While the final
Michael Barone, partner at law firm Abrams Garfinkel Margolis Bergson LLP, said a rule that allows loan officers to reduce compensation to pay "unforeseen" charges on behalf of the borrower, for example, still has a "vague" definition and in terms of what unforeseen means and is something the industry still has to be careful with.
If a borrower is called out of the country due to a death in the family and asks for a power of attorney for closing, for example, there are questions about whether the originator has to verify what he or she has been told.
"How do you document that in a file? Nobody knows right now, so be careful with that," he said.