The Multistate Mortgage Committee of the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators last week came out with examiner guidelines for use in reviewing non-depository mortgage loan originators’ and creditors’ compliance with the Federal Reserve Board’s mortgage loan originator compensation rules. The guidelines are intended to promote standardization and consistency within the state regulatory community regarding enforcement of the FRB’s rules. The Fed’s final rules for closed-end credit under Regulation Z introduced loan originator compensation restrictions to protect consumers against the unfairness, deception and abuse that can arise with certain loan origination compensation practices. The rules generally prohibit paying loan originators on the basis of loan terms and conditions, dual compensation to originators by consumers and any other person, and “steering” consumers to loans to receive greater compensation.