On Wednesday, January 26, the Federal Reserve issued written guidance to help comply with the loan officer compensation rule that becomes effective April 1. The guidance includes:
- Examples of how a creditor is allowed to pay a loan originator or mortgage broker
- Clarification of the use of YSP to pay borrower closing costs
- Information on the prohibition of "steering" and "safe harbor"
* Read the "Compliance Guide to Small Entities" regarding Regulation Z and loan originator compensation rules.
Join our next free webinar "Essentials of a Compliant QC Plan" on February 17 at 12pm MST.