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Tag Archives: loan originator compensation

FDIC to Host Teleconference on ATR/QM and Loan Originator Compensation Final Rules

Posted in CFPB General, CFPB Rulemaking

On October 22 from 2:00 to 3:30 p.m., the FDIC’s Division of Depositor and Consumer Protection will host a teleconference as part of its periodic series of events for bankers on important banking regulatory issues in the compliance and consumer protection area.  According to the announcement, the upcoming teleconference will focus on common questions and… More >

CFPB settles lawsuit challenging loan officer bonuses

Posted in CFPB Enforcement, Mortgages

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.   As we reported previously, in July 2013, the CFPB filed suit in the U.S. District Court for the District of Utah against Castle… More >

CFPB finalizes amendments to mortgage rules

Posted in CFPB Rulemaking, Mortgages

As expected in light of Director Cordray’s comments last week, on Friday, the CFPB finalized several amendments and clarifications to the mortgage rules, proposed on June 24, 2013 (see our previous Legal Alert outlining the amendments as proposed).  The amendments include revisions to the CFPB’s mortgage servicing rules, loan originator compensation rules, and ability-to-repay rules. … More >

CFPB files lawsuit challenging loan officer bonuses

Posted in Mortgages

It appears the CFPB wants to send a warning through the lawsuit it filed yesterday in a Utah federal court against a mortgage company and two of its officers for allegedly paying illegal bonuses to loan officers that were tied to the borrowers’ interest rates.  The CFPB’s decision to go to court rather than proceed… More >

CFPB issues final rules on mortgage servicing, appraisals and loan originator compensation

Posted in Mortgages

The regulatory barrage continued last week with the CFPB issuing the last batch of mortgage-related rules it was required to finalize by the Dodd-Frank Act’s January 21 deadline.    On January 17, the final rules implementing provisions of the Dodd-Frank Act that relate to mortgage servicing were issued. The servicing rules will take effect on January… More >