Posted by: cfigueira | April 1, 2011

Loan Originator Compensation Rules

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 National Association of Independent Housing Professionals (NAIHP), have until Tuesday morning April 5th to file their reply briefs. After that filing takes place the Appeals court can order a hearing or make a decision on the basis of the filed briefs. The stay the court has ordered is a temporary measure freezing things in place while the appeal is considered. If the court decides in favor of the NAMB and NAIHP then the most likely course of action would be that the case would move back to the District Court. The stay would probably be extended to cover the period of time the case is in the District Court and could be extended further if there is another appeal. If the Appeals Court decides in favor of the Federal Reserve the stay will be dissolved upon the issuance of the decision

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