The best bet for lenders that want to reward and retain their top mortgage producers while remaining on the right side of the Consumer Financial Protection Bureau’s loan-originator compensation restrictions is to keep any compensation plan simple and easy to follow, experts warned during an Inside Mortgage Finance webinar this week. Some four months after the LO compensation rule took effect, most in the industry are aware of the rule’s general prohibition – no compensation based on loan terms – but lenders remain full of questions in determining how they can and cannot compensate their loan officers and brokers, as well as whom exactly in their employ falls within the new CFPB rule, according to Richard Andreano, practice leader at Ballard Spahr’s mortgage banking group. Andreano noted...
The bureau is expected to announce a pilot project to improve the mortgage closing process from A to Z for all stakeholders – not just consumers – an initiative likely to rely heavily on the industry’s technological capabilities.
In January, newly sworn-in FHFA Director Mel Watt officially delayed a GSE guaranty fee increase that had been scheduled by his predecessor Edward DeMarco.
As for details, a spokesman for the company said Ellie isn’t talking about the topic at this time. In an email exchange with IMFnews, mortgage technology consultant Tony Garritano of Progress in Lending called the whole episode “very bizarre”…
Some stakeholders said they called the firm’s investor relations department about the latest probe and were told the firm would be saying more about the matter when it reports first quarter earnings.
The conditional prepayment rate for prime jumbo, Alt-A and subprime loans dropped to 14.7 percent, 10.3 percent and 8.8 percent, respectively, in the first quarter of 2014, according to the ratings service.
RSS