CFPB – LO Compensation Victory

CFPB Proposed LO Compensation Rule Now Open For Public Comments

In case you were not aware, the mortgage industry was very close with having to adjust to a flat fee for compensation. Fortunately, NAMB, in addition to having multiple meetings with top CFPB oficials, was able to get 5 members of 19 SBREFA panelists to represent YOU and the entire industry to help explain why the flat fee was a bad idea.

Here’s a summary of the latest CFPB proposal

In case you are in the mood, please read the 369 page proposal on LO Comp

 Bottom line, here are the victories:

  1. No Flat Fee
  2. LO’s can be compensated on a consumer-paid transaction
  3. Originator qualifications (Bank LO’s need to get licensed!)

Do Your Part – Get Involved and Participate

Every LO should want to comment on this proposal…Public comments are due by 10/16/12 –

Click here for submit your comment – If you will write more than 2000 characters, please attach your comments as a document.

Disparate Impact Still A Problem To Face


Federal Reserve Bank Conspiracy Explained

The Federal Reserve has been busted in a major scandal.

St Paul, MN: On April 1, 2011 – sweeping new mortgage broker and mortgage lender changes go into effect which will stifle competition, reduce loan options, extend the housing market recover time, and increase interest rates and closing costs to home owners everywhere.

The rules made no sense to anyone, yet the Federal Reserve marches on with a cocky attitude, completely unwilling to listen to trade groups and those in the mortgage business explaining how damaging these new rules will be.

NOW WE KNOW WHY! People who previously did studies which produced positive outlooks towards brokers and small lenders NOW WORK FOR THE FEDERAL RESERVE BOARD and magically have a different attitude AND have have their voices silenced – WOW!

Another great video from Frank and Brian over at www.tbwsdailyshow.com

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CONSUMERS to PAY MORE for Home Loans!

CONSUMERS to PAY MORE for home loans because of NEW Federal Reserve Rule. The video shows a few examples of why the new rule will force every single person getting a home mortgage loan to pay MORE

Senators Rally to Delay LO Compensation Fed Rule

Two lawsuits have been filed to stop the rule which otherwise begins wrecking the housing and mortgage industry on April 1, 2011

Another great video from the boys at tbwsdailyshow.com