Clear Your Calendar – Fed to host free webinar on LO Compensation Rule

Confused about the new Loan Originator Compensation rule?  Don’t know what the government is expecting?  Do you want to be “in the know” BEFORE the rule goes into effect on April 1, 2011? 

Here’s an opportunity you don’t want to miss: Clear your calendar on March 17 from 1:00 – 3:00 p.m. Central time. The Federal Reserve is hosting a webinar to provide updated information and answer questions about the new regulatory requirements for loan originator compensation. This webinar is FREE and open to all interested parties.  Attendees can submit questions before the event via email or during the event using online chat. Log-in and email information will be provided after you register.

To register, click on this link: www.visualwebcaster.com/event.asp?id=77385 

In other news regarding the LO compensation rule, the National Association of Independent Housing Professionals (NAIHP) has filed suit against the Federal Reserve in U.S. District Court for the District of Columbia.  The NAIHP is seeking an injunction against the rule to prohibit it from going into effect.  The NAIHP’s filing is the second suit against the Fed seeking an injunction.  The National Association of Mortgage Brokers (NAMB) filed suit late last month.  Details on the NAIHP’s filing are available at www.NAIHP.org, and a copy of the complaint will be available on Thursday.

Bump in the Road for LO Compensation Rule

Last Friday, February 18, the National Association of Mortgage Brokers (NAMB) announced its intention to file suit against the Federal Reserve Board seeking an injunction on the Loan Originator Compensation Rule that is scheduled to take effect on April 1st.  Whether this is simply a bump in the road, or a complete road block is to be determined.  Further details are available at www.namb.org.