Loan Originator: Comp. is Wrongheaded

Writing in OriginationNews, Paul Muolo expresses the mortgage industry’s contempt for the Consumer Financial Protection Bureau’s (CFPB) loan officer compensation proposal, particularly the ‘flat fee’ payments. Some industry officials, thinking the agency is more intent on meeting the deadline of early 2013 than making sure the rule is equitable, are concerned that few, if any of the people at the CFPB have ever worked as a loan originator (LO). has learned loan brokers hope the proposal is either amended by Congress or delayed for at least two years to determine its fairness.

(Image credit: BankRate)

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