LO Compensation Features: Overview
Compliance Discipline
From Point of Sale to Secondary Lock
New rules and legislation regarding loan originator compensation are still evolving.
As you consider some of the implications of these rules, you need to ask yourself what you can do today
to be ready for any changes that might be heading your way.
NYLX has enhanced our product eligibility and loan pricing platform, LoanDecisions,
to provide you flexible controls and support for a compliant discussion of loan pricing offers with a borrower:
Consistently provide borrowers with offers in their best interest.
- The loan with the lowest interest rate
- The loan with the lowest interest rate and no risky features
- The loan with the lowest total dollar amount
Get instantaneous loan pricing for all your supported creditors, including eligible/ineligible reasoning.
Discuss multiple loan scenarios, share scenarios comparisons, and provide a Loan Scenario Report to document
the pricing offers discussed and the offer selected. Ground your "good faith belief" that the consumer qualifies
for the loan with the facts to back it up.
Document your activities from offer to closed loan.
Advanced Lock Desk provides transparency into buy-side pricing, the ability to choose true best execution
with sell-side re-price, and tools to document the process including a lock activity audit trail, Safe Harbor Secondary
report and messaging maintained as part of the loan file.
Create the right balance between compliance and competitiveness.
Strong Secondary pricing controls can enable you to compete more effectively in different markets and optimize profitability
across all delivery options and channels! Par Rate Management adds another layer to LoanDecisions' robust pricing customization capabilities,
allowing you to define your par rate and contour the pricing output you wish to display to your originators.
Commission Management allows you to setup multiple plans, assign users to those plans and display commission as part of pricing
results and in support of your sales strategies.
|
Whatever your compensation model, LoanDecisions price decisioning offers unparalleled flexibility to support your
pricing strategies, address safe harbor and improve the effectiveness of presenting loan offers.
|
