By Benjamin Goad - 01/24/13 03:13 PM EST
In crafting the new rules, the CFPB allowed lenders to participate in certain qualified and non-qualified bonus and profit sharing plans. The provision will help banks hire and keep qualified professionals, the Independent Community Bankers of America said in a statement issued Thursday morning.
“ICBA has worked closely with the CFPB on this rulemaking to ensure that new regulations do not paint common-sense community bank mortgage loan originators with the same brush as the less-responsible lenders that contributed to the housing crisis,” ICBA President and CEO Camden R. Fine said.
Under the new rules, which take effect next January, loan originators will have to pass criminal background checks, undergo training and meet other character and fitness requirements. They must also be registered with the Nationwide Mortgage Licensing System and Registry.