EAGAN, Minn.--(BUSINESS WIRE)--Last year, the Federal Reserve Board’s Final Rule was issued, amending Regulation Z of the Truth-in-Lending Act (TILA), and affects loan origination compensation. The Loan Originator and Anti-Steering Rules take effect on April 1, 2011.
AllRegs, in a continued effort to help save you time, increase productivity and maintain compliance with the Loan Originator and Anti-Steering Rules, announces the availability of the Loan Originator Compensation Policy Manual. Offered as part of the Policy and Procedure Manual series, the AllRegs Loan Originator Compensation Policy Manual is a 12-page turnkey policy manual template ready for personalization and insertion of your company-specific policy information.
The AllRegs Loan Originator Compensation Policy Manual provides the background and history of the law and explains permissible forms of compensation for lender-paid and consumer-paid options. It explains Anti-Steering and Safe Harbor rules, and includes sample Loan Originator Agreements for two compensation options, easily customizable to modify for your company.
“From summaries of the compensation and anti-steering rules to sample client compensation agreements, mortgage companies need to understand the how the Loan Originator Compensation Rules impact their day to day business,” says Dan Thoms, executive vice president for AllRegs. “The Loan Origination Compensation Policy Manual is a turnkey solution that provides the key policy information you need in place for April 1st compliance with the Rules.”
The Loan Originator Compensation Policy Manual clearly spells out the law in an understandable format for everyone in your organization.
“You can personalize our template to suit your company, and you can easily add, delete and update your plan to suit your changing compliance needs,” continued Thoms. “We can even take it to the next level and publish your manual AllRegs Online, allowing your easy access and searchability through the same application that they use to access their AllRegs underwriting guidelines and state and federal regulations.”
The Loan Originator Compensation Policy Manual is available for the one-time purchase fee of $495 per company. To purchase this manual, or any of the AllRegs’ Policy and Procedure Manual Templates, or to learn more about our Pro-Publishing Solution, visit www.allregsmortgage.com or call (800) 848-4904.
About AllRegs: First introduced in 1989, AllRegs is used by virtually all of the top 100 lenders as well as throughout numerous governmental agencies, including Fannie Mae, Freddie Mac, the FHLBs, FHA, VA, RHS, Ginnie Mae, and more. AllRegs is a Mortgage Technology Magazine Top 50 Service Provider for 2008, 2009 and 2010, winner of the 2009 Mortgage Technology Synergy Award with partner Mortech, and the exclusive electronic publisher of the Fannie Mae and Freddie Mac Single and Multi-Family Seller/Servicer Guides, The Federal Home Loan Banks’ MPF Program Guidelines, and CalPERS’ Member Home Loan Program Guidelines. Products include single and multifamily underwriting & insuring guidelines as well as federal compliance laws and regulations, state compliance laws and regulations with plain-language analyses, contract publishing services and a library of historical guidelines. The educational division, AllRegs Academy, offers distance learning, classroom training and practical guides. For more information, call (800) 848-4904 or go to www.allregsmortgage.com.