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Loan Officer Employment & Compensation Agreement
My Branch Manager wants me to sign a employment and compensation agreement between me and my mortgage company. Do I need to get a lawyer to review the employment and compensation agreement as well as a team agreement or should I just sign it. My Branch Manager said not to worry about it and just sign it. My manager said that I am too small for my employer to come after me. What do I need to look out for and anything I should focus on? My last Lender said I could not bring my loan officer assistant and processor and if I do I will go to jail and regret it. I did not bring anyone in fear I get sued.
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In the face of an employment and compensation agreement, especially in the field of finance and mortgages, one should think twice. Here is what you need to do: Employment contracts may have legal jargon that can affect your career and financial future for a long time. Talk to a lawyer who can help translate it all for you. Find one specializing in employment law within the financial sector since they understand better some of these industry-specific issues. Read through every page carefully while marking out areas or phrases whose meaning seem blurred or just worrying you.
You may also ask your employer for clarifications about any part of this document because transparency should be maintained. How they calculate your commission plus basic salary needs to be clearly understood too including whether there are targets involved or not. Ascertain what must be achieved before receiving performance-based bonuses/ incentives as stated by this agreement; also check if at will employment is provided for whereby either party can end relationship without notice or reason given from any side.
Look at terms showing when exactly such employments should last or under what circumstances they may be renewed again – sometimes these sections restrict your working within same industry, soliciting clients/ employees from current employer etc., for some period after leaving that company which might impact on future job opportunities so ensure you know how wide-ranging & long lived those limitations are going to prove being like next sentence indicates too… When signing up with another lender in fear of legal action against team members by former lender; Ensure confidentiality obligations towards company’s info are well known;
Find out whether anything has been said concerning ownership rights over intellectual property created during course employment plus who owns it according to them; Make sure that everything contained in JD matches up with what was talked about between yourself & boss or HR representative(s) prior to accepting offer letter if any were held; Establishing performance measurement criteria alongside applicable metrics used therefore becomes inevitable at this point;
Another area which might require looking into would touch on health care coverage details under insurance scheme(s) adopted, retirement packages available and other benefits accrued while working for such organizations; Do not forget about paid leave days off, professional development programs as well as expense compensation allowances among additional incentives given by employers from time to time; Suppose your former lending institution made threats of suing over team members brought along;
Then find out whether these same kind(s) restrictions/clauses are contained in new agreement regarding team and/or non-solicitation or not because different companies have got various ways of dealing with this issue too; For violating any part of the contract what could happen? What are penalties?
Given the potential complexity involved here plus legal implications that may follow through later on; It would be wise seeking employment lawyer’s advice before signing any such papers lest we forget our own rights and interests. Such a move ensures realization of two things which are: ensuring one’s protection under law while entering into agreements with another party and secondly having full comprehension concerning various aspects associated with it (contract).