April 5, 2011:
The Appellate Court has lifted the stay issued Friday, April 1, 2011 regarding the Federal Reserve Board Rule on loan officer compensation. Previously slated to start on April 1, the stay has now been lifted and goes into effect immediately. It appears that most lenders will accept loans submitted tomorrow, April 6, under the old rule as long as the application is dated April 5, 2011.
Both NAMB and NAIHP have vowed to continue the fight for the sake of the consumer, we will continue to update as things move forward. So for now, the Loan Originator Compensation Rules are now in effect.
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