Consumer Group Takes on Broker YSPs

Author:  //  Category: Mortgage

The National Association of Mortgage Brokers said it issued a letter to the Federal Reserve Board asking for a delay in the implementation of a final rule that would prohibit broker compensation on closed-end mortgages based on the loan’s terms or conditions. But the Center for Responsible Lending says the Fed should strengthen — not delay — its proposal. “These kickbacks are easy to hide from consumers, and they encourage brokers to aggressively market the worst kinds of loans — even when their customers qualify for better,” the center said.

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Consumer Group Takes on Broker YSPs


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