The CFPB is intensifying its oversight over mortgage brokerage firms, focusing on compliance with loan officer compensation rules and ensuring adherence to fair lending practices.
A key concern for the CFPB revolves around brokers steering loans to lenders that may offer them higher compensation instead of seeking the best terms for borrowers.
Katie Sweeney notes that the CFPB was previously considering increased scrutiny of the mortgage brokerage sector due to its growing market share.
Brendan McKay highlights that the audits signal a shift in the mortgage channel, driven by the rapid growth of larger firms, but smaller brokers are also under scrutiny.
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