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CFPB to scrutinize brokers shifting to ‘mini-correspondent’ model
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Consumer Protection
Wednesday, July 16, 2014
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The Consumer Financial Protection Bureau is keeping a close eye on mortgage brokers transitioning to a “mini-correspondent” lender model in the wake of new rules pertaining to the payment and regulatory treatment of broker compensation. The bureau is concerned that some brokers who now purport to be mini-correspondent lenders may really just be brokers by a different name. The CFPB recently released guidance on the issue, including a series of questions the bureau will use to help determine a mortgage transaction’s “true nature.”
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