NAMB Files Lawsuit Regarding Loan Officer Compensation and Dodd-Frank – VIDEO

The National Association of Mortgage Brokers according to Mike Anderson governor affairs chair for NAMB declared today that the time has come to file legal action to obtain an injunction on the fed rule on loan officer compensation.  The goal is to delay the fed rule.  Mike indicated that they are optimistic and expect to file this Monday morning.

***Update 03/09/2011 – MoneyPress has learned that the law suit mentioned above has been delayed – a new message has just been released by the National Association of Mortgage Professionals (NAMB) and is as follows:

Fellow NAMB Member:

I would like to inform all of our members that NAMB is proceeding with our lawsuit and is scheduled to be filed Wednesday, March 9, 2011, in District Court in the District of Columbia. NAMB has been working for months with our legal team to prepare the lawsuit. Well the time has come and the filing will be tomorrow afternoon. I have instructed the Government Affairs Chair, Mike Anderson, CRMS to produce a video tomorrow explaining our actions as it pertains to our decision to file the suit as NAMB.

Thank you for all of your support and NAMB will continue to fight for you and our industry.

Michael D’Alonzo, CMC, President

Note that NAMB did release another video recently