Sentences with phrase «loan officer compensation»

On May 23, 2012, The Consumer Financial Protection Bureau CFPB held a small business review panel to evaluate proposed changes to the Federal Reserve's Loan Officer Compensation Rule as well as offer alternatives as to how borrowers can be charged fees and points.
Much of the impetus behind the compensation rules had been the belief by regulators and legislators that the historical lack of oversight of loan officer compensation allowed unscrupulous loan officers and mortgage brokers to take advantage of consumers.
This is why Real Estate got into trouble... Not disclosures, not loan programs, not loan officer compensation...
The final rule implements requirements and restrictions imposed by the Dodd - Frank Act concerning loan officer compensation; qualifications of, and registration or licensing of loan originators; compliance procedures for depository institutions; mandatory arbitration; and the financing of single - premium credit insurance.
Read more about New Rules on Loan Officer Compensation Under TIL and Regulation Z.
What makes the situation worse than before is that the Bureau has chosen to include loan officer compensation and GSE loan level price adjustments (LLPAs) in the calculations as well.
On June 19, 2012, NAR President Moe Veissi met with Richard Cordray, Director of the Consumer Financial Protection Bureau (CFPB) to discuss a wide range of topics including the Qualified Mortgage (QM) and RESPA / TILA rulemakings, as well as upcoming rulemakings covering servicing standards and loan officer compensation.
On Monday, June 24, 2013, the Consumer Financial Protection Bureau (CFPB) issued proposed changes to the Qualified Mortgage (QM), Loan Officer Compensation, and Mortgage Servicing rules among others.
While there will undoubtedly be a fair amount of additional guidance issued, any remaining actions should focus on adjustments to regulations like the Ability to Repay / Qualified Mortgage, Loan Officer Compensation, and the RESPA / TILA harmonization, to name a few.
Unlike many other CFPB rules, the first iteration of the loan officer compensation rule did not stem from the Dodd - Frank Act.
Creditors were required to create and maintain policies and procedures detailing loan officer compensation plans and maintain loan officer compensation agreements to describe clearly how the loan officer compensation plan applies to the loan originator.
NAR has proposed that loan officer compensation should not be counted in fees and points at all, but if the Bureau does this, it should at least not adopt a double - counting model.
HUD plays a key role in the QRM and FHA rules, while CFPB is responsible for the QM, RESPA, TILA, Loan Officer Compensation, and a host of other rules.
The Bureau is still trying to decide whether the loan officer compensation portion should be offset by other charges paid by the consumer.
a b c d e f g h i j k l m n o p q r s t u v w x y z