State regulators have issued guidelines to mortgage examiners on how to test state-licensed nonbanks for steering and other violations of the Federal Reserve's loan origination compensation rule.

The Fed's loan officer rule is designed to prevent mortgage brokers and other table funders from engaging in unfair and abusive practices that increase their compensation at the expense of consumers.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.