RESPA Compliance Guidance as it Applies to the Federal Reserve Board’s Mortgage Loan Originator Compensation Rules

23 Mar
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 The U.S. Department of Housing and Urban Development’s Office of Housing, Office of RESPA and ILS  issues the following additional guidance on how mortgage loan originators (MLO) comply with the Real Estate Settlement Procedures Act (RESPA), in light of the Federal Reserve Board’s (FRB) Loan Originator Compensation rule that is effective April 1, 2011.

 

   This guidance seeks to clarify RESPA requirements related to proper disclosure on the GFE and HUD-1 settlement statement.

 

This guidance does not address substantive issues related to restrictions on mortgage loan originator compensation that are within the jurisdiction of the FRB.  The link to the RESPA guidance PDF is here:

http://www.hud.gov/offices/hsg/rmra/res/mlocomplrodup31811v2.pdf

There is still some confusion as to LO compensation – more information to follow.

 

 

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