Things Will Never be the Same with New LO Compensation Regulations
September 20, 2010
The Federal Reserve Board’s rules on loan originator compensation and the compensation restrictions in the Wall Street Reform and Consumer Protection Act will result in a sea change in the way loan officers and mortgage brokers are paid for their services, and most likely just as broad a change in the mortgage brokering and banking businesses, according to compliance experts. The race is on between the Fed and Congress to turn the Truth in Lending