|
Jan 18, 2013 4:01PM
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
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...
 |