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The Consumer Financial Protection Bureau requested feedback on the economic impact of its mortgage loan originator rules on small mortgage companies.
Background: The rules, part of the Truth in Lending Act’s Regulation Z, cover individuals or companies that are paid to arrange, negotiate, or obtain mortgage credit for their customers. The rules prohibit dual compensation and steering practices and bar compensating loan originators based on the terms of a mortgage transaction.
Comment Deadline: The CFPB is conducting a 10-year review of the economic impact of the rules on small businesses. Comments are due within 45 days after the request for information is published in the Federal Register.