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April 5, 2011: The Appellate Court has lifted the stay issued Friday, April 1, 2011 regarding the Federal Reserve Board Rule on loan officer compensation. Previously slated to start on April 1, the stay has now been lifted and goes into effect immediately. It appears that most lenders will accept loans submitted tomorrow, April 6, [...] by Amy Avitable, director of compliance services, Sheshunoff Consulting and Solutions As published in Scotsman Guide’s Residential Edition, November 2010. The landscape for mortgage-broker compensation is changing. Are you ready? Here’s a look at what’s coming and how brokers — and their lenders — can evolve their payment models and prepare for the future. [...] Bureau of Financial Protection created: Loan Originators lose Yield Spread Premium: Brokers better off working with a Bank Affiliate Company if they want to stay in the business. Mortgage Originator Requirements and Prohibitions as outlined in the new law: The Law creates a new definition of “mortgage originator”: Under the Law, a mortgage originator includes [...] April 5th, 2010 The Federal Housing Administration (FHA) announced it will issue a final rule in the next few days to reduce and manage counterparty risks to its insurance funds as it continues to play a critical role in today’s housing market. The new regulations will increase net worth requirements of FHA-approved lenders (including reverse [...] A number of Senate Democrats, led by Sen. Jeff Merkley (D-OR), sent a letter to the Federal Reserve Board calling for a ban on YSP, labeling it as an unfair and deceptive practice used to steer consumers into riskier mortgage loans and gain a larger profit. The letter was clearly used to protect Wall Street and [...] |
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