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January 9, 2014

Fifth Third Warns Mortgage Brokers on Compensation Levels, CFPB Rule

By Paul Muolo

“Transactions submitted with consumer-paid compensation more than 50 bps below [the] broker’s lender-paid tier will be rejected permanently and will not be eligible for re-submission,” Fifth Third Bank is warning.

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Poll

HUD has announced a 25 basis point cut in FHA premiums, which is slated to take effect in late January. Is your lending shop for or against a cut in FHA premiums?

For. It should help lending volumes.
Against. The private MI sector should take on this risk, not the government.
Too early to say.
I believe the new White House may scuttle the idea so it doesn’t matter.

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