• How Mortgage Loan Officers Are Paid Could Affect Homebuyers

    3 days ago - By RIS Media

    The way in which mortgage loan officers are compensated may be changing if rules proposed by the mortgage industry are adopted, and that could affect how much homebuyers pay in loan costs.
    In 2014, the Consumer Financial Protection Bureau changed the rules for loan officer compensation by reducing financial incentives for loan officers to steer consumers toward riskier loan products that came with increased pay for the loan officers.
    For example, mortgage loan officers couldn't receive any compensation based on interest rate, loan terms or by recommending a customer to an affiliate...
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