Luxury Connect
Meet the Luxury Leaders | October 19-20 | Beverly Hills

Editor's note: This story has been corrected to note that the Federal Reserve put forward rules governing loan officer compensation under its authority to enforce the Truth in Lending Act. The rulemaking process predated passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which also includes prohibitions on steering borrowers into higher-cost loans.Two groups representing mortgage brokers and other real estate industry professionals have filed suit against federal regulators over new rules governing loan officer compensation that are scheduled to take effect April 1.The Federal Reserve drafted the rules under its authority to enforce the Truth in Lending Act, with the goal of preventing loan originators from steering borrowers into higher-interest-rate loans.The rules...