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Loan Modification

: Mortgage Lender Implode-o-Meter

Originator Compensation Delay Urged by Congressional Committee

By Implode-Explode Heavy Industries

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``The final rules are scheduled to go live on April 1 but the Federal Reserve still hasn't provided formal written guidance on the rule changes. This forced major mortgage banks and regional lenders to think up their own policies and procedures. Unfortunately there has been no uniformity in their individual translations... As a result, several lawsuits have been filed against the Fed to delay the rule change. Both the NAIHP and NAMB filed suit to prevent the April 1st implementation of the LO compensation rule.''

Full post as published by Mortgage Lender Implode-o-Meter on March 15, 2011 (boomark / email).

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