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Mortgage News Daily

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Loan Officer Compensation Rules Finalized
Posted to: Daily Newsletter
Friday, January 18, 2013 4:15 PM

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Jan 18, 2013 4:01PM

Loan Officer Compensation Rules Finalized

The fourth and last of the final regulations coming from the Consumer Financial Protection Bureau under the Dodd-Frank Wall Street Reform and Financial Protection Act was released Friday afternoon. This rule addresses the causes of what CFPB Director Richard Cordray said was one of the reasons for the collapse of the mortgage industry, the steering of consumers to high-priced loans. It was common for at least a portion of the compensation paid to loan officers and mortgage originators to be tied...

Jan 18, 2013 1:09PM

Appraisal Rules for Higher-Price Mortgages Released by Regulators

Eighteen months after the Dodd-Frank Wall Street Reform and Consumer Protection Act was passed, the rules shaping its implementation have begun to rain down from the designated regulators. For the third time this a week a new rule affecting the mortgage industry has been released, this time one promulgated by six federal agencies to govern certain appraisals. The new rule applies only to appraisals for "higher-priced mortgage loans." Under the Dodd-Frank Act a higher-priced loan is one secured by...


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Today's Comments

Rene Torres

"The HVCC expired November 2010. Lenders and Banks do not have to use AMCs. Added appraisal requirements are placed there by regulatory agencies. The appraisers..."

memailbox

"Matt, "The" best explanation for the candlestick graph I have seen, and, great commentary as usual. The pundits say the economy is back. All..."

Bryan/Mortgage Finance Group, Inc.

"What an absolute travesty; when you let the govt. infiltrate and run an entire industry (health, mortgage, etc.) you lose a little (or a lot) of your freedom..."

Today's Q&A

"Does it possible to transfer a mortigage from one bank to another bank "

"Where can Non profit organization find help with getting a lower interest rate for property? "

"Refinance Jumbo Loan in California With High LTV "


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Mortgage Rates:
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  • 15 Yr FRM 3.15%
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  • Jumbo 30 Year Fixed 3.90%
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  • Refinance Index 10.63%
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  • FHFA Home Price Index 0.67%