The days of paying insane signing bonuses for top LO talent appear to be over. But there are exceptions. One talent recruiter asks: Will mortgage bankers ever learn?
According to Urban Institute, mortgage insurance payouts mean GSE losses on loans with LTVs over 80% are comparable to those on loans with LTVs below 80%.
A recent supervisory highlights report detailed violations of the LO comp rule by some lenders who offered differing compensation for brokered versus in-house loans. Industry participants said it’s a novel interpretation of the LO comp rule. But the bureau disagreed with the reading.
The settlement resolves charges that Freedom Mortgage provided real estate agents with cash payments, paid subscription services and catered parties in exchange for referrals.
The cost of compliance with upcoming changes to the Nationwide Multistate Licensing System’s mortgage call report may force smaller firms to combine operations or exit the lending business, the MBA warned.
A New York state court has stayed proceedings in an enforcement action brought by the CFPB against a subprime indirect auto finance firm, pending the Supreme Court’s decision in the bureau’s funding case.
Credit union and community bank trade groups have joined a lawsuit in a Texas district court, seeking a nationwide injunction against implementation of the CFPB’s small business lending data collection rule.
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