The National Association of Mortgage Brokers (NAMB) on Monday issued a letter of support for the Community Home Lenders of America (CHLA)’s white paper on LO compensation reform.

CHLA‘s white paper, released last week, urged Congress to roll back the loan originator compensation rule to focus on its original purpose — a ban on yield spread premiums (YSP), a predatory practice from the financial crisis of the 2000s in which brokers were paid extra by lenders to place borrowers in loans with higher interest rates.

The proposal follows the Consumer Financial Protection Bureau (CFPB)’s early June submission to details ⇒

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