NAMB

NAMB Files Suit Against LO Compensation Rule 

In an 18 page legal filing, the National Association of Mortgage Brokers (NAMB), has filed a lawsuit seeking to delay and permanently stop the implementation Loan Originator Compensation rule due to take affect on April 1, 2011.  Filed in the U.S. District Court for the District of Columbia, the suit names the Board of Governors of the Federal Reserve System (Fed), Board Chairman Ben Bernanke and Director of Consumer and Community Affairs Sanda Braunstein as defendants. First reported by National Mortgage Professional Magazine, the lawsuit by NAMB challenges sections of the rule related to closed end credit transactions.  "Specifically,