NAMB: "Fight is Far From Over"
One of the two trade groups that sued the Federal Reserve Board over the loan officer compensation rule has vowed to fight on after a crushing defeat in a federal appeals court.
On Tuesday, the U.S. Court of Appeals for the District of Columbia Circuit lifted the stay on the loan officer compensation rule.
One of the plaintiffs in two lawsuits against the Fed, the National Association of Independent Housing Professionals Inc., quoted a federal judge as saying that "irreparable harm" will be caused to small businesses as a result of the rule.
read full story
Irreparable Harm In Effect
Yesterday's decision by a federal appeals court will cause "irreparable harm" to small mortgage brokerages. The potential impact of the decision was compared to the implementation of the Home Valuation Code of Conduct.
Appeals Court Rules on LO Compensation Rule
A federal appeals court has rendered its decision about whether to continue to delaying the implementation of the loan originator compensation rule while mortgage brokers battle it out with the Federal Reserve Board in federal court.
Brokers Respond to Fed Filing
U.S. mortgage brokers delivered their response to the Federal Reserve Board's filing yesterday in the brokers' lawsuit seeking to lift the stay on the loan originator compensation rule. The brokers, who are pleading to stop the rule from "decimating the mortgage brokerage industry," might have a chance changing one aspect of the rule, according to one expert.
Fed Fires Back in LO Comp Rule Lawsuit
The Federal Reserve Board filed its response to an appeal by mortgage brokers to have the loan originator compensation rule delayed. The Fed says that the brokers have not shown that they have a reasonable chance of winning their case and is asking to have an emergency order lifted.
LO Comp Rule Delayed
A federal appellate judge has delayed the implementation of the loan officer compensation rule. But the ruling only delays implementation while an appeal is considered by the court.
Brokers Lose Lawsuit
A judge has ruled against mortgage brokers, who sued to stop implementation of the loan officer compensation rule.
Brokers Battle LO Comp Rule, YSP Restrictions
Mortgage brokers, who at one point accounted for half of residential originations, have seen their collective share dwindle to just 10 percent as their numbers have fallen to 120,000 from 450,000 in better times. The group is now fighting further erosion that could result from upcoming loan origination compensation rules and restrictions on yield spread premiums.
Senators Seek Suspension of LO Comp Rule
Two U.S. senators from both sides of the isle are calling for a delay of the loan officer compensation rule that is set to go into effect in less than a month. In a letter to the Federal Reserve chairman, the politicians warned that small mortgage firms could be devastated by the rule.
Brokers Sue Fed
Following a similar lawsuit earlier this week by an association whose members include loan originators, a mortgage broker trade group has filed its own lawsuit against the Federal Reserve Board.
More Recent Loan Officer Compensation Rule Articles
|
