I can't believe the compensation changes are just one month away.  I've had the privilege of talking to so many people who are concerned about this new law.  There may be a last minute injunction that stalls the bill, but unless something drastic happens, we all need to be prepared to deal with the Dodd-Frank Act as well as the Fair Lending Act (which gets implemented a few months after Dodd).

If your company isn't clear on how they are going to address both acts, there is cause for concern. 

Both acts have liability to the originator if violations occur....

even if your company prepared the plan on your behalf!!!!

Needless to say, I can honestly say that our company has spent at least 1,000 hours on prepping for this.  We've dealt with attorneys in Washington, D.C. as well as the individuals whom drafted each act. 

We want to pay as agressively as any company out there, but also make sure that our originators and branch managers are covered and protected.  If you'd like to talk further, I'd welcome the opportunity.  If not, that's OK, just make sure that you're bulletproofed.  Here's to 2011!  Those who can master our new challenges before us will rise to the top and take market share.

April 1rst is April Fools Day.  Don't get exposed on this issue.  In the meantime, you can call me at 630-417-7172 or e-mail me at lbettag@ccmclending.com.