Sen. Johnson points out that a drafting error in the Dodd-Frank Act led to the current interpretation, which includes mortgage brokerage compensation in the 3% points and fees test. News
The Consumer Financial Protection Bureau is concerned that some mortgage brokers may be shifting to the "mini-correspondent" lender model under the mistaken belief that identifying themselves as such will automatically exempt them from consumer protection rules affecting broker compensation. Collections - Other Consumer
It's the mortgage industry equivalent of driving five miles below the speed limit to avoid detection by Smokey's radar. Collections - Other Consumer
