FAQs Outline - Loan Originator Compensation - New Release from Lenders Compliance Group

March 21, 2011 - PRLog -- The Effective Date of the Loan Originator Compensation requirements is April 1, 2011 and the mortgage industry has been scrambling to implement new policies and procedures, automated responses, new disclosures, compensation plans and employment agreements, and seeking out educational venues to determine appropriate actions.

The FAQs Outline offered by the Lenders Compliance Group covers virtually all areas affected by the amendment to the Truth in Lending Act (TILA), as it relates to loan originator compensation.

"This document is proprietary and has been only available to our monthly clients," said Jonathan Foxx, President and Managing Director of Lenders Compliance Group.

"However,  we're providing the FAQs Outline to the mortgage industry because I think it is imperative to provide as much support as possible to loan originators."

The CONTENTS section consists of 4 pages with 142 Questions, all of which are answered throughout the FAQs Outline. The FAQs Outline will continue to grow, as needed.

Lenders Compliance Group charges $125 for the FAQs Outline, which includes the document itself plus all updates for 12 months.

Mr. Foxx said that "the fee is very low, of course – it hardly covers our costs and overhead – but providing the FAQs Outline to loan originators should be done for the sake of the industry. And that’s enough motivation for me! This is not a time to 'jump on the bandwagon' and make a few extra bucks."

With no time to lose and the April 1, 2011 effective date rapidly approaching, having a tool like the FAQs Outline can be effective in immediately clarifying information and providing ways and means to implement this new TILA requirement.

Copies of the FAQs Outline can be purchased only online at: http://locomp.info.

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Lenders Compliance Group, Inc. is the first and only full service, mortgage risk management firm in the country that specializes exclusively in residential mortgage compliance. The firm provides risk management outsourcing to the mortgage industry.