he Consumer Financial Protection Bureau (CFPB) announced Monday proposed revisions to its ability-to-repay rule, mortgage servicing rules, and rules regarding consumer protections.
“Today’s proposal revises and clarifies certain aspects of our rules to ease implementation and to pave the way for more effective consumer protections in the marketplace,” said Richard Cordray, director of the CFPB.
One of the clarifications specified in Monday’s announcement is the definition of a loan originator. CFPBrules detail qualifications and compensation guidelines for loan originators, and industry participants have expressed a need to ensure tellers and administrative staff are not considered loan originators for the purposes of these new guidelines. Delinquency, Foreclosure Rates Decrease
No comments:
Post a Comment