All Posts Tagged With: "mortgage brokers"
Fee for Service
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 (with […]
Informed Consent for Mortgage Lending
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 other hand, borrowers […]
The Meaning of Fiduciary Duties
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 […]
8Oct2008 | mf | 3 comments | ContinuedMortgage Industry Codes of Ethics
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? If so how?
For example from […]
There must have been some particulary serious violations that prompted this law. Wouldn't it have been easier just to make ...
When the issue of fudicial responsibility began coming to the forefront I felt a sense of relief. I guess I ...