The Fed Providing Free Webcast on Loan Originator Compensation

The mandatory compliance date for the loan originator compensation rules is April 1, 2011.  The rules are designed to protect mortgage borrowers from unfair or abusive lending practices that can arise from certain loan originator compensation practices.

This “Outlook Live” Webinar will take place Thursday, March 17, 2011 from 11:00 a.m. – 1:00 p.m. Pacific time.  This webinar is part of an ongoing series focused specifically on consumer compliance issues.  To register for the FREE webinar, please visit the Outlook Live website.

The mandatory compliance date for the loan originator compensation rules is April 1, 2011.  The rules are designed to protect mortgage borrowers from unfair or abusive lending practices that can arise from certain loan originator compensation practices.  The new rules apply to compensation that is paid to mortgage brokers and the companies that employ them, as well as mortgage loan officers employed by depository institutions and other lenders.  The rules also cover companies that originate and close loans in their own name using table funding from a third party.

Please join us as attorneys from the Board of Governors’ Division of Consumer and Community Affairs provide updated information and answer questions about the new regulatory requirements for loan originator compensation.

The “Outlook Live” Webcast is a Federal Reserve System initiative produced in conjunction with the quarterly newsletter Consumer Compliance Outlook.