Alert May 01, 2012

FDIC Responds to CFPB Guidance on Compensation Rules for Mortgage Loan Originators

The FDIC confirmed that the CFPB’s guidance on the mortgage loan originator compensation rules (reported in the April 3, 2012 edition of the Alert) is applicable to FDIC-regulated banks and has directed its banks to ensure that their policies and procedures are consistent with the CFPB’s compensation rules. Click here for the financial institution letter.