L.O. Comp Rules Delayed Five Days. Not a Cruel Joke!

HAPPY APRIL FOOL'S DAY!

This is not a cruel joke. From NAMB's website:

"The US Court of Appeals has granted a stay on Fed's LO Compensation rule. The hearing will be on April 5th. The RULE IS DELAYED UNTIL THE RESULTS OF THE HEARING. You can access the Court of Appeals order here. This announcement about the delay of the loan originator compensation rule is not an April fool's joke

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National Association of Mortgage Brokers,
Appellant

National Association of Independent Housing
Professionals, Inc.,
Appellee

v.

Board of Governors of the Federal Reserve
System, et al.,
Appellees

Consolidated with 11-5079

BEFORE: Henderson, Tatel, and Kavanaugh, Circuit Judges

O R D E R

Upon consideration of the emergency motion for expedited relief and the emergency motion to stay implementation of final rule pending appeal, it is

ORDERED that the implementation of the rule under review in these consolidated cases, 12 C.F.R. § 226.36(a), (d), and (e), be stayed pending further order of the court. The purpose of this administrative stay is to give the court sufficient opportunity to consider the merits of the motions for emergency relief and should not be construed in any way as a ruling on the merits of those motions. See D.C. Circuit Handbook of Practice and Internal Procedures 32 (2010).

It is FURTHER ORDERED, on the court’s own motion, that the government file a combined response to both motions by 12:00 noon, Monday, April 4, 2011, not to exceed 20 pages. Appellants may file a joint reply to the government’s response by 10:00 a.m., Tuesday, April 5, 2011, not to exceed 10 pages. The parties are directed to hand-deliver the paper copies of their submissions to the court by the time and date due.

Per Curiam

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Plain and Simple: The industry has five days to to help the court  "consider the merits of the motions for emergency relief". 

 

What can we do to help NAMB/NAIHP? Let us know.

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Source: http://www.mortgagenewsdaily.com/04012011_compensation_delayed.asp

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