The National Association of Independent Housing Professionals is giving up — for now — in its court battle against the Federal Reserve Board to block the agency's just implemented loan officer compensation rule.
"Our board voted to withdraw the lawsuit," said NAIHP president Mark Savitt. "There are other avenues we're looking at pursuing."
As for what those avenues might be, Savitt declined to comment, but said he may have something to say on the matter soon.
Meanwhile, the National Association of Mortgage Brokers (which along with the NAIHP sued the Fed, asking for a temporary restraining order) may be moving forward with another appeal in the case. However, at press time NAMB president Mike D'Alonzo could not be reached for comment. (For more details see the Monday, April 18 paper edition of National Mortgage News.)
