Due to the legal delays associated with the new Reg Z Compensation Rules, REMN Wholesale is continuing operations under our existing rate sheet format and pricing structure in effect as of March 31, 2011. All new loans received by REMN Wholesale during the period in which a final ruling is pending will be subject to current rates and pre-4/1/11 pricing structure. Once this matter is finalized, we will implement our revised policies accordingly.
As many of you have likely heard by now, the Compensation Rules set to go into effect today are delayed while the US Court of Appeals (District of Columbia ) reviews the associated case. The Appeals Court is proceeding under its rules for an expedited process and briefs are due Monday by the Federal Reserve and Tuesday by the Associations (NAMB and NAIHP). It is expected that the Appeals Court will schedule a hearing and rule quickly. Please find this link with a copy of the order. http://www.namb.org/images/stay-of-rule.pdf
If you have any questions, please contact your AE.