Mortgage brokers and lenders are running in a deep fog as they scramble to comply with broker and loan officer compensation rules that take effect April 1.
Brokers and loan officers have known about the guidelines outlined in the Federal Reserve's Regulation Z for months, but many firms are still tinkering with compliance plans, law firm Patton Boggs said in its recent banking report.
In fact, as the Fed reveals more about how to meet the demands of Reg Z, brokers and lenders are finding themselves in a tight race to get the right compliance structure in play before the rule takes effect.
Regulation Z is already a sore spot among mortgage brokers. The rule will change broker and loan officer compensation by conditioning pay on the amount of credit extended.
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