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  • Wells Fargo reaches $110 million class action settlement over fake accounts

    The fallout from Wells Fargo's fake account fiasco is far from over, as the bank announced late Tuesday that it reached a $110 million settlement in a class action lawsuit brought on behalf of the bank’s customers who had a fake account opened in their name. Click the headline to read more about the settlement.

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Loan officers commend CFPB lender compensation ruling

The Consumer Financial Protection Bureau decided not to count compensation a lender pays its loan officer employees toward the 3% points and fees cap in the Qualified Mortgage rule, National Mortgage News reports.

"The fact that they are not including compensation paid to a loan officer is huge," said Larry Platt, a partner at K&L Gates. "I think they listened to the industry," he said, and realized that adding LO compensation to the points and fees would have an adverse impact on the availability of credit.

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