MetaSource Mortgage Blog

CFPB fines lender $730k for violating LO Compensation Rule

Tuesday, November 18, 2014

Franklin Loan Corp, a southern California lender, was fined $730,000 by the CFPB for violating the LO Compensation Rule. Click here to read the full article.

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What You Need to Know: Loan Originator Compensation

Tuesday, November 18, 2014

The CFPB's latest version of Loan Originator Compensation rule took effect on January 1, 2014 and although the rule seemed fairly straightforward—citing "no compensation based on loan terms," lenders are still facing a dilemma today on how they can and cannot appropriately pay their loan officers or brokers on mortgage loan transactions. This article tries to shed some light on the subject.

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