|New rules for loan originators took effect January 10, 2014. These rules not only impact how financial institutions can compensate their loan originators, but requires loan originators to be both registered with the Federal Registry Resource Center AND pass a background check!
The background check requirement alone could cause a major problem because disqualifiers could mean that you have to terminate your loan originator – even if they've been an originator for years without a single problem!
The new rules are a whopping 540 pages long and cover a multitude of new requirements that you absolutely need to know about.
By attending this training session, you will learn about the new requirements, including:
- The new loan originator compensation rules
- The background check requirement – what to do if your originator fails
- Disqualifiers under Section 19 of the FDI Act, di minimus convictions, waivers
- The EEOC's current position on disqualification of those with criminal convictions
- The court's current position on disqualification of those with criminal convictions
- Overview of the Fair Credit Reporting Act requirements when using outside agencies to conduct background checks
- What is meant by dual compensation and compensation based on a term of a transaction or a proxy for a term of a transaction
- Pros/cons of compensating loan officers "the old fashioned way" – by the hour or by a salary
- The DOL and the court's latest positions under the Fair Labor Standards Act
- The S.A.F.E. Act's registration requirements
- What the CFBP will be looking for in their audits
- Recordkeeping requirements
About Your Presenter
Susan Fahey Desmond is a partner with Jackson Lewis LLP. She has been representing management in all phases of labor and employment law since her graduation from the University of Tennessee in 1985.
A frequent speaker and author, she is named in Best Lawyers in America for labor and employment law and has been named by Chambers USA as one of America's leading business lawyers. She is also named in Mid-South and Louisiana Super Lawyers.
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