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WASHINGTON (Reuters) – The U.S. consumer watchdog said on Wednesday it was rescinding guidance that had effectively banned joint marketing agreements between mortgage lenders, realtors and other home buying service providers, saying it did not provide necessary “regulatory clarity” on how to comply with the law.
The move is another boost for the mortgage industry, which has long lobbied against the guidance, and is the latest example of the Trump administration rolling back Obama-era consumer protections. The industry has complained that the Consumer Financial Protection Bureau’s 2015 guidance was unclear and had misinterpreted federal laws that bar kickbacks or referral fees that could increase the cost of buying a home.
The CFPB said it was replacing the guidance with a document on “Frequently
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