Mortgage finance will rise again
The Mortgage Bankers Association is advocating the creation of a federal regulator for all non-bank mortgage originators. The entity would set a federal standard for lending, audit, examination, and enforcement across the US. At present, non-bank lenders are regulated at the state level. Some states are good aggressive regulators and in others regulation is almost non-existent.
“You’ll never eliminate fraud but you can certainly control and reduce it,” says John Courson, president and chief executive of Washington, DC-based MBA.
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