This bulletin courtesy of Thordsen Law Offices:
CONSUMER FINANCIAL PROTECTION BUREAU AUDITS WILL NOW START LOOKING A LOT CLOSER AT FOUR AREAS
1. cfpb examiners will spend “a lot of time” looking at loan officer compensation plans, compliance with ability-to-repay rules and Truth-in-Lending Act/Real Estate Procedure Settlement Act integrated disclosure requirements, as well as the structure of marketing services agreements.
2. Calvin Hagins, the Consumer Financial Protection Bureau‘s deputy assistant director for originations went on to say: “We’re going to spend a very long time evaluating compensation schemes at every exam at every entity.”
3. He also said the CFPB has “been informed through various sources” that some mortgage lenders have “folks who perform duties of loan originators” but who may not be licensed. [Read more…]