The mortgage industry was bracing for Finreg implementation Friday but it was delayed by the efforts of NAMB, a mortgage broker lobby. Long story short, NAMB bought more time but their last appeal was denied this afternoon. It was a valiant fight, but the bank lobby is more powerful than the broker lobby, and new industrywide compensation rules are effective immediately.
Bank and Washington spin says this will be better for the consumer. That’s commentary for another day once real-life scenarios emerge. For mortgage folks who want to keep fighting, here’s how. And in case you missed it last week, here’s a dedication to all mortgage pros who have always done the right thing for their clients … Death Of The Revolution.