David Stein discusses loan officer talent wars and compliance in American Banker

Discussing loan officer compensation plans and state auditor practices, David Stein, chair of Bricker’s Consumer Financial Services group, was recently quoted in American Banker article, “In War for Talent, Mortgage Firms Irked by Rivals' Compensation Plans” (subscription required).

Within an industry that’s facing increased scrutiny in legal compliance, structuring appealing compensation plans that both acquire and retain top talent can be challenging. “Competition for high-producing loan officers is heating up as mortgage lenders shift their attention from refinancings to home purchases. But amid the frenzy, some mortgage lenders are questioning the tactics some rivals are using to attract top loan officers.”

Stein states that "[i]t is a competitive war for talent out there, and if someone is trying to be compliant and their competitors are not, they are put in a tough position[.]”