NAMB Sounds Off on CFPB's Proposed LO Compensation Rule

Donald J. Frommeyer, president of NAMB—The Association of Mortgage Professionals, has issued the following statement pertaining to the Loan Officer (LO) Compensation proposed rule released Aug. 17, by the Consumer Financial Protection Bureau (CFPB): “NAMB was very pleased with the CFPB and their efforts to benefit consumers in their release of the proposed LO Comp rule on Friday. It seems that the CFPB wants to provide clearer options to the consumer and make it easier for them to comparison shop and understand loan options between different companies. And knowing that all Loan Originators must pass the same qualifications will prove to be another benefit to all consumers. NAMB has always felt that all originators should be licensed and qualified the same across the board, and will bring greater accountability. "We would also like to acknowledge all members of the small business review panel and their feedback that caused some of the original proposals to be changed. "NAMB will continue to keep their members fully informed on all of the subjects that have been released by the CFPB over the last few weeks and will provide additional comments going forward."