Lawsuit Gets An Assist! (Loan Originator Compensation)


Since the National Association of Independent Housing Professionals (NAIHP) and National Association of Mortgage Brokers (NAMB) filed their separate lawsuits against the FRB three weeks ago, respectively on 3/7 and 3/9, the FRB moved to consolidate them, which the Court granted. The NAMB then moved for a reconsideration of the consolidation, which the Court denied. See: Archive for previous Commentaries.

An important Amicus Brief was filed on March 24, 2011 by the Community Mortgage Banking Project and the Community Mortgage Banking Research Fund (collectively, the "CMBP") in support of the NAIHP's and NAMB's application for a temporary restraining order and preliminary injunction.

This article provides cursory analysis, resources, and links to our Library for documents and additional information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Jonathan Foxx, Lenders Compliance Group | Attorney Advertising

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