Mortgage Lending · HR & Training
LO compensation rule documentation
A written record of how loan officers are paid, kept to show the pay plan follows federal loan originator compensation rules.
What it usually contains
- Commission basis points or percentages by loan officer or tier, and how volume tiers work
- Statement that pay is not based on loan terms such as interest rate, and no dual compensation from borrower and lender
- Rules on draws, salary, bonuses, overrides, and when commission is earned and paid
- Policy on pricing concessions, tolerance cures, and whether they may reduce a loan officer's pay
- Effective dates, approval signatures, and change history for each pay plan revision
What the assistant uses it for
Answer questions about how a loan officer's commission is calculated, when changes to a pay plan take effect, and whether a proposed payment arrangement is allowed under compensation rules. Also used to show examiners and auditors that the pay structure was documented and applied consistently.
How it is versioned
A document of this type has exactly one current version at a time. Upload a revision and it becomes the version that counts — the one before it is kept and dated, but is no longer what your assistant answers from. Nothing is ever deleted, so you can always show what this document said on a given date.
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