A handful of trade groups are about to send a letter to the Federal Reserve Board concerning its loan officer compensation rule. Their chief complaint (if I read the letter correctly) is the Fed's definition of "affiliate" which could spell major problems for Realty firms that broker loans — and lenders with title company affiliates. (See the National Mortgage News website for an update from Brian Collins.) Meanwhile, April 1 is 'D-day' for the rule but lawsuits are expected. After National Mortgage News broke the news that the National Association of Independent Housing Professionals plans to sue the Fed over the rule, donations to "the cause" have picked up. Even wholesalers are donating…
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