Comparing HR 3915 AND S 2452: Yield Spread Premium
Ruth Lee Yield Spread Premium: YSP: Section 123: Prohibition on Steering Incentives: Amount of Originator Compensation Cannot Vary Based on Terms: No mortgage originator may receive from any person,...
View ArticleExploring HR 3915: Title One, Subtitle A: Licensing System for Residential...
Ruth Lee A continuation of my analysis of HR 3915 from here and here. Over the last decade, the debate over licensing used what many thought to be the rational distinctions of broker, banker, lender,...
View ArticleSynopsis: Fiduciary vs. Agent
Ruth Lee Fiduciary and Agent Status: Both of these standards of care have been roundly opposed by mortgage originators. Some of the arguments against specifically reference the inability of the...
View ArticleSynopsis: Duty of Care
For many years now, there have been quakes and tremors in the mortgage industry over the words “duty of care,” “fiduciary” and “agent” as they relate to legislative and regulatory language. Why do the...
View ArticleCurrent status of HR 3915 and S.2452
Ruth Lee As I mentioned in my previous post, there are two bills in Congress today that could have a major impact on the way that mortgage loans are originated and sold across our market. The first...
View ArticleSeries: Comparing HR 3915 and S.2452 and their effects on the mortage industry
Ruth Lee I spend a lot of time attempting to maintain a solid, working knowledge of the events, milestones and issues facing the mortgage world. However, yesterday, I was humbled when a client asked...
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