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Monday, July 14, 2014

CFPB Cautions Mortgage Brokers on ‘Mini-Correspondent’ Move

The CFPB said it will closely track the practices of mini-correspondent lenders, particularly those who have recently converted from mortgage brokers. Some brokers may be trying to evade CFPB rules on broker compensation by restructuring as mini-correspondents, the bureau said. The CFPB said:

[T]he requirements and restrictions that RESPA and TILA and their implementing regulations impose on compensation paid to mortgage brokers do not depend on the labels that parties use in their transactions.

Read the guidance.

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