CFPB Proposed LO Compensation Rule Now Open For Public Comments
In case you were not aware, the mortgage industry was very close with having to adjust to a flat fee for compensation. Fortunately, NAMB, in addition to having multiple meetings with top CFPB oficials, was able to get 5 members of 19 SBREFA panelists to represent YOU and the entire industry to help explain why the flat fee was a bad idea.
Here’s a summary of the latest CFPB proposal
In case you are in the mood, please read the 369 page proposal on LO Comp
Bottom line, here are the victories:
- No Flat Fee
- LO’s can be compensated on a consumer-paid transaction
- Originator qualifications (Bank LO’s need to get licensed!)
Do Your Part – Get Involved and Participate
Every LO should want to comment on this proposal…Public comments are due by 10/16/12 –
Click here for submit your comment – If you will write more than 2000 characters, please attach your comments as a document.
Disparate Impact Still A Problem To Face