Friday, April 1, 2011

LO Comp Rule Delayed

March 31st at the end of business the U.S. Court of Appeals granted a stay on the Federal Governments Loan Officer Compensation Rule, the rule will be put off until the 5th of April until a another hearing could be conducted.

So, After months of and many lawsuits against the Fed, the NAMB was able to delay the implementation of the LO Comp Rule at least for now.

Some Lending Institutions have already implemented the compensation changes, but many more were hoping the the rule of the LO Comp would be delayed. Many different lending institutions have very different interpretations of the Fed LO comp rule, and that those varying interpretations was the reason the NAMB was asking for the delay.

With so many different ideas of how to implement the rule and not having a clear cut format or guidelines , has left many lending institutions scratching there heads. But at least for now they have a slight reprieve from the new Loan Officer Compensation Rule.

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