CFPB Director Mulvaney: “I will not be undoing the changes. I recognize this is not the result that some of you may have wanted. But I stand by my decision and we will proceed accordingly.”
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 ...