The CFPB issued rules Friday that ban compensation to mortgage originators based on loan terms, such as higher interest rates or a high-cost loan. The rule is meant to prevent lenders from steering borrowers into riskier loans for a higher payouts.
CFPB Cracks Down on Mortgage Lenders' Compensation
- Full access to banking's most comprehensive daily report
- Daily, weekly, and topic-based newsletters and alerts
- Award-winning analysis and insight, focused on bankers' key concerns
- Bimonthly industry research reports
- Morning Scan Plus (Premium e-newsletter)
- American Banker mobile app