The big question for the industry: Once production finally slows next year, will lenders trim retail and opt to use brokers since the latter only get paid if the loan closes?
In a 12-page fact sheet on the announcement, the regulator notes the final rule is “similar in key respects to the proposed rule, with certain enhancements and other changes made in response to comments.”
The estimated $822 billion of conventional-conforming lending set a quarterly record and represented 72.1% of the huge third-quarter wave of mortgage originations.