LO Comp takeaways: What you must know about the CFPB’s new mortgage rules

The Consumer Financial Protection Bureau released several important rules in January, including a rule that will change how loan originators are paid and how they qualify for their jobs. John Redding, a partner with Buckley Sandler LLP, discussed key aspects of the CFPB’s new loan originator compensation rule during the recent Independent Community Bankers of America Convention and Techworld in Las Vegas. Read on to learn how the rule addresses the issue of whether certain bank mortgage servicing employees must be licensed as loan originators because they are engaged in negotiating loan modifications.