The Consumer Financial Protection Bureau released final mortgage rules Friday that restrict compensation for loanoriginators, prohibiting pay that is based on loan terms. However,the CFPB said in a release the final rule does not include aproposed clause that would have required lenders to offer a nopoints and/or fees mortgage if they were offering a mortgage withpoints.

“Before the financial crisis, many mortgage borrowers weresteered towards risky and high-cost loans because it meant moremoney for the loan originator,” said CFPB Director RichardCordray. “These rules will hold loan originators moreaccountable by banning the incentives that led so many of them todirect consumers toward disaster.”

The new rules prohibit compensation based on loan terms, meaningthat loan originators can't be paid more if the consumer takes aloan with a higher interest rate, prepayment penalty, or higherfees.