Never on a Sunday…..CFPB will release the LO Comp Final Rule

The CFPB has announced they will release the LO Comp Final Rule on Sunday, July 20th.

The final rule revises Regulation Z to implement amendments to the Truth in Lending Act (TILA).

The Proposed Rule had provisions to prohibit compensation based on the term of a transaction or proxy for a term; dual compensation; a required zero point loan and loan originator qualifications.

We will have to wait until tomorrow apparently Never on a Sunday is not for the Mortgage Industry.