On May 9, the CFPB issued a press release outlining proposed rules changes for mortgage loan originators.
Chief among the changes being considered for MLOs is a ban on origination fees that vary with the size of the loan (flat fees would be acceptable).
Also being considered are changes that would create qualification and screening standards for all originators no matter what channel they originate in.
To view the press release, click here.
To view the complete proposal (37 pages), click here.
The public can email the CFPB their comments and feedback at MortgageLoanOrigination@cfpb.gov.
Please be sure to weigh in with your opinion about the flat fee proposal on our poll on our Home Page.