A report on how loan originators are paid is due in 270 days
What the document says“the Director shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report on loan originator compensation practices throughout the residential mortgage market, including the relative frequency of loan originators being compensated--”
The section requires the Director of the Bureau of Consumer Financial Protection to report within 270 days of enactment to the Senate Committee on Banking, Housing, and Urban Affairs and the House Committee on Financial Services on how loan originators are paid across the home mortgage market. The report must cover how often they are paid by salary, by commission at a fixed percentage of the credit extended, by commission on some other basis, by a mix of salary and commission, by loan volume, and by commission with a floor or ceiling on pay.
What the document actually says“the Director shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report on loan originator compensation practices throughout the residential mortgage market, including the relative frequency of loan originators being compensated--”
A consumer agency must send a report to two committees in Congress. It covers how the people who arrange home loans get paid. It must say how often each way of paying is used.
A loan originator is the person who sets up a home loan. Some get a salary. Some get a cut of the loan. The report counts each kind.
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