The National Association of Mortgage Brokers took the RESPA fight to a new level. It’s bad enough that the banks and lenders have gotten away with slandering brokers for predatory lending. HUD should be comparing home loans to home loans…The fact that HUD thinks it’s ok for mortgage lenders and banks no to disclose the yield spread premium paid by the investors, yet mortgage brokers should have be required to disclose the YSP, is nothing short of astonishing!
NAMB’s argument is that HUD has overlooked the rights of mortgage brokers and bankers in helping the consumer at the closing table. The lawsuit against HUD states that the Final Rule is “arbitrary and capricious,” contrary to the intent of Congress, and fails to offer any rational reasons for its rejection of alternative approaches. NAMB says the Final Rule discriminates against mortgage brokers with the required broker-only disclosure of yield spread premium (YSP), placing them at a permanent disadvantage in the marketplace. Read the complete article > NAMB Sues HUD Over RESPA
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[...] An experienced loan officer wrote an interesting post today on home equity loans and credit. Home Loan Wholesale » National Association of Mortgage Brokers …Here’s a quick excerptNational Association of Mortgage Brokers Sues HUD Over RESPA. More from Home Loan Wholesale. Add Your Lender Listing · FHA Loans · High LTV Lenders … [...]
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