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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 [...] The U.S. Court of Appeals in Washington, D.C. has granted a temporary stay of the implementation of the Federal Reserve Board’s Loan Originator Compensation rules. The court has directed the defendant Federal Reserve Board to file a reply brief by Monday April 4th. The plaintiffs, the National Association of Mortgage Brokers (NAMB) and the [...] |
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