Loan Origination Comp. May be Revealed Tomorrow

nationalmortgagenews reports Peter Carroll, assistant mortgage manager at the Consumer Financial Protection Bureau (CFPB) says the proposed loan officer compensation rule will be significantly different from the original set of guidelines issued in early May when the CFPB first raised the concept of flat fee payments for certain transactions, a practice that met resistance from the mortgage industry. The CFPB said it may prevent loan officers from charging origination fees if they were being paid by the buyer of the loan or the table funder. As MHProNews has learned, a briefing has been scheduled for Friday by the CFPB to discuss loan origination issues.

(Image credit: Consumer Financial Protection Bureau)

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