The Consumer Financial Protection Bureau’s (CFPB) final rule on mortgage loan originator compensation makes impactful changes regarding how loan originators are paid and how they qualify for their jobs. The rule implements Dodd-Frank’s loan originator compensation provisions and parts of this new regulation take effect as early as June of this year.
Dodd Frank Update is hosting a 90-minute educational webinar on Thursday, April 18, 2 p.m. ET to train mortgage professionals, attorneys and loan originators on the important elements of the final rule to prepare them for implementation.
Mortgage professionals are encourage to join top mortgage attorneys Ari Karen, of Offit Kurman, and Donald Lampe, of Dykema, who will cover exceptions in the rule, issues the bureau is still studying and how to comply with the rule’s various parts. Specifically, Karen and Lampe will instruct on:
- Dual compensation and revisions to Regulation Z;
- Clarifications on loan originator qualifications and identification;
- Prohibitions and deadlines for implementation;
- Parameters surrounding compensation;
- Qualified plans;
- The CFPB’s stance on upfront points and fees; and
- Other significant provisions of the rule.
“The CFPB has delivered on its promise to hit the industry hard with numerous regulations this year,” said Nathan Marinchick, editor of Dodd Frank Update and moderator for the webinar. “And with its continued focus on enforcement, mortgage professionals need to gear up now and implement new policies and procedures that comply with the mountain of new requirements. This webinar will provide thorough training of the CFPB’s loan originator compensation rule and what elements loan originators and lenders should note as they move to implement it.”
Webinar participants will have an opportunity to ask questions and will receive the full PowerPoint presentation following the live event, along with related articles from Dodd Frank Update.
Go here to register for a live site and have your entire staff listen in and/or order the recording and view the webinar at your earliest convenience.