STRATMOR Group has opened its annual compensation survey, STRATMOR Compensation Connection, covering compensation for 2013. According to last year’s survey, less than one-third of loan officer compensation plans included a quality component in 2012. Quality measures could include pull-through, customer satisfaction, application quality and time to submit an application. However, given the regulatory scrutiny of the last year we expect that 2013 results will show an increase in these kinds of components being built into compensation plans.
“In this market, it is critical to pay the right amount to the right employee at the right time,” said Nicole Yung, managing director of STRATMOR Group. “With the cost of non-compliance so high and the complexity of QM and ATR rules, it makes sense that loan officers are expected to deliver high quality loan applications and not just volume for the sake of volume. We expect this trend to continue.”
The STRATMOR Compensation Connection is conducted with a unique approach to gathering and separating data into useful profiles and relevant categories, thus enabling STRATMOR to offer surveys, based on a number, to see which modules are the most important to each participant, including:
►Retail Sales and Fulfillment
►Consumer Direct Sales and Fulfillment
►Third-Party Sales and Fulfillment
The survey is open to both Banks and Independent Lenders of all sizes and each company can choose their level of participation in the survey.