The National Association of Mortgage Brokers released a statement today saying “the fight is far from over” with regard to the implementation of the Federal Reserve Board’s loan officer compensation rule, which took effect Wednesday.
The U.S. Court of Appeals ruled Tuesday against the stay on the rule’s implementation requested by the NAMB and the National Association of Independent Housing Professionals, putting the rule into immediate effect.
“Although the Appellate Court has ruled to lift the stay, this fight is far from over,” said NAMB President Mike D’Alonzo. “NAMB will exercise every option available to combat the consumer damaging Fed Rule. I want to commend the efforts of NAMB and NAIHP and their respective legal teams throughout this entire process.”
The latest ruling doesn’t prevent further movement in the appeal process, according to NAMB.
“NAMB will continue the appeal for the preliminary injunction regarding the Fed Rule,” said D’Alonzo. “We feel our chances remain the same as they were before the stay was lifted. Although we are well aware of the challenges associated with the appeal, we need to know where the Appellate Court stands and what their views are regarding the challenge of appeal. The results of their decision will be used for continued legal battle and legislative initiatives.”
See the statement from NAMB.
Written by Elizabeth Ecker