Industry NewsMortgage

CORRECTION: New loan officer compensation rules take effect April 1

Fed says loan officer pay can't be based on loan terms
Published on Feb 17, 2011 | Updated on Apr 23, 2013

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by CareyBot

A Feb. 2 Inman News story, "Fed punts on real estate loan disclosures," incorrectly implied that the Federal Reserve Board was dropping planned changes to rules governing loan officer compensation.

The new rules, which stipulate that loan officer compensation cannot be based on a mortgage transaction's terms, will take effect on April 1, as announced when the rule was finalized.

The Federal Reserve has issued g