Easy-to-Implement Solution keeps Mortgage Bankers in Compliance
March 14, 2011 With the new Loan Officer Compensation rulings dictated by the Federal Reserve fast approaching, mortgage executives are scrambling to find ways to comply. Mortgage businesses need to know how to be in compliance, translate the legal jargon and what new policies they are required to have in place. To ease mortgage practice transitions in accordance with the new laws Mortech, a mortgage technology software company specializing in mortgage solutions for mortgage bankers and secondary market teams, has created a new Loan Officer Compensation package.
Since Marksman, the mortgage industry’s most preferred front-end loan management solution, is typically the first resource accessed during the sales cycle for Mortech customers, expanding on the product’s loan officer compensation features was a clear next steps.
As a company known for meeting the proactive needs of loan officers, Mortech already had compensation features in place that would allow customers to analyze and customize their overall company profit structures. For example, features inherit to the system included the ability for administrators to automatically adjust pricing to the nearest 1/8 in the company’s favor and the option to create maximum price settings to only allow loan officers the ability to view discount rates and prices up the maximum price rate.
These newer loan officer compensation specific tools are designed to allow mortgage companies to customize their entire loan officer compensation package and comply with regulations without difficulty. Recent updates consist of managerial settings that allow account administrators the ability to structure their loan officer’s compensation practices from company-wide level down to the individual user level. A snapshot of Marksman’s Loan Officer Compensation enhancements includes the following:
- Safe Harbor Disclosures: If offering different compensation for different program types, account supervisors can ensure their staff is complying with the anti-steering act by using a company customized compliant form in Marksman.
- Par Threshold Ranges: Management can setup rules to allow specific par threshold ranges for loan officer quoting. Administrators can set up range rates that will price out at par such as Just Missed Rate, Over Par Additional Profit or Maximum Rebate Amounts.
• “Point Bank” and Loan Officer Reporting: Users have the ability to report “just missed pricing” amounts and overages that can be calculated into a “point bank.” Managers can easily analyze the mortgage departments performance down to the loan officer level
“These tactics are not ‘work-arounds’ or ways to ‘beat the system,” said President of Mortech, Don Kracl. “They’re legitimate strategies mortgage businesses can easily implement to get their mortgage teams in compliance. We’re not just talking about implementing solutions – we’ve built relevant, timely solutions for our customers so they can stop agonizing about regulatory demands.” Learn more about Marksman’s new Loan officer Compensation package by joining one Mortech’s Webinar series. Or schedule a demo today.
About Mortech, Inc.
Mortech supplies all-in-one pricing, rate notification, prospect management tools, custom rate sheets, secondary marketing tools, loan product eligibility and guideline services to thousands of mortgage professionals. Marksman, Mortech’s flagship web-based software, provides lenders with tools designed to automate the loan process and manage sales cycles - increasing loan close-ratios dramatically. Product and pricing information from all major investors is maintained by industry experts in real-time resulting in the most full-featured and affordable PPE and CRM solution available. Mortech is recognized by Mortgage Technology Magazine as a 2010 Top 50 Service Provider and a Mortgage Technology Magazine 2010 Synergy Award Winner with partner, AllRegs. Mortech is a preferred technology partner for Google AdWords Comparison Ads. For more information, visit www.mortech-inc.com.