NAMB
Receives Word That the Fed will issue a Compliance
Guide On the Loan Officer Compensation Rule
Federal
Reserve Board working to produce guidelines for
April 1, 2011 compliance with Regulation Z
The
National Association of Mortgage Brokers (NAMB)
has learned today that the Federal Reserve Board
(FRB) is working on a compliance guide for small
entities on the loan officer (LO) compensation
rule, pursuant to Section 212 of the Small
Business Regulatory Enforcement Fairness Act (SBREFA),
and it will be published in the immediate future.
NAMB will ask for a significant delay on the April
1st deadline in order for Office of Advocacy Small
Business Administration to interpret and implement
any guidelines coming from the federal reserve
board at such a late date.
As
you all know, this is great news and NAMB will be
following up with additional information as it is
received. See attached short
video from NAMB Government Affairs Committee
Chair Michael Anderson for more information.
The
National Association of Mortgage Brokers (NAMB)—The
Association of Mortgage Professionals, is a trade
association of mortgage professionals with
membership in all 50 states and the District of
Columbia. NAMB provides education, certification
and government affairs representation for the
mortgage industry.
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Contact:
Eric C. Peck
NMP Media Corp. (516) 409-5555, ext. 312
pr@nmpmediacorp.com
