General World News

Chopra says he is ‘open to’ reviewing the LO comp rule

Rohit Chopra, director of the Consumer Financial Protection Bureau (CFPB), is aware that some loan officers are taking creative — and, as detailed in a recent HousingWire investigation, often illegal — approaches to winning business. And he would be willing to reexamine the decade-old rule that prohibits LOs from misclassifying lead sources to lower their own compensation, although it hasn‘t been a priority as mortgage servicing is higher on the agency‘s to-do list.

“It was supposed to prevent some of the mischief we saw in the original issues related to yield spread premiums, the issues related to details ⇒

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