Appellate Court Grants a Stay of the Fed’s LO Compensation Rule

Reblogger
Mortgage and Lending with Family Home Loans 189203

So you're saying there's a chance. . .Wanted to get this out ASAP.  At least someone in the court recognized that the Fed's Compensation Rule needs to be scrutinized more carefully.

Original content by Joe Metzler NMLS 274132

BREAKING NEWS: Sweeping Federal Reserve Rule Delayed

Appellate Court Grants a Stay of the Fed’s LO Compensation Rule

St Paul, MN: The Mortgage industry scored a major victory late Thursday night as their expedited appeal to the United States Court of Appeals for the District of Columbia was granted and a stay implementation of the final rule on loan officer compensation.

The stay delays the enforcement date of the LO compensation rule which was to take effect beginning today, Friday, April 1, 2011.

A hearing is set for April 5th.

The appeal was granted after a Federal Judge ruled Wednesday AGAINST giving a temporary restraining order banning the implementation of the rule.

The court cases move forward. This action is ONLY designed to stop the enforcement of the rule until it can wind its way through the courts and a final and permanent decision is made.

Stay tuned for more details and read

Federal Reserve Mortgage Scandal Explained

 

 

(C) 2011 - Joe Metzler - Mortgages Unlimited, St Paul, MN #274132. Re-blog but do not steal!

We lend in MN and WI ONLY. Searching rates on home loans, rates for refinancing your mortgage in MN or WI. We have some of the best rates on home loans!

 

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