Brokers Call on CFPB to Yank Loan Originator Compensation Rule
September 12, 2011
The National Association of Mortgage Brokers is tapping into national policymakers anxiety over job creation to press the Consumer Financial Protection Bureau to rescind its loan originator compensation rule. Ever since the early April implementation of the Federal Reserve Boards Regulation Z Truth-in-Lending rule on steering and LO compensation, consumers have experienced a dramatic increase in costs on their mortgages, the NAMB said, and the regulation has become a great impediment on the vital service of mortgage lending throughout local communities. The group also complained about the overall regulatory compliance burden of a seemingly ever-increasing amount of regulations coming out of Washington, DC.