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.
- 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
- 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.
ABOUT THE PRESENTER – Elizabeth Fast, JD, CPA, Spencer Fane LLP
Elizabeth Fast is a partner with Spencer Fane LLP where she specializes in the representation of financial institutions. Elizabeth is the head of the firm’s training division. She received her law degree from the University of Kansas and her undergraduate degree from Pittsburg State University. In addition, she has a Master of Business Administration degree and she is a Certified Public Accountant. Before joining Spencer Fane, she was General Counsel, Senior Vice President, and Corporate Secretary of a $9 billion bank with more than 130 branches, where she managed all legal, regulatory, and compliance functions. She is a member of the Missouri State Banking Board by appointment of the Governor.
Originally recorded on August 10, 2017.
Recorded webinar is available until February 28, 2018.
Free Digital Copy included with purchase to download and view beyond link expiration date.
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