One of the three mortgage lenders to institute broker compensation changes in the wake of Attorney General Martha Coakley’s new mortgage regulations has reversed the new policy, barely a week after it went into effect.

Florida-based Taylor, Bean & Whitaker Mortgage Corp. explained in a Jan. 11 bulletin to its Massachusetts broker partners that “after several discussions” with Coakley’s office, it no longer will restrict the maximum amount a broker can earn through the use of yield spread premiums (YSP) on Massachusetts mortgage loans to 1.5 percent of the loan amount for conventional loans and 2 percent for government loans, including Federal Housing Administration-backed loans.

The new regulations were enacted to protect consumers from predatory lending practices, and a provision prohibiting conflicts of interest between borrowers and mortgage brokers called into question the use of yield spread premiums.

YSP is the difference between the interest rate for which a borrower qualifies and the actual rate of a loan, and is a common method for compensating mortgage brokers.

The lender – which was Massachusetts’12th-largest residential originator in 2007, issuing 4,248 one-, two- and three-family home and condominium loans in the Bay State – had implemented the policy on Jan. 2, the day the attorney general’s new regulations went into effect.

A Taylor, Bean & Whitaker representative did not return a call seeking comment.

At a Jan. 16 forum, Coakley’s Consumer Protection Division Chief Christopher Barry-Smith acknowledged that some lenders might have been confused by examples Coakley offered shortly before the regulations went into effect trying to clarify when and how yield spread premiums could be imposed on a loan.

The examples used by the attorney general describing how brokers and lenders could comply with the regulations frequently referred to 1.5 percent YSP. Taylor, Bean & Whitaker and Wells Fargo subsequently decided to limit YSP compensation on Massachusetts loans to 1.5 percent and another, smaller company, Crescent Mortgage, eliminated use of YSP completely.

But the regulations don’t limit YSP compensation, Barry-Smith said, adding that lenders who decided to implement a cap were “making their own business decisions.” However, Barry-Smith later suggested that YSP of greater than 2 percent of the loan amount could be questioned by regulators.

To date, Wells Fargo is continuing to cap broker compensation on Massachusetts loans at 1.5 percent.

Alain Valles, the president of Direct Finance Mortgage and 2008 president of the Massachusetts Mortgage Association, said he’s not aware of any of the other dozen or so lenders that changed YSP policies or eliminated their offerings of stated- or no-income loans to comply with Coakley’s regulations having reversed those policy changes.

He predicted the new regulations will minimize harm to consumers who might otherwise have had problems with future loans, but said the impact on local mortgage businesses will be less than feared.

“For all the four or five months of running around in a panic [about the regulations’ potential effect], they are not having a huge effect,” Valles said. “As of right now, it’s business as usual for the lenders we’re working with.”

He said he thinks the lobbying efforts by MMA and the Massachusetts Mortgage Bankers Association during that four- or five-month period helped ease the impact.

However, Bob Rocklein, director of sales for First Integrity Mortgage in Lawrence, said when lenders choose to limit or eliminate yield spread premiums, borrowers will no longer be able to get no-point, no-closing-cost loans – an attractive option for those who don’t have a lots of upfront money to bring to a home purchase closing – because it will no longer be worth the broker’s time and effort.

“Usually, you have to make a minimum of 2 percent on a loan to cover costs,” Rocklein said.

A broker’s fee normally is covered through the yield spread premium or points, which are fees based on a percentage of the loan amount paid by the borrower at the time the transaction is completed.