On Tuesday morning a Federal judge will hear arguments from the National Association of Mortgage Brokers and the Federal Reserve concerning a new motion filed by NAMB seeking a temporary restraining order against the central bank's loan officer compensation rule.
The hearing is set for Tuesday morning at 9:30 in U.S. District Court for the District of Columbia with Judge Beryl Howell presiding.
Attorneys from the National Association of Independent Housing Professionals will be there as well. A few weeks back NAIHP sued the Fed over the LO comp rule with NAMB filing a similar complaint a few days later. The suits were combined into one at the Fed's request, but then NAMB filed a new motion on Friday seeking an immediate TRO. (Such TROs can last for 10 days.)
In mid-March the Community Mortgage Banking Project submitted an amicus brief supporting the two broker trade groups. The Center for Responsible Lending filed a brief supporting the Fed.
Representatives from all these groups will be in attendance Tuesday morning. (National Mortgage News will provide an update on the story later this morning.)
