The CFPB has issued Bulletin 2012-02 to address concerns as to whether the mortgage loan originator compensation rule in Regulation Z (Truth in Lending Act) prohibits originators from participating in a qualified profit-sharing 401(k) or employee stock ownership plan (Qualified Plan). In the Bulletin, the CFPB advises that loan originators can participate in a Qualified Plan.… Continue Reading
mortgage originator compensation
How the CFPB can help mortgage lenders
By Barbara S. Mishkin on
Banks that offer mortgage products are being buried in new regulations that are straining their compliance capabilities, increasing their costs and, for community banks, threatening the viability of their entire business model. That’s the message the American Bankers Association tried to send in its recent letter to Raj Date, President Obama’s replacement for Elizabeth Warren as Special Advisor to the Treasury Secretary on the CFPB.… Continue Reading