Information and news regarding the Federal Reserve Board and Loan Officer / Broker compensation
NAMB, the National Association of Mortgage Brokers today filed the second lawsuit this week against Federal Reserve Board over the new Lender Compensation rules set to begin April 1, 2011.
NAMB’s lawsuit seeks to obtain a temporary restraining order, and is using different arguments than the lawsuit filed by NAIHP on March 7th.
The National Association of Independent Housing Professionals (NAIHP) Files Suit Against The Federal Reserve over Loan Originator Compensation Rule!!
The Federal Reserve Board has enacted rules which will severely limited consumer choice, increase closing costs, increase interest rates, destroy small lenders everywhere, bankrupt Loan Officers, all while increasing profits for banks.
The first of at least three lawsuits and restraining orders have finally been filed to stop the madness and overstepping of government, which is set to to start April 1, 2011. Read more at http://naihp.org, and watch the video below from Frank and Brian of TBSWdailyshow.com
If you need a home loan in MN, better apply and lock before April 1, 2011