In what may ultimately only amount to a moral victory for liberty-loving consumers and professionals alike, the US Court of Appeals granted the National Association of Mortgage Professionals and the National Association of Independent Housing Professionals motion to block the Federal Reserve from implementing new loan officer compensation rules in order "to give the court sufficient opportunity to consider the merits of the motions for emergency relief". The judges made it clear, however, that the ruling "should not be construed in any as a ruling on the merits of those motions".
I guess blind justice does not necessarily beget blind hope.
As I mentioned in a previous post, if you have deals that are depending upon preapprovals from any brokered loan, make sure that your lender has confirmed that the relationship between his company and the wholesale lender will remain intact once these new rules go into effect. Due to the complexity and uncertainty of the new rules, many existing relationships will either be interrupted or lost altogether.
The opinions expressed in this blog post are entirely my own and are not intended to represent the views of Guild Mortgage Company.
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