Loan Originator Compensation Rule

News & Analysis as of

CFPB Fines Mortgage Lender for Violating Loan Originator Compensation Rule

On November 13, the CFPB ordered a residential mortgage lender to pay $730,000 for violating the Loan Originator Compensation Rule. According to the complaint filed by the CFPB, from June 2011 to October 2013, the mortgage...more

CFPB Finds Violation of Loan Originator Compensation Rule

The CFPB and Franklin Loan Corporation have asked a federal court to approve a consent order regarding alleged violations by Franklin Loan of the loan originator compensation rule. Franklin Loan did not admit or deny the...more

CFPB settles lawsuit challenging loan officer bonuses

For mortgage industry members wondering how serious the CFPB will be when enforcing the Regulation Z loan originator compensation rule (“LO Compensation Rule”) we now have an answer— $13 million dollars serious. ...more

CFPB Finalizes Additional Modifications To Certain Mortgage Rules

On September 13, the CFPB issued final amendments to its Mortgage Servicing and Loan Originator Compensation rules. The CFPB’s press release states that the amendments (i) clarify what servicer activities are prohibited in...more

CFPB Finalizes Amendments to Mortgage Rules

The Consumer Financial Protection Bureau (CFPB) has finalized several amendments and clarifications to the mortgage rules that had been proposed on June 24, 2013. The amendments include revisions to the CFPB's mortgage...more

CFPB Commences Action For Violation Of Loan Originator Compensation Rules

The CFPB filed a complaint in federal district court against a Utah-based mortgage company, Castle & Cooke Mortgage LLC, and two of its officers for illegally giving bonuses to loan officers who steered consumers into...more

CFPB Sues Mortgage Company Over Alleged Loan Officer Compensation Practices

This afternoon, the CFPB released a complaint it filed today against a Utah-based mortgage company and two of its officers for giving bonuses to loan officers who allegedly steered consumers into mortgages with higher...more

CFPB Proposed Modifications to Mortgage Rules

On June 24, the CFPB issued proposed clarifications and revisions to its January 2013 mortgage rules with respect to ability-to-repay and qualified mortgages....more

Uncertainty Remains Under CFPB's Proposed Changes to Prohibition on Financing Credit Insurance Premiums

The CFPB has proposed changes to the Regulation Z prohibition on financing credit insurance premiums (Section 1026.36(i)) as part of several new proposed amendments to the mortgage rules it adopted in January 2013....more

CFPB Proposes Changes to Points and Fees, Loan Originator Compensation Provisions

As we reported in CFPB Monitor, the Consumer Financial Protection Bureau proposed changes earlier this week to the mortgage rules adopted in January 2013. Comments on the proposal are due July 22, 2013....more

InfoBytes Special Alert: CFPB Proposes Additional Amendments To Mortgage Rules - June 26, 2013

On June 24, 2013, the Consumer Financial Protection Bureau ("CFPB") issued another set of proposed amendments to its January 2013 mortgage rules....more

CFPB Publishes Additional Mortgage Rule Compliance Guides, Launches Mortgage Rule Implementation Web Page

On June 7, the CFPB published a loan originator rule compliance guide and a mortgage servicing rules compliance guide....more

More small entity compliance guides from the CFPB

The CFPB has issued two more Small Entity Compliance Guides on its mortgage-related rules. The latest guides cover the mortgage servicing rule and loan originator compensation rule finalized by the CFPB in January 2013....more

CFPB Amends Ability-To-Repay/Qualified Mortgage Regulations To Exclude Creditor's Payment Of Compensation To Loan Originator...

On May 29, 2013, the Consumer Financial Protection Bureau (CFPB) issued a final rule amending its Ability to Repay/Qualified Mortgage (ATR/QM) rule, originally issued on January 10, 2013....more

CFPB Amends the Ability-to-Repay Rules Regarding Qualified Mortgages

On May 29, the Consumer Financial Protection Bureau (CFPB) finalized rules to facilitate access to credit by creating specific exemptions and modifications to the CFPB’s Ability-to-Repay rule for small creditors, community...more

CFPB Eases “Ability-to-Repay” Requirements For Small Creditors And Modifies Loan Officer Compensation Rules For Purposes Of...

The Consumer Financial Protection Bureau (“CFPB”) has issued a final rule modifying certain provisions of the “ability-to-repay” (“ATR”) mortgage requirements issued last January....more

CFPB adopts ability to repay rule amendments

On May 29, 2013, the CFPB adopted amendments to the final ability to repay rule. The CFPB had proposed the amendments on the same day that it issued the ability to repay rule in January 2013. The amendments are effective on...more

CFPB Releases Plain Language Video Guides for New Mortgage Rules

In January 2013, the Consumer Financial Protection Bureau (CFPB) issued a series of new rules affecting the mortgage industry. These rules touch upon a wide variety of areas, including originations, appraisals, and servicing....more

CFPB Proposes To Delay Part Of Mortgage Loan Originator Rule

On May 7, the CFPB proposed to temporarily delay the effective date of one aspect of its loan originator compensation rule....more

Notes from CFPB Education Conference for State Attorneys General

The George Mason University School of Law, Law & Economics Center recently hosted a conference titled “Understanding the Consumer Financial Protection Bureau,” through GMU’s Attorneys General Education Program. Founded in...more

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