Tag: "mortgage brokers"

Fee for Service

mf | October 19, 2008 | 30 Comments

In Washington State, SB 6381 mandates Fiduciary Duties for mortgage brokers and the LOs working under mortgage brokers.  At the end of the bill, there is a small but powerful addition.  Brokers/LOs can now charge a fee for service. Before this law passed, the only way brokers/LOs could earn a fee is when a loan closed [...]

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Informed Consent for Mortgage Lending

mf | October 19, 2008 | 31 Comments

In Part 4, of a 6-part series, the Mortgage Professor states, as follows: “In sum, regardless of why borrowers refinance, the question of whether they receive a net benefit from it is for borrowers alone to answer. Loan providers do not have the information needed to second-guess them.” He goes on to say that “on the [...]

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The Meaning of Fiduciary Duties

mf | October 8, 2008 | 30 Comments

The president of the National Association of Mortgage Brokers made a speech before Congress on March 27, arguing that “NAMB remains opposed to any proposed law, regulation or other measure that attempts to impose a fiduciary duty, in any fashion, upon a mortgage broker or any other originator.” NAMB’s president goes on to explain why [...]

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Mortgage Industry Codes of Ethics

mf | June 14, 2008 | 44 Comments

Read the Code of Ethics from these three trade organizations.  Don’t worry; it will be a very fast read. National Association of Mortgage Brokers National Association of Mortgage Women For the Mortgage Banker’s Code, follow this link and click on “cannons” from the menu on the left. What’s missing? Could some of these phrases be re-worded?  [...]

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