CFPB Announces Plans to Propose Mortgage Compensation Rules
On May 9, 2012, the Consumer Financial Protection Bureau (CFPB) released an outline of proposals under consideration for rules governing compensation for mortgage loan originators.
The proposed rule will address compensation origination fees, discount points, and the screening and qualifications of mortgage loan originators. The CFPB also stated that it will harmonize definitions from several other rules that effect the ability of sellers to offer financing to individual purchasing properties that the seller owns.
A group of small business experts will review the proposals under consideration and other alternatives before the CFPB publishes a proposed rule. The CFPB expects to publish its proposed rule the summer of 2012.