The Federal Reserve Board announced on Monday, August 16, 2010, final rules to protect mortgage borrowers from unfair, abusive, or deceptive lending practices that can arise from loan originator compensation practices. The new rules apply to mortgage brokers and the companies that employ them, as well as mortgage loan officers employed by depository institutions and other lenders. The final rules are effective April 1, 2011. To read the announcement and the final rules, click here.
