Mortgage Brokers Seek Blanket Disclosure Rule for Originators as HUD Begins Effort to Make Improved Disclosure Mandatory
January 7, 2002
The Department of Housing and Urban Development should require full disclosure to consumers about how mortgage loans are made and how fees for arranging such loans are set, regardless of who originates the loan, said the National Association of Mortgage Brokers. In a position paper issued last month, the mortgage broker trade group said that consumers are entitled to know the amount of compensation they need to pay at closing and how originators are being