On Jan. 20, 2013, The Consumer Financial Protection Bureau (CFPB) published a final rule on Loan Originator Compensation as part of implementation of the Dodd-Frank Act. The rule was designed to prevent abuses related to steering borrowers to loans with terms that are less advantageous than they could qualify for and specifically addresses seller financed transactions. In comments to the CFPB, NAR had requested broader exemptions for seller financing than what the statue and proposed rule had outlined. Though the CFPB’s final rule follows much of the statute, in response to NAR’s comments the Bureau made minor changes, such as a more flexible exemption for individuals that sell only 1 property in a 12-month period and not requiring proof of documentation of a borrower’s ability to repay. NAR has published a complete summary of the final rule on nar.realtor, which takes effect on Jan. 10, 2014.