News:
February 1, 2012 - President Obama announces a new Home Owner Bill of Rights. He also shows teh nation what looks like a new one page mortgage disclosure. A copy of the the three page prototype form from the CFPB can be viewed by clicking here. Click here to listen to President Obama's speech today. And, click here for a copy of the transcript. HUD Secretary Shaun Donovan offered more details on the new housing refinance program. Click here to see a short video interview with Secretary Donovan after the briefing.
IMMAAG thanks Jerry Ellsworth for sharing a more detailed copy of President Obama's Housing Plan. Click here to learn more.
January 26, 2012 - Your chance to interivew President Obama - click here to ask your question of the president for possilbe inlcusion in an interivew scheduled for Janaury 30, 2012. Questions must be asked by midnight EST, Saturday, January 28th, 2012.
January 4, 2012 - Shaker Heights, IL - President Obama exercises his presidential “authority" to “recess” appoint Richard Cordray as Director of the Bureau of Consumer Financial Protection. To watch the video of the announcement click here. The announcement begins at about 6 minutes and 40 seconds into the video. At about 8 minutes and 10 seconds and again at 12 minutes/40seconds Mr. Obama repeatedly singles out mortgage brokers as bad guys - Thanks Mr. President!
January 4, 2012 – WashingtonD.C. – Chairman Bernanke sends white paper revisiting recent housing history and making some suggestions to the House Financial Services Committee and Senate Baking Committee. Read the text of the 26 page white paper by clicking here.
December 19, 2011 – WashingtonD.C. – New tax Are your ready for a tax increase? Did you know about it? During the recent break-neck speed Congressional activities to keep the government running Dave Camp’s (R-CA-3) bill HR-3630 entitled Temporary Payroll Tax Cut Continuation Act of 2011 was passed. It includes a little known provision for new, incremental mortgage back security guarantee fees – but they are not guarantee fees and the process was hardly transparent. Take a look at the 3 page excerpt of the Guarantee Fee portion of the bill by clicking here. Check out the entire Payroll Tax Cut Continuation Act by clicking here. And, if you have not received your talking points and would like to say something to your representative about this little secret, send an email to admin@immaag.com and we’ll send our information to you.
Washington D.C. - December 8, 2011 - Senate rejects cloture regarding nomination of Mr. Richard Cordray to assume control of the Bureau of Consumer Financial Protection. Get more information and see how your Senator voted by clicking here.
December 5, 2012 - IMMAAG makes available FREE NMLS CE's to registered users who support IMMAAG with a regular annual subscription. See details here.
November 10, 2011, West Palm Beach, FL - Software vendor OpenClose offers origination software for "untrained" mortgage originators based on requests from community banks and credit unions. Read the full release by clicking here. Then, please send us your thoughts about this "tool" to admin@immaag.com.
House Financial Services Democrats plead with Senate Republicans - November 17, 2011 – Washington D.C. – All 27 Democrat members of the House Financial Services Committee signed a two page letter sent to Senator Mitch McConnell, Minority Leader, urging him to support the full Senate approval of Mr. Richard Cordray as Director of the Bureau. Click here to read the letter.
November 17, 2011 - Fannie and Freddie Publish HARP Guidelines - In a seven page bulletin Fannie Mae sent its sellers an explanation of what it will be doing to implement the extension of the HARP program announced by the Administration a few weeks ago. Freddie Mac followed suit with a five page update of its own. The Fannie Mae Bulletin is available here. Click here for the Freddie Mac bulletin.
November 8, 2011 - CFPB offers intitial drafts of new pre-closing disclosures required by the Dodd Frank Act. Go to the CFBP KnowBeforeYouOwe page and check out the forms, then pick the one you prefer. If you want to add comments send an email to info@consumerfinance.gov. And, we'd appreciate a cc to admin@immaag.com.
November 7, 2011 - CFPB holds a 10 minute conference call to announce its new Enforcement Early Warning System. The press release is available here. The Bulletin can be read here.
November 2, 2011 - St. Charles, MO - IMMAAG joined industry professionals at MAMP's Annual Convention and had the opportunity to share time with Mr. James Fuchs of the St. Louis Fed and Mr. Mike Anderson, NAMB's Government Affairs Chairperson to update participants about legislative and regulatory issues and to enlist MAMP's members and other participants to join in the emerging grass roots effort to focus on leveraging the new Bureau and the Congress to work together, implement a study and then implement appropriate chages. IMMAAG thanks Dennis Tate and the other officers of MAMP for allowing us to share our views and ideas with the enthusiastic audience.
October 26, 2011 - IMMAAG requests that the Mortgage Licensing Policy Committee re-open and extend the comment period on a little known July 22, 2011 request for comments about State Regulator Action Reporting to the NMLS&R. You will be interested in the subject if you are a state licensed mortgage loan originator and were unaware of the proposal and request for comments.
October 2011 - CSBS/AARMR's Multistate Mortgage Committee (MMC) issues examiner manual and guidance for state examiners to use to conduct compliance reviews on mortgage companies and the loan originator compensation rule.
Click here to access the 263 page Mortgage Examiner Manual
Click here for access to the 42 page Loan Originator Compensation Guide
Read the content of IMMAAG's email by clicking here.
The July 22, 2011 Request for Comments is available here.
The 38 pages containing the comments from the six (6) organizations that responded is available here.
Please feel free to email your comments about the proposal to admin@immaag.com. Even if IMMAAG's request is not successful getting the SRR to re-open the comment period, we will share what we receive from you.
August 18, 2011 - Bureau takes industry feedback on the RESPA/TILA forms development project. For a summary of the 50 minute conference call and industry feedback about the forms project, just click here.
August 1, 2011 - IMMAAG comments on the Interagency Credit Risk Retention and Qualified Residential Mortgage exemption rule. Read IMMAAG's comments here.
July 21, 2011 - IMMAAG submits comment on Board's Ability to Repay Rule - IMMAAG joined 366 other commenters in offering its thoughts about the Board's proposed rule to implement the Dodd-Frank Act's Ability to Repay provisions. The public comment period ends July 22, 2011. A copy of its comments is available here.
July 13, 2011 - IMMAAG posts its summary of the Mortgage Originator Hearing before the House Financial Services Subcommittee on Housing, Insurance and Community Opportunity for regsitered users and subscribers. To access the summary click here. You must log in to access the summary. If you are not registered you can do so (Free and quick) after your click for access.
July 13, 2011 - Republican Gary Miller (CA-42) drops H.R. 2509 to modify loan originator compensation to allow borrower paid compensation to originators employed by brokers and to allow originators to redcue borrower costs when appropriate. Read the one page bill by clicking here.
July 11, 2011 - IMMAAG provides comments to the House Subcommittee on Housing, Insurance and Community Opportunity regarding the July 13, 2011 hearing on the impact of origination changes on homeowners and business. Read the coments by clicking here.
July 6, 2011 - California Republican Congressman Gary Miller offer legislation to merge and revamp Fannie Mae and Freddie Mac. A copy of the bill, H.R. 2413, is available here.
June 29, 2011 - HUD Issues Final Rule on SAFE Act compliance - After more than 15 months since closing the comment period on the proposed rule and only three weeks before its authority transfers to the CFPB, HUD issued a 151 page final rule regarding compliance with the SAFE Act. IMMAAG will provide its review of the rule within the next two weeks. The rule is effective 60 days after publishing in the Federal Register, which the announcement says will be tomorrow (June 30, 2011).
A copy of the announcement is available by clicking here
The full text of the "pre-Register" final rule is available here.
June 24, 2011 - IMMAAG asks Bureau's Dr. Warren to withdraw FRB's MLO Compensation Rule as an early priority in July 2011. Read the request here.
Compensation Misconception Position Statement - click here
April 29, 2011 Letter to Chairman Bernanke - click here
Attachment to Chariman Bernanke letter - click here
Working draft of support letter to Dr. Warren - click here
June 7, 2011 - Agencies extend Credit Risk Retention Comment Period to August 1, 2011 - read the announcement here
May 24, 2011 - Dr. Warren and others testify to the House subcommittee on oversight of the CFPB. IMMAAG is providing a link to the one hour ten minute video and to the written testimony. It is worth some of your time. A subscriber summary will be sent and posted over the weekend (May 28 -29th).
> Video of the testimony available by clicking here.
> Testimony of Dr. Elizabeth Warren - click here
> Opposing testimony - Todd Zywicki and David Evans
> Supportive testimony - Adam Levitin and Andrew Pincus
May 18, 2011 - The Bureau of Consumer Financial Protection (CFPB) invites industry representatives, including IMMAAG to review its first generation of "straw-man" forms which will be tested to cobine and replace the existing GFE and TIL disclosures. Click here to go to the Bureau's new "Know Before You Owe Website", check out the forms, comment and influence an outcome!
May 11, 2011 - Fed's publish Ability to Repay rule in Federal Register - Today the FRB's Ability to Repay proposed rule was officially published in the Federal Register at 76 FR 27390. The 117 page document requests comments no later than 7/22/11 and acknoweldges that the rule will ultimately be finalized by the Bureau. The full text is available here. The IMMAAG Subscriber Table of Contents for the Federal Register version of the rule is NOW (5/12) posted. Subscribers click here to access this tool.
May 6, 2011 - IMMAAG provides subscribers with Ability to Repay Rule Summary, Table of Contents, and an Excerpt of the 80+ specific comments requested by the Board. A word document highlighted version including highlighting the requested comments is available for all visitors by clicking here.
Board's 4/19/11 press release - Ability to Repay Proposed rule here, Check out the 3 page FRB highlight of the rule - here. The full 474 pages are available here.
April 29, 2011 - IMMAAG asks Chairman Bernanke to review misinformation, conduct and internal review and to respond. In a two page letter and a 13 page attachment, IMMAAG provided examples of misinformation used by the Board to justify the originator compensation rule. Click here for the details.
April 26, 2011 - Want to join the action - just send an email to admin@immaag.com and type "Dodd-Frank Materials" in the subject. We will respond with a package you can share with your Congressional member to ask him or her to support an amendment to the prohibitions section of the Dodd-Frank Act. If we do not get this part of the Act amended, the new Bureau will have little choice with respect to the new rule it inherits from the Board in July.
Wonder of Wonders - March 24th Barney Frank asked Chairman Bernanke to revise the borrower paid rule to allow broker companies to pay their employees. He also asked for a change allowing minor adjustments at closing for errors, etc. - read the text of the letter here.
April 5, 2011 - Bad News for Consumers! FRB Rule Goes Live - Read the Appeal Court's one page denial of the motion for a stay - here
4/5/11 - Plaintiffs (NAIHP/NAMB) reply brief - available here
4/4/11 - Feds File Appeal Court Reply Brief - text available here.
Links to attachments supporting user Dodd-Frank Act Amendment Call to Action:
Draft Letter to Your Representative - Not on the House Financial Services Committee (HFSC)
Draft Letter to Your Representative - a member of the HFSC
Draft Letter to Your Senator - Not on Senate Banking Committee
Draft Letter to Your Senator - a member of the Senate Banking Committee
Draft Amendment Language including your talking points
Compensation Position Statement to inlcude as an attachment
NO APRIL FOOL'S DAY JOKE - Circuit court stays the comp rule. Pleadings due by Tuesday, 4/5/11. Read The Stay Here.
March 30, 2011 Judge Beryl Howell, U.S. District Court denies injunction - read the astonishing, myopic 46 page ruling here. NAIHP and NAMB will file appeals 3/31/11.
March 29, 2011 - Agencies jointly publish proposed Risk Retention rule with 174 numbered requests for comment. Comments are due by June 10th 2011. Qualified Mortgage discussions begin on page 63. Access the proposed rule here.
FRB March 17th Webinar Audio with slides available by clicking here.
FRB's March 18, 2011 response to NAIHP & NAMB Lawsuits - no surprises - click here for full text
Click here to access the 106 page NAIHP vs. FRB Lawsuit (Patience please it is slow downloading because of its size.)
Click here to access the 16 page NAMB vs. FRB Lawsuit
Click here to listen to Bill Kidwell's 55 minute interview with NAIHP's Marc Savitt discussing the basis for NAIHP's planned lawsuit to delay the 4/1/11 implementation of the FRB Comp Rule - then join the effort with your refundable support!
Subscribers Only - read IMMAAG's editorial remarks and Mr. Geithner's 3/1/11 full testimony to the House Financial Services Committe regarding Housing Finance Reform - click here.
Register users - click here to read the unedited, full test of Mr. Geithner's testimony.
FHA Announces Premium Increases effective 4/18/11. Click here for the press release and click here for the mortgagee letter.
3/1/11 Chairman Bernanke provides Semi Annual Report to the Senate Banking Commitee - read the copy here.
February 10, 2011 - Copy of House Financial Services Committee (HFSC) Oversight Plan - available here. List of HFSC Members - click here
FEB 1, 2011 - SBA OFFICE OF ADVOCACY ASKS BOARD TO IMPROVE GUIDE AND DELAY RULE COPY OF LETTER HERE
January 28, 2011 - Copy of IMMAAG Letter to FRB - Compliance Guide Issses - click here
Copy of Letter Supporting IMMAAG's 1/28/11 request for rule delay - click here
Read the FULL TEXT of the January 26th FRB MLO COMPENSATION RULE
COMPLIANCE GUIDE BY CLICKING HERE
January 24, 2011 - IMMAAG requests FRB to withdraw or delay compensation rule - Read the letter here.
Your "Call to Action" Support Copy
NMLS&R Call Report Detail Information Available Here.
Summaries of the NAIHP and NAMB lawsuits provided by Jonathan Foxx, our friend at Lenders Compliance Group are available by sending an email to admin@immaag.com. Just inlcude "Lawsuit Summary" in the subject line.
March 11, 2011 - Senators David Vitter and Jon Tester sent a jointly signed letter to Mr. Bernanke on March 11, 2011 asking for a delay of the compensation rule as well. A copy of the letter is available by clicking here. It sites many of the issues that have already been raised including the lack of clarity and the harm to small business as considerations for the delay.
News:
February 1, 2012 - President Obama announces a new Home Owner Bill of Rights. He also shows teh nation what looks like a new one page mortgage disclosure. A copy of the the three page prototype form from the CFPB can be viewed by clicking here. Click here to listen to President Obama's speech today. And, click here for a copy of the transcript. HUD Secretary Shaun Donovan offered more details on the new housing refinance program. Click here to see a short video interview with Secretary Donovan after the briefing.
IMMAAG thanks Jerry Ellsworth for sharing a more detailed copy of President Obama's Housing Plan. Click here to learn more.
January 26, 2012 - Your chance to interivew President Obama - click here to ask your question of the president for possilbe inlcusion in an interivew scheduled for Janaury 30, 2012. Questions must be asked by midnight EST, Saturday, January 28th, 2012.
January 4, 2012 - Shaker Heights, IL - President Obama exercises his presidential “authority" to “recess” appoint Richard Cordray as Director of the Bureau of Consumer Financial Protection. To watch the video of the announcement click here. The announcement begins at about 6 minutes and 40 seconds into the video. At about 8 minutes and 10 seconds and again at 12 minutes/40seconds Mr. Obama repeatedly singles out mortgage brokers as bad guys - Thanks Mr. President!
January 4, 2012 – WashingtonD.C. – Chairman Bernanke sends white paper revisiting recent housing history and making some suggestions to the House Financial Services Committee and Senate Baking Committee. Read the text of the 26 page white paper by clicking here.
December 19, 2011 – WashingtonD.C. – New tax Are your ready for a tax increase? Did you know about it? During the recent break-neck speed Congressional activities to keep the government running Dave Camp’s (R-CA-3) bill HR-3630 entitled Temporary Payroll Tax Cut Continuation Act of 2011 was passed. It includes a little known provision for new, incremental mortgage back security guarantee fees – but they are not guarantee fees and the process was hardly transparent. Take a look at the 3 page excerpt of the Guarantee Fee portion of the bill by clicking here. Check out the entire Payroll Tax Cut Continuation Act by clicking here. And, if you have not received your talking points and would like to say something to your representative about this little secret, send an email to admin@immaag.com and we’ll send our information to you.
Washington D.C. - December 8, 2011 - Senate rejects cloture regarding nomination of Mr. Richard Cordray to assume control of the Bureau of Consumer Financial Protection. Get more information and see how your Senator voted by clicking here.
December 5, 2012 - IMMAAG makes available FREE NMLS CE's to registered users who support IMMAAG with a regular annual subscription. See details here.
November 10, 2011, West Palm Beach, FL - Software vendor OpenClose offers origination software for "untrained" mortgage originators based on requests from community banks and credit unions. Read the full release by clicking here. Then, please send us your thoughts about this "tool" to admin@immaag.com.
House Financial Services Democrats plead with Senate Republicans - November 17, 2011 – Washington D.C. – All 27 Democrat members of the House Financial Services Committee signed a two page letter sent to Senator Mitch McConnell, Minority Leader, urging him to support the full Senate approval of Mr. Richard Cordray as Director of the Bureau. Click here to read the letter.
November 17, 2011 - Fannie and Freddie Publish HARP Guidelines - In a seven page bulletin Fannie Mae sent its sellers an explanation of what it will be doing to implement the extension of the HARP program announced by the Administration a few weeks ago. Freddie Mac followed suit with a five page update of its own. The Fannie Mae Bulletin is available here. Click here for the Freddie Mac bulletin.
November 8, 2011 - CFPB offers intitial drafts of new pre-closing disclosures required by the Dodd Frank Act. Go to the CFBP KnowBeforeYouOwe page and check out the forms, then pick the one you prefer. If you want to add comments send an email to info@consumerfinance.gov. And, we'd appreciate a cc to admin@immaag.com.
November 7, 2011 - CFPB holds a 10 minute conference call to announce its new Enforcement Early Warning System. The press release is available here. The Bulletin can be read here.
November 2, 2011 - St. Charles, MO - IMMAAG joined industry professionals at MAMP's Annual Convention and had the opportunity to share time with Mr. James Fuchs of the St. Louis Fed and Mr. Mike Anderson, NAMB's Government Affairs Chairperson to update participants about legislative and regulatory issues and to enlist MAMP's members and other participants to join in the emerging grass roots effort to focus on leveraging the new Bureau and the Congress to work together, implement a study and then implement appropriate chages. IMMAAG thanks Dennis Tate and the other officers of MAMP for allowing us to share our views and ideas with the enthusiastic audience.
October 26, 2011 - IMMAAG requests that the Mortgage Licensing Policy Committee re-open and extend the comment period on a little known July 22, 2011 request for comments about State Regulator Action Reporting to the NMLS&R. You will be interested in the subject if you are a state licensed mortgage loan originator and were unaware of the proposal and request for comments.
October 2011 - CSBS/AARMR's Multistate Mortgage Committee (MMC) issues examiner manual and guidance for state examiners to use to conduct compliance reviews on mortgage companies and the loan originator compensation rule.
Click here to access the 263 page Mortgage Examiner Manual
Click here for access to the 42 page Loan Originator Compensation Guide
Read the content of IMMAAG's email by clicking here.
The July 22, 2011 Request for Comments is available here.
The 38 pages containing the comments from the six (6) organizations that responded is available here.
Please feel free to email your comments about the proposal to admin@immaag.com. Even if IMMAAG's request is not successful getting the SRR to re-open the comment period, we will share what we receive from you.
August 18, 2011 - Bureau takes industry feedback on the RESPA/TILA forms development project. For a summary of the 50 minute conference call and industry feedback about the forms project, just click here.
August 1, 2011 - IMMAAG comments on the Interagency Credit Risk Retention and Qualified Residential Mortgage exemption rule. Read IMMAAG's comments here.
July 21, 2011 - IMMAAG submits comment on Board's Ability to Repay Rule - IMMAAG joined 366 other commenters in offering its thoughts about the Board's proposed rule to implement the Dodd-Frank Act's Ability to Repay provisions. The public comment period ends July 22, 2011. A copy of its comments is available here.
July 13, 2011 - IMMAAG posts its summary of the Mortgage Originator Hearing before the House Financial Services Subcommittee on Housing, Insurance and Community Opportunity for regsitered users and subscribers. To access the summary click here. You must log in to access the summary. If you are not registered you can do so (Free and quick) after your click for access.
July 13, 2011 - Republican Gary Miller (CA-42) drops H.R. 2509 to modify loan originator compensation to allow borrower paid compensation to originators employed by brokers and to allow originators to redcue borrower costs when appropriate. Read the one page bill by clicking here.
July 11, 2011 - IMMAAG provides comments to the House Subcommittee on Housing, Insurance and Community Opportunity regarding the July 13, 2011 hearing on the impact of origination changes on homeowners and business. Read the coments by clicking here.
July 6, 2011 - California Republican Congressman Gary Miller offer legislation to merge and revamp Fannie Mae and Freddie Mac. A copy of the bill, H.R. 2413, is available here.
June 29, 2011 - HUD Issues Final Rule on SAFE Act compliance - After more than 15 months since closing the comment period on the proposed rule and only three weeks before its authority transfers to the CFPB, HUD issued a 151 page final rule regarding compliance with the SAFE Act. IMMAAG will provide its review of the rule within the next two weeks. The rule is effective 60 days after publishing in the Federal Register, which the announcement says will be tomorrow (June 30, 2011).
A copy of the announcement is available by clicking here
The full text of the "pre-Register" final rule is available here.
June 24, 2011 - IMMAAG asks Bureau's Dr. Warren to withdraw FRB's MLO Compensation Rule as an early priority in July 2011. Read the request here.
Compensation Misconception Position Statement - click here
April 29, 2011 Letter to Chairman Bernanke - click here
Attachment to Chariman Bernanke letter - click here
Working draft of support letter to Dr. Warren - click here
June 7, 2011 - Agencies extend Credit Risk Retention Comment Period to August 1, 2011 - read the announcement here
May 24, 2011 - Dr. Warren and others testify to the House subcommittee on oversight of the CFPB. IMMAAG is providing a link to the one hour ten minute video and to the written testimony. It is worth some of your time. A subscriber summary will be sent and posted over the weekend (May 28 -29th).
> Video of the testimony available by clicking here.
> Testimony of Dr. Elizabeth Warren - click here
> Opposing testimony - Todd Zywicki and David Evans
> Supportive testimony - Adam Levitin and Andrew Pincus
May 18, 2011 - The Bureau of Consumer Financial Protection (CFPB) invites industry representatives, including IMMAAG to review its first generation of "straw-man" forms which will be tested to cobine and replace the existing GFE and TIL disclosures. Click here to go to the Bureau's new "Know Before You Owe Website", check out the forms, comment and influence an outcome!
May 11, 2011 - Fed's publish Ability to Repay rule in Federal Register - Today the FRB's Ability to Repay proposed rule was officially published in the Federal Register at 76 FR 27390. The 117 page document requests comments no later than 7/22/11 and acknoweldges that the rule will ultimately be finalized by the Bureau. The full text is available here. The IMMAAG Subscriber Table of Contents for the Federal Register version of the rule is NOW (5/12) posted. Subscribers click here to access this tool.
May 6, 2011 - IMMAAG provides subscribers with Ability to Repay Rule Summary, Table of Contents, and an Excerpt of the 80+ specific comments requested by the Board. A word document highlighted version including highlighting the requested comments is available for all visitors by clicking here.
Board's 4/19/11 press release - Ability to Repay Proposed rule here, Check out the 3 page FRB highlight of the rule - here. The full 474 pages are available here.
April 29, 2011 - IMMAAG asks Chairman Bernanke to review misinformation, conduct and internal review and to respond. In a two page letter and a 13 page attachment, IMMAAG provided examples of misinformation used by the Board to justify the originator compensation rule. Click here for the details.
April 26, 2011 - Want to join the action - just send an email to admin@immaag.com and type "Dodd-Frank Materials" in the subject. We will respond with a package you can share with your Congressional member to ask him or her to support an amendment to the prohibitions section of the Dodd-Frank Act. If we do not get this part of the Act amended, the new Bureau will have little choice with respect to the new rule it inherits from the Board in July.
Wonder of Wonders - March 24th Barney Frank asked Chairman Bernanke to revise the borrower paid rule to allow broker companies to pay their employees. He also asked for a change allowing minor adjustments at closing for errors, etc. - read the text of the letter here.
April 5, 2011 - Bad News for Consumers! FRB Rule Goes Live - Read the Appeal Court's one page denial of the motion for a stay - here
4/5/11 - Plaintiffs (NAIHP/NAMB) reply brief - available here
4/4/11 - Feds File Appeal Court Reply Brief - text available here.
Links to attachments supporting user Dodd-Frank Act Amendment Call to Action:
Draft Letter to Your Representative - Not on the House Financial Services Committee (HFSC)
Draft Letter to Your Representative - a member of the HFSC
Draft Letter to Your Senator - Not on Senate Banking Committee
Draft Letter to Your Senator - a member of the Senate Banking Committee
Draft Amendment Language including your talking points
Compensation Position Statement to inlcude as an attachment
NO APRIL FOOL'S DAY JOKE - Circuit court stays the comp rule. Pleadings due by Tuesday, 4/5/11. Read The Stay Here.
March 30, 2011 Judge Beryl Howell, U.S. District Court denies injunction - read the astonishing, myopic 46 page ruling here. NAIHP and NAMB will file appeals 3/31/11.
March 29, 2011 - Agencies jointly publish proposed Risk Retention rule with 174 numbered requests for comment. Comments are due by June 10th 2011. Qualified Mortgage discussions begin on page 63. Access the proposed rule here.
FRB March 17th Webinar Audio with slides available by clicking here.
FRB's March 18, 2011 response to NAIHP & NAMB Lawsuits - no surprises - click here for full text
Click here to access the 106 page NAIHP vs. FRB Lawsuit (Patience please it is slow downloading because of its size.)
Click here to access the 16 page NAMB vs. FRB Lawsuit
Click here to listen to Bill Kidwell's 55 minute interview with NAIHP's Marc Savitt discussing the basis for NAIHP's planned lawsuit to delay the 4/1/11 implementation of the FRB Comp Rule - then join the effort with your refundable support!
Subscribers Only - read IMMAAG's editorial remarks and Mr. Geithner's 3/1/11 full testimony to the House Financial Services Committe regarding Housing Finance Reform - click here.
Register users - click here to read the unedited, full test of Mr. Geithner's testimony.
FHA Announces Premium Increases effective 4/18/11. Click here for the press release and click here for the mortgagee letter.
3/1/11 Chairman Bernanke provides Semi Annual Report to the Senate Banking Commitee - read the copy here.
February 10, 2011 - Copy of House Financial Services Committee (HFSC) Oversight Plan - available here. List of HFSC Members - click here
FEB 1, 2011 - SBA OFFICE OF ADVOCACY ASKS BOARD TO IMPROVE GUIDE AND DELAY RULE COPY OF LETTER HERE
January 28, 2011 - Copy of IMMAAG Letter to FRB - Compliance Guide Issses - click here
Copy of Letter Supporting IMMAAG's 1/28/11 request for rule delay - click here
Read the FULL TEXT of the January 26th FRB MLO COMPENSATION RULE
COMPLIANCE GUIDE BY CLICKING HERE
January 24, 2011 - IMMAAG requests FRB to withdraw or delay compensation rule - Read the letter here.
Your "Call to Action" Support Copy
NMLS&R Call Report Detail Information Available Here.
Summaries of the NAIHP and NAMB lawsuits provided by Jonathan Foxx, our friend at Lenders Compliance Group are available by sending an email to admin@immaag.com. Just inlcude "Lawsuit Summary" in the subject line.
March 11, 2011 - Senators David Vitter and Jon Tester sent a jointly signed letter to Mr. Bernanke on March 11, 2011 asking for a delay of the compensation rule as well. A copy of the letter is available by clicking here. It sites many of the issues that have already been raised including the lack of clarity and the harm to small business as considerations for the delay.