Not to be outdone by other associations who plan to go file suit against the Federal Reserve for its originator compensation rule, the National Association of Mortgage Brokers announced via YouTube it plans to take legal action.
“The time has come, we have decided to file legal action to get an injunction against the Fed rule on loan officer compensation,” said Mike Anderson, government affairs char at NAMB. “We have put together one of the best legal teams in the US, top legal firms in the country. They are ready to file, to take action, to stop the Fed rule before the April 1st deadline.”
The NAMB’s announcement comes after the National Association of Independent Housing Professionals (NAIHP) announced it would be doing the same. Marc Savitt, President of the NAIHP posted an announcement on its website voicing its frustration in the NAMB’s decision not to work together on the suit.
“On three separate occasions since February of 2010, industry professionals approached both NAIHP and NAMB, about working together for the betterment of the industry. NAIHP immediately accepted each invitation, only to be turned down by NAMB,” said Savitt.
The NAMB used its announcement as a fund raising tool, which Savitt said is backwards.
“To me, this obvious lack of confidence is evidence that their rushed filing is more about NAMB hoping that they’ll be seen as doing “something” rather than the one thing that has the best chance of success for the industry,” he said.
