Mortgage Lending · HR & Training
Loan officer compensation plans
A written plan setting out how loan officers are paid, including commission rates, draws, salary, and bonus rules.
What it usually contains
- Commission basis points or percentages by loan type and channel
- Base salary, recoverable or non-recoverable draw terms, and minimum wage true-up
- Volume tiers, bonus triggers, and quality or pull-through adjustments
- Payout timing, clawback conditions for early payoffs or defaults
- Compliance language on loan terms, steering, and overtime classification
What the assistant uses it for
Answer questions about how a loan officer's pay is calculated, when commissions are paid, and what happens to pay when a loan falls through or is repaid early. Also useful for checking that pay practices follow loan originator compensation and wage-hour rules.
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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