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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

In 2016, what have you been paying your retail residential loan officers, on average, as a commission?

25 to 50 basis points per loan
51 to 75 bps
76 to 100 bps
101 to 150 bps
More than 150 bps
We’re a call center lender and don’t disclose that data point.

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