Ballard and Spahr posted a great article on pending litigation regarding how aggressive LO Comp. plans are causing Fair Lending issues. It appears from their discussion that at least one lender is currently before the Department of Justice for this issue.
As a reminder to loan originators, be aware of what is okay and what is not okay regarding your compensation and Fair Lending. You are responsible as well as the company and both of you can be taken down if you are not compliant. Many lenders have called me regarding this issue and recruiting. Lenders who are trying to do it right are losing people to lenders who are doing it wrong. Loan originators, don’t fall for that! Go with the good guys to protect what you have worked so hard to build and maintain.
To read the article, CLICK HERE.
