Mortgage trade groups are asking the CFPB to reopen the loan originator compensation rule to reduce lenders’ regulatory burden and better serve consumers. A dozen industry trade groups – including the American Bankers Association, the Mortgage Bankers Association and the Real Estate Service Providers Council – recently wrote to Acting CFPB Director Mick Mulvaney with suggested changes to the agency’s LO compensation rule under the ...
“I think everyone is on board,” said Colgate Selden, a former CFPB attorney and now managing director and head of regulation and compliance at Promontory MortgagePath.