The update to the most comprehensive
Questions and Answers analysis is now available:
FAQs Outline - Loan Originator Compensation
Release Update: May 31, 2011
The FAQs cover virtually all areas of the new Rule regarding Loan Originator Compensation.
Loan Originator Compensation
320 Questions and Answers
12 Months Updates
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- Is there a "best practices" version of the anti-steering disclosure?
- Are FHA and VA loans excluded from the anti-steering disclosure requirement?
- What are five (5) questions that an originator should consider when completing the GFE?
- What happens if the loan amount is too low to pay the compensation percentage?
- How is pricing coordinated on a rate sheet?
- Is the Yield Spread Premium (YSP) now defunct?
- Does the compensation level stay the same if the borrower pays the fees or the lender pays?
- On VA loans, is there a limit to 1% origination on brokered Lender Paid options?
- May a correspondent still receive a Service Release Premium (SRP)?
- What are the implications for compensation paid by affiliated creditors?
- How is compensation treated for two affiliated loan originators?
- Does the implementation of the Rule supersede other regulatory requirements?
- How should a lender update its requirements to purchase correspondent loans?
- Broadly speaking, what are the anti-steering prohibitions under the Rule?
- Are salaried loan officers of non-profits subject to the Rule?
- If a broker has multiple branches, what is an acceptable compensation plan with lenders?
- May the closing costs be included in the loan amount in a refinance transaction?
- Is the RESPA treatment of charges and credits disregarded in all respects under the Rule?
- Is there a simple, decision-based flow chart for the Consumer Paid model?
- Is there a simple, decision-based flow chart for the Lender Paid model?
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