Regulations prompt banks to overhaul pay for loan officers

04/1/2011 | AmericanBanker.com (free registration)

Bank of America and Wells Fargo are revamping their compensation structures for loan officers as new regulations take effect. Pay will be more closely tied to volume, while some incentives and bonuses will be eliminated. In Wells Fargo's case, new incentives will be added to encourage sound lending practices and improved customer service.

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