Mortgage brokers challenge new compensation rules

Two groups representing mortgage brokers and other real estate industry professionals have filed suit against federal regulators over new rules governing loan officer compensation that are scheduled to take effect April 1.

The Federal Reserve drafted the rules to implement provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act that are intended to prevent loan originators from steering borrowers into higher-interest-rate loans.

Click HERE for Full Article | Inman News

 

 

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