February 9, 2011—National Association of Mortgage Brokers (NAMB) Government Affairs Committee Chair Mike Anderson, CRMS has praised the House Financial Service Committee for including an examination of the impact the Federal Reserve Board's recent regulation controlling employee pay will have on loan originators in its Oversight Plan.
In the House Financial Services Committee's Oversight Plan released today, the Committee will examine the implementation of proposed rules issued by the Federal Reserve governing mortgage origination compensation, which are scheduled to become effective April 1, 2011.
The committee release outlines: "[T]he Committee is concerned that the rules may have an adverse impact on the ability of small businesses that originate mortgages to remain in business."
The Committee added: "[T]he Committee will also review the interaction of existing real estate settlement rules with rules mandated by the Dodd-Frank Act."
In a separate activity, the Office of Advocacy of the Small Business Administration (SBA) has sent two letters to the Federal Reserve Board asking for more guidance for small business compliance regarding loan officer compensation.
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. For more information, visit NAMB.org.