New Reg Z Legislation and CAMB's reaction.

Check out the latest and greatest information from CAMB regarding reg Z. There are really more questions than answers at this point and until we get a response from the fed, we really won't know what the impact is going to be. I have a quick overview below

Loan Originator Payment Changes Loan originator:

• Anyone who gets paid by arranging a loan other than creditor who uses warehouse line.
• A broker is a loan originator who is not a w2 employee of the creditor.
• Loan originator payment * No one can pay, and no one can receive any compensation related to the terms of the loan:

• Option 1: includes loan amount
• Option 2: does not include loan amount * If originator compensation is paid by borrower, compensation can be related to the terms of the loan, however, there can be no additional compensation paid by any other party (no YSP or SRP).

More can be found at the CAMB web site