Loan Officer Compensation
Under Title XIV, Subtitle A of the Dodd Frank Wall Street Reform and Consumer Protection Act, banks are no longer allowed to provide loan officer compensation or mortgage loan originator compensation that varies based on the terms of the loan. This is causing an inability for banks to compensate their loan officers in a way that aligns the loan officer compensation with the bank’s goals. A misalignment of this nature can significantly hamper bank health and profitability.
The MyLoans software provides the bank with a new interest revenue opportunity in which all parties are properly aligned for success. The borrowers (patients) are compensated by getting fast access to a loan provided by federally insured and fully regulated financial institutions. The medical providers are compensated by getting immediate funding of their accounts receivables. The bank is compensated with a new customer and interest income in exchange for servicing the loan. So in a time when federal regulation is directly impacting a bank’s loan officer compensation program, MyLoans provides an opportunity for your bank to properly align its value and compensation across its employees and customers.
What to do next?
Drop us a line so we can explain what MyLoans is, how it works and how easy it is to implement. We have been developing banking software long enough to know there is rarely an opportunity to provide equal value to all parties involved. Don’t let this opportunity slip through your fingers.