The U.S. District Court of Appeals has dissolved the stay against the Loan Originator Compensation rule thereby making the rule effective as of April 5, 2011. In the ruling, the Appeals court also denied the motions of NAMB and NAIHP requesting expedited relief and further stay against the rule.
The one page ruling stated that the appellants "have not satisfied the stringent standards required for a stay pending appeal."
As such, the rule becomes effective today, although the case will continue to be litigated by the U.S. District Court before Judge Beryl Howell.
