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Course/Product Description
Title:

New Rules For Loan Originators: Compensation, Background Checks, And More!

Date / Time: Recorded
Format: Audio Conference
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Description:

New Rules For Loan Originators: Compensation, Background Checks, And More!
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.

Learning Objectives

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.

Cannot Attend The Live Presentation?

This presentation is also available in a recorded format, in On-Demand Or CD versions, as shown in the pricing options below.

About Webcasts / Audio Conferences / Podcasts: Webcasts, audio conferences, and podcasts are presentations that you attend via the Internet, phone, or mobile device at a specified date and time for "live" versions, or at your convenience for "recorded" and "On-Demand" versions.

The live versions are interactive, meaning that participants can ask questions in real time, plus are a very cost-effective form of training because 1) you receive fast, convenient learning without any out-of-office time; 2) you can invite as many colleagues as you'd like to listen in on a single phone line; 3) you incur no travel expenses; and 4) you and your colleagues are back at work immediately after the session ends!

And though with recorded versions you do lose the ability to ask questions, you gain the ability to hear the presentation numerous times and to share it with others in your office.

Handout materials and the phone number for live presentations are made available to you prior to the event via email from the presenter and from the "MyAccount" link on the menu bar. Copies of the presentations are included with recorded versions.
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