Compliance & Regulation

The new loan officer compensation rules which takes effect today, April 1, have prompted the nation's two largest residential originators to overhaul how they pay their retail LOs by tying pay to sheer volume -- to a greater degree than ever before.

Two brokerage trade groups are expected to file an appeal in Washington by close of business Thursday, challenging a ruling that paved the way for the Federal Reserve Board to proceed with its loan officer compensation rule.

Unless the implementation of the Federal Reserve’s rule on loan officer compensation is upended by last-minute court action, it went live last Friday and lenders should comply with it.

Top Republicans on the House Financial Services Committee are once again criticizing Elizabeth Warren, who is leading the Consumer Financial Protection Bureau creation, for her role as an advisor in the mortgage servicer settlement talks.

Arkansas has become the 22nd state to restrict private transfer fees which require a percentage of a home's sales price be paid to a private third-party each time the property is sold — often for up to 99 years.

U.S. District Court Judge Beryl Howell late Wednesday denied a preliminary injunction aimed at halting the Federal Reserve's loan officer compensation rule, dealing loan brokers a major blow.

Lewis Ranieri, the co-inventor of the MBS, on Wednesday predicted that the new 'qualified residential mortgage' rule will push more borrowers into non-QRM loans who would normally qualify for a Fannie Mae or Freddie Mac product.

Depending on who you talk to, the mortgage risk retention proposal unveiled Tuesday will either restore sensible standards to the residential market, or result in a significant credit crunch.

The Federal Reserve Board is showing no signs of backing down on its loan officer compensation rule despite congressional requests and industry lawsuits to delay the April 1 effective date.

The House of Representatives late Tuesday voted to kill HAMP, the White House's signature loan modification program and to stop the administration from spending more TARP funds on foreclosure prevention programs.