage originators and their loan officers. On 11/24/2019, a new section of the SAFE Act will grant a Mortgage Loan Originator (“MLO”) the temporary authority to originate loans while completing state-specific requirements for licensure. Generally, the new rule creates more mobility for MLOs who wish to move from state to state and from depository institutions to state-licensed mortgage companies. The implications of this may be favorable for certain retail lenders and MLO’s and challenging for others.
The Compliance Group’s new Mortgage Loan Officer Compensation Audit Platform takes these and additional potential changes into consideration when aligning originators’ policies to their compensation practices allowing better insight and peace of mind for mortgage origination businesses.
ABOUT THE COMPLIANCE GROUP:
At its heart, The Compliance Group (TCG) is a service-oriented company supported by unrivaled expertise. The TCG mission, since inception, is to provide quality service to clients while offering cutting edge solutions that resolve the complexities of today’s compliance and credit risk. TCG is passionate about assisting all types of financial institutions within the mortgage industry. Applying decades of compliance experience, expertise, and common sense, TCG assists clients in easily navigating evolving regulatory channels. To learn more, visit http://www.TheComplianceGroup.net
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