New rules governing how mortgage loan officers are paid for their work in originating home loans are meant to protect consumers and make it clearer how the mortgage professional is making money off the loan.
Consumers in the market for a loan need to be extra vigilant about comparison shopping in the weeks ahead. But some in the industry say the rules are creating new problems.
The Federal Reserve’s rules are aimed at limiting predatory lending. They prohibit loan officers from being compensated based on the loan’s terms and conditions other than the loan amount.
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