The Federal Reserve Board has announced final rules to protect mortgage borrowers from unfair, abusive, or deceptive lending practices that can arise from loan originator compensation practices. The new rules apply to mortgage brokers and the companies that employ them, as well as mortgage loan officers employed by depository institutions and other lenders. Since we haven’t had a chance to really study the new rules in any detail, I will defer writing on them until next month. The final rules are effective April 1, 2011.
Source: Federal Reserve News Release
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