The article discusses a proposal by the National Association of Mortgage Brokers (NAMB) following the CFPB's submission to OMB regarding changes to loan originator compensation (LO Comp) and mortgage servicing rules. NAMB emphasizes that lender-paid compensation is beneficial for consumers, arguing against the current rigid interpretation of LO Comp regulations that limit flexibility and consumer choice. The organization calls for a return to the original legislative intent to combat abusive practices, while advocating for updated, sensible regulations that align with today's competitive mortgage market.
The NAMB advocates for a return to common-sense regulatory approaches that distinguish abusive behavior from today's transparent and consumer-focused lending models.
Responsible use of lender-paid compensation is an essential tool in offering flexible, borrower-centric financing options, according to NAMB's President Jim Nabors.
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