Temporary Good News for Loan Officers

Court Ruling Delays Implementation of New Rules Governing Loan Originator Compensation

The United States Court of Appeals for the District of Columbia has issued an order that stays the implementation of a new Federal Reserve Rule governing loan originator compensation. The new rule was to take effect April 1, 2011.

The Court’s order relates to a suit brought by the National Association of Mortgage Brokers, who objected to the portion of the new rule that prohibits mortgage brokers from paying their loan officers commissions that are based on fees paid by the consumer. The NAMB filed an emergency motion for expedited relief and an emergency motion to stay implementation of final rule pending appeal.

The Court’s order granting the stay was issued on March 31, 2011.

Published in: on April 1, 2011 at 1:44 pm  Leave a Comment  

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