Relevant:
- Consumer bureau lays out new mortgage-lending standards - The Hill's On The Money
- Loan Officer Compensation Rules Finalized
- Fed Releases Rules to Prevent Abuses by Originators
- proposal to require more stringent review of loan originators
- LO Compensation Guidance Gets 11th Hour Treatment by Federal Reserve
2012-08-19 — thehill.com
``The bureau's proposal would implement a piece of the Dodd-Frank financial reform law that bans the practice of "steering incentives" for home loan originators. Those incentives oftentimes paid loan providers higher amounts for steering borrowers to mortgages that ultimately cost consumers more. The new proposed rule builds on a similar rule proposed by the Federal Reserve in 2010.
The bureau's new rules would also set a standard set of heightened requirements for originators of home loans. All lenders would be required to meet one set of character and fitness requirements, and would also be subject to a criminal background check. Originators would also be required to meet minimum training requirements.''
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