From the Archives: July 2013

CFPB FINAL RULES: Final Rule Loan Originator Compensation - Mandatory Arbitration 

While the effective date of the prohibition on financing credit insurance premiums was delayed by the CFPB until January 2014, June 1, 2013, marked the effective date for the Loan Originator Compensation prohibition on mandatory arbitration clauses in any agreement for a closed-end loan secured by a dwelling or an open-end loan secured by the consumer’s principal dwelling. The prohibition applies to any application received on or after June 1, 2013.

The final rule can be found here.

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