Mortgage loan origination rules, part of the Truth in Lending Act’s Regulation Z, protect homebuyers from anti-competitive practices, like double-dealing or steering activities, that lead consumers into more expensive loans. That makes perfect sense.
The Consumer Financial Protection Bureau currently is requesting public input on the economic impact of the mortgage loan originator rules on smaller mortgage providers, including credit unions. The 10-year review process is not unusual for CFPB, and the upcoming review period is fully in keeping with its administrative processes. However, that doesn’t mean changes are not in store for MLO compensation, licensing, compliance procedures, and other considerations, all of which could impact how credit unions manage their MLO operations within the context of their balance sheet operations. Knowing what may be coming down the road will go a long way in helping prepare for changes that are more inevitable than they are potential.
Kris Kully, a partner with Mayer Brown law offices in Washington, D.C., and the special guest of this Fast Track webinar is better equipped than most to understand the agency and anticipate whatever changes may be in the works regarding MLO issues. She joins ACUMA President Peter Benjamin, CMB, to gaze into CFPB’s crystal ball and anticipate the future.
You don’t know what you don’t know, as the saying goes. However, after this Fast Track webinar, you may be able to see the future a little bit more clearly and plan accordingly.
