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Tuesday, July 24, 2012

ABA on Mortgage-Originator Compensation Rulemaking

ABA and three other trade groups in a letter made several recommendations intended to help the CFPB avoid unintended consequences in its upcoming Dodd-Frank Act-mandated rulemaking on mortgage-loan originator compensation.

The trade groups encouraged the CFPB to permit loan originator commissions as Congress intended—consistent with the Dodd-Frank Act—prohibition on compensation that varies by loan terms other than principal.

The trade groups recommended, among other things, that the bureau exclude transaction-specific compensation to employees from Dodd-Frank’s dual compensation ban; should not require flat origination fees; should not include third-party payments in origination fees; and should limit the general ban on compensation paid by a party other than the consumer to credit payments to brokerages.
We also recommend that the CFPB go through multiple rounds of public iterations of its … rulemakings to avoid unnecessary disruptions in the nation’s housing markets.
Read the letter.

For more information on mortgage finance reform, including training and other resources see ABA's mortgage solutions.

3 comments:

Grace Johnson said...
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Zara Page said...
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Robat Jonson said...

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