The CFPB’s potential rescission of the LO compensation rule won’t fully exempt mortgage companies from the rule’s requirements, according to an industry attorney.
The New York Department of Financial Services’ revised proposal doesn’t include any of the substantial changes sought by mortgage industry stakeholders.
Select Portfolio Servicing allegedly charged borrowers up to $15 in fees to make a mortgage payment online or by phone when its actual cost of processing was less than 50 cents per transaction.