Executives at Evolve Bank & Trust invest in technology to handle commissions and other accounting for mortgages due to stiffer regulatory requirements under the Dodd-Frank Act.
The 2010 reform law set tighter restrictions around how loan officers are compensated and requires, under amendments to Regulation Z, careful recordkeeping of loan officers' commissions.
"The onus is on us to prove we are doing what's required to meet requirements of Dodd Frank, especially the commission piece," Candy DeBord, mortgage division controller at the Memphis-based bank said.
The bank has invested in Accounting for Mortgage Bankers software created by Advantage Systems. The software checks loan officers' commission against Dodd-Frank rules and highlights any that seem inconsistent.
"That's been huge for us, because especially when you're dealing with spreadsheets and workaround technology, that information can be fairly inaccurate the old way," DeBord says.
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