Don't Be Fooled: New Rules on Mortgage Loan Originator Compensation Become Effective April 1st

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April 1, 2011 is the effective date for new provisions under Regulation Z that place restrictions on loan originator compensation and on steering by loan originators. These rules, which apply to closed-end loans secured by a consumer’s dwelling, prohibit:

Payments based on the loan’s interest rate or other terms. Payments based upon a fixed percentage of the loan amount, however, are expressly allowed; Payments to a mortgage loan originator received directly from a consumer if that mortgage loan originator is also receiving compensation from the lender or any other party...

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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