Experts sharply disagreed on the Federal Reserve Board’s controversial new rules on loan officer compensation during a hearing this week in the House Financial Services Committee, with some claiming it is a confused mess and others saying it’s a shield for low-income and minority borrowers. Marc Savitt, president of the Mortgage Center and testifying on behalf of the National Association of Independent Housing, said the rule caused massive job loss among small mortgage businesses and fewer consumer loan options. “As an active participant in meetings with the FRB during the comment period, it was evident the FRB was unwilling to...