To ensure that mortgage borrowers are treated fairly, Congress should impose a fiduciary duty on loan officers and mortgage brokers, according to a newly formed trade association of mortgage professionals."The National Association of Mortgage Professionals is calling for legislation that would establish a higher level of trust and accountability for mortgage agents who enter into a relationship with borrowers," the NAMP said. The association was launched in March to help clean up the mortgage industry, a spokeswoman said. Getting a mortgage is usually the most significant financial transaction in a person's life, and it should not be treated simply as a "retail transaction," the NAMP said. The group can be found on the Web at http://www.namp.org.
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The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
12m ago -
The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
5h ago -
The top five producers had an average dollar volume of VA and USDA loans of more than $35 million in 2023.
6h ago -
The JPMorgan Chase CEO took aim Tuesday at the proposed Basel III endgame rules, hindrances to mergers and bureaucratic burdens. "I would love to have a more productive relationship with regulators, but I think it takes conversation," Dimon said.
9h ago -
While income decreased from the fourth quarter, it accelerated on an annual basis across NVR's building and lending units.
April 23 -
Many legal experts think the Supreme Court will rule in favor of the Consumer Financial Protection Bureau in a case challenging its funding. Such a ruling would unleash a flurry of litigation that has been on hold pending the outcome of the constitutional challenge.
April 23