Mortgage brokerage firms are now under heightened scrutiny from the Consumer Financial Protection Bureau (CFPB). The regulator has recently assembled a team to audit these firms as their market presence has grown to rival regional lenders, HousingWire has learned.

The CFPB’s focus is on how brokerage firms comply with loan officer compensation rules, particularly in regard to lender-paid versus borrower-paid options. Additionally, the bureau is evaluating whether brokers effectively shop for the best loan options for borrowers and adhere to fair lending practices. 

A key area of concern is steering practices, details ⇒

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