Compliance

CFPB Adds to Stack of Mortgage Rules

Here’s a six-point overview of the CFPB’s new mortgage lending regulations.

February 28, 2013
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5. Additional MLO requirements will be in place.

New rules will regulate MLO compensation practices by prohibiting steering incentives and dual compensation (that is, a loan originator cannot be paid by both the consumer and the creditor).

The MLO regulation also will impose new SAFE Act (Secure and Fair Enforcement for Mortgage Lending) duties on credit unions, requiring employees involved in loan originations to meet certain character, fitness, and background standards; receive training appropriate for their duties; and include their Nationwide Mortgage Licensing System & Registry (NMLSR) identification numbers on loan documents. 

NEXT: Two new appraisal requirements

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