Hours after issuing guidelines to govern appraisal disclosures, the Consumer Financial Protection Bureau announced more new rules designed to shape up origination practices. The new regulations prohibit what the bureau calls “steering incentives,” such as compensating originators based on loan terms. Under the rules, brokers and loan officers cannot get paid more if the consumer takes a loan with a higher interest rate, a prepayment penalty, or higher fees.

For more information, please click on the link below.