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Selected Loan Originator Compensation Issues
(Presented By: Mary Beth Guard and Jack Holzknecht)
11:30AM - 1:30PM PT
12:30PM - 2:30PM MT
1:30PM - 3:30PM CT
2:30PM - 4:30PM ET
On August 17, 2012 the Consumer Financial Protection Bureau (CFPB) released a 369-page proposal to amend Regulation Z. The amendments involve loan originator compensation. The proposal clarifies and expands on existing regulations governing loan originator compensation and qualifications. They also implement new laws, including a restriction on the payment of upfront discount points, origination points, and fees on most mortgage loan transactions.
This webinar focuses on selected compensation issues. Can a bank make a 2012 contribution to a retirement plan of a loan originator (current rule and proposal)? Can a bank pay a profit sharing bonus for 2012 to a loan originator (current rule and proposal)? Can a bank charge discount points without creating a UDAAP and/or a Fair Lending violation and without violating the proposed rule contained in Regulation Z?
Upon completion of this program, participants understand:
The requirement that before imposing upfront points and/or fees on a consumer in a closed-end mortgage transaction, the creditor must make available a comparable, alternative loan with no upfront discount points, origination points, or fees that are retained by the creditor, broker, or an affiliate of either (a "zero-zero alternative").
Revised restrictions on pooled compensation, profit-sharing, and bonus plans for loan originators.
Participants receive a detailed manual that serves as a handbook long after the program is completed
This two-hour program explores in depth the selected loan originator compensation issues mentioned above.
The program is designed for senior management, compliance officers, human resources management, loan management and auditors.
About the Speakers:
Jack Holzknecht is a principal with Pegasus Educational Services, LLC. He has been delivering the word on lending compliance for 36 years. In Jack's 31 years as a trainer, over 100,000 bankers (and many examiners) have participated in his live seminars and webinars. Jack's career began in 1976 as a federal bank examiner. He later headed the form, software and education divisions of a regional consulting company. There he developed loan and deposit form systems and software. He also developed and presented training programs to bankers in 43 states. Jack has been an instructor at compliance schools presented by several state bankers associations. He developed and delivered compliance training for the FDIC and OTS for ten years. He is a Certified Regulatory Compliance Manager and a member of the National Speakers Association. He is also a "BOL Guru" at http://www.bankersonline.com.
Mary Beth Guard currently serves as Executive Editor of BankersOnline.com, CEO of Glia Group, Inc. and Executive Editor of BankingQuestions.com. Since graduating from law school in 1980, Mary Beth has focused her work almost exclusively on the banking industry. Previously, Mary Beth served as EVP/General Counsel and COO for the Oklahoma Bankers Association, EVP of Specialized Services for Thomson Financial Publishing, and General Counsel for the Oklahoma State Banking Department. Mary Beth is on the advisory board for Bankers' Hotline. She has presented training programs for virtually every major national financial industry association, as well as more than a dozen state bankers associations and a host of other organizations. In addition, Mary Beth has written more than a thousand banking-related articles and is a BOL Guru.