Reg Z Violations Easily Enforced Under SAFE Act; Comp Plan Recruiting Rush; Shadow Invetory Issue

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Posted To: Pipeline Press

Yes, the earlier commentary was the yearly April Fool's edition. But in the "truth is stranger than fiction" category, the U.S. Court of Appeals in Washington granted emergency motions from NAMB and NAIHP which argue the rule unfairly penalize brokers, who won't be able to pay loan officers from consumer-paid fees . "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 as a ruling on the merits of those motions," the court said in its order yesterday. The Appellate Court stay was granted, and a date of appeal was set for Tuesday, April 5. What lenders actually do with this information remains to be seen , however - you'll have to figure that one out on your own. For example...(read more)

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Source: www.mortgagenewsdaily.com

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