The new final rule establishing Loan Originator Compensation Requirements applies broadly to loan originators, including seller financers that do not qualify for an exclusion from the definition.
The Consumer Financial Protection Bureau (CFPB) released the rule on January 20, 2013, as part of its implementation of amendments to the Truth in Lending Act (TILA) made by the Dodd-Frank Wall Street Reform and Consumer Protection Act enacted on July 21, 2010.
The rule takes effect on January 10, 2014, except for two provisions related to loan originator qualifications that take effect on June 1, 2013. The definition of loan originator is broad. It covers anyone who, for compensation, performs any activities related to the origination of mortgage loans, including (but not limited to): taking an application or offering, arranging, or assisting a consumer in obtaining or applying for credit.
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