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Rutland Resorts Real Esate Team

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By Judi Rutland | Broker in 32541

Federal Reserve Issues Final Rule on Loan Originator Compensation

“The Federal Reserve Board’s final rule is a great consumer victory,” said NAMB President William Howe, CRMS. “The rule allows consumers to shop for a loan through a level playing field of all loan originators, regardless if they work at banks, lenders or credit unions. NAMB has long advocated for all loan originators to be treated the same, and the Final Rule does just that.”

The Final Rule also prevents consumers from being “steered” into less favorable loan terms to increase a originator’s compensation, and establishes safe harbor requirements to ensure a consumer’s interest is first.


http://rismedia.com/2010-08-17/federal-reserve-issues-final-rule-on-loan-originator-compensation/

 
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