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The Consumer Financial Protection Bureau (CFPB) has cranked out more than 2,400 pages of new proposed regulations since July 9th. That is a lot to review in a short period of time. Let’s put this into context. The CFPB had two hours to draft each page starting from the date the Dodd-Frank Act became law. If you give the CFPB the benefit of the doubt and don’t start counting days until July 21, 2011, when […]

If you subscribe to the blog then the last article titled “Proposed Regulation Z – Loan Originator Compensation” had a faulty link.  Click here to see the correct link.  Sorry for the inconvenience.

On August 17, 2012 the Consumer Financial Protection Bureau (CFPB) released a 369-page proposal to amend Regulation Z. The amendments involve loan originator compensation. These proposals clarify and expand on existing regulations governing loan originator compensation and qualifications.  They also implement new laws, including a restriction on the payment of upfront discount points, origination points, and fees on most mortgage loan transactions. Restriction on Upfront Points and/or Fees The proposed rule requires that, before a […]

Better late than never! Yesterday the Consumer Financial Protection Bureau provided long-awaited guidance (CFPB Bulletin 2012-02) on the Regulation Z Loan Originator Compensation rules that were effective in April 2011. The Compensation Rules provide that no loan originator may receive (and no person may pay to a loan originator), directly or indirectly, compensation that is based on any terms or conditions of a mortgage transaction. The Commentary to the Regulation clarifies that compensation includes salaries, […]

I just finished viewing the annual statistics for my blog. The major statistic I monitor is average views per day. For 2011 this number was almost three times greater than for 2010. I enjoy writing the articles. The effort benefits all aspects of my work at Pegasus Educational Services and at Compliance Resource. But it is very gratifying to see that more and more of you have discovered the benefits of this blog. I hope […]