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Volume 23 - Number 26

December 21, 2012

CFPB Facing a Lot of Criticism With Mortgage Servicing Proposal

The CFPB has a pretty full plate digesting hundreds of comments related to its mortgage servicing proposed rule, making it difficult to predict how the final product might end up as it presses to balance the industry’s legitimate concerns with the regulatory mandates of the Dodd-Frank Wall Street Reform and Consumer Protection Act. During a recent webinar sponsored by Inside Mortgage Finance, an affiliated publication, Mitchell Hochberg, counsel in the division of research, markets and regulations at the CFPB...

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The Supreme Court recently decided that mortgage loan officers are entitled to overtime pay. How has this affected your shop?

It's a very big deal, but our company will limit OT pay or pay very little.
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We have no problem paying our LOs OT.
We’re still studying the case and have not yet decided what to do.

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