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Credit Unions: CFPB broker comp rules create new burdens

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"Unfortunately, although well-intended, this rule will potentially increase the cost of compliance and add to the ever-increasing regulatory burden on credit unions," said NAFCU President and CEO Fred Becker.

Becker and NAFCU outlined the following concerns:

The rule, which implements Dodd-Frank Act requirements, imposes a number of limits regarding mortgage loan originator compensation that would create additional regulatory burden on credit unions.

Among other things, the rule:

  • prohibits compensation that varies with the loan terms – a broker or loan officer cannot get paid more if the consumer takes a loan with a higher interest rate, a prepayment penalty, or higher fees.

  • prohibit loan originators from being paid by both the consumer and another person such as the creditor; and

  • replaces the current state-by-state qualification requirements for loan originators with a new federal standard.
Source: NAFCU
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