CFPB Examining Loan Officer Compensation Rule

OriginationNews tells Peter Carroll, the acting assistant director for the Consumer Financial Protection Bureau (CFPB) in charge of the Office of Mortgage Markets, is examining the Federal Reserve’s loan officer (LO) compensation rule. Jurisdiction for the rule was moved to the CFPB in July 2011 from the Fed’s control as part of the Dodd-Frank Act. The rule prevents LOs at mortgage firms from benefiting financially from the consumer and the lender in the same transaction. Responsible for how rules affect borrowers and lenders, Carroll says, “We are re-visiting some of the issues around that rulemaking as well as other items that were given to us in the Dodd-Frank Act.”

(Image credit: CFPB)

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