One official described the situation: “Just more house cleaning now that Harold [Lewis] is gone. Most of the senior people leaving were his supporters.”
The regulator said Guarantee – which is in the process of liquidating – paid its LOs, in part, based on the interest rate of the loans they were bringing in.
They called on policymakers to “embrace” nonbanks and address unintended regulatory impacts that are seen as driving banks out of portions of the mortgage market.
A statement issued by MBA president David Stevens does not comment on the merits of the two cases but blames the CFPB for issuing LO comp rules that are not clear.