Category: Merkley Amendment to Wall St Reform
Dodd-Frank Wall St Reform Act Will Limit Loan Originator Compensation
The Merkley Amendment to the Wall Street Financial Reform legislation limits loan originator compensation to no more than 3 percent of the loan amount. If you want to debate the Merkley amendment, please visit this thread or this thread. From the Mortgage Banker’s Association, here is a summary of how loan originator compensation would be limited under [...]
View PostMerkley-Klobuchar Amendment Creates Level Playing Field
The Senate has passed an amendment to the Wall Street Reform bill that would ban loan originators from accepting compensation based on placing a consumer in a higher interest rate loan or a loan with less favorable terms. The amendment also requires lenders to underwrite loans to assure a homeowner’s ability to repay the loan. [...]
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