ABA Banking Journal - March 2011 - (Page 12)

bank notes Pay rules hit all mortgage lenders On April 1, the first in what is likely to be a series of rules and interpretations on loan originator compensation becomes effective. While this rule, issued by the Federal Reserve Board, appears to focus on mortgage brokers and loan officers of mortgage bankers, the reality is that it also applies to depository institutions and will impact the business of both banks and mortgage entities alike. The Fed published its final rule covering loan originator compensation and a prohibition on steering in the Federal Register on Sept. 24, 2010, so covered institutions have had some time to prepare. However, Title XIV of the DoddFrank Act also imposes statutory restrictions on loan originator compensation and prohibitions on steering which will be implemented through future rulemaking. Therefore, regulatory compliance will be a multi-tier challenge for mortgage lenders. Here, in brief, is what the final rule says: 12  |  ABA BANKING JOURNAL  |  march 2011

Table of Contents for the Digital Edition of ABA Banking Journal - March 2011

ABA Banking Journal - March 2011
Contents
Chairman’s View
Editor’s Column
The Economy
Bank Notes
ABA Community Banking: Got the Blues? Try a Little Reinvention
Pass the Aspirin
Tech Topics
Put Your Capital to Work
Still Waiting in the Wings
Compliance Clinic
Compliance Inbox
ABA Resources
Surveys & Trends
First Person

ABA Banking Journal - March 2011

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