From: Christopher Hart Sent: Thursday, March 31, 2011 10:55 PM
To: Kevin Hughes; Ralph Hints; Mike Lamka; Jim Woodcock; Jim Ferrol; Dan Rawitch; Kat Hollowell; Jennifer Warmerdam
Subject: First Cal's acknowledgment of LO Comp STAY Order
Good evening,
At 7pm PST, this evening, the US Court of Appeals District of Columbia Circuit issued an emergency STAY regarding the implementation of the Loan Originator Compensation Rule, which was to be effective tomorrow morning.
The drama will continue until at least Tuesday April 5th, 2011.
This STAY has been verified of the last couple of hours and through multiple sources. Therefore, First Cal WILL NOT be enforcing our planned Comp Rules tomorrow.
We will be following the development of this Rule closely over the next couple of days. Let's focus our individual attention on executing upon WHY First Cal exists- To Redefine the Mortgage Industry. We do that when we originate loans into First Cal. So, let's keep originating!!
Chris Hart
Vice Chairman
President
ckhart@firstcal.net
Phone: 877.885.3262
Direct: 707.238.3737
Fax: 866.557.0096
Together we prosper®
Office Address: 5401 Old Redwood Highway N, Suite 250, Petaluma, CA 94954
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