Brokers and Client's Interests
As of 2007, in the United States the federal law and most state laws do not assign a fiduciary duty on mortgage brokers to act in best interests of their customers. An exception is California, where a 1979 ruling of the Supreme Court of California did establish fiduciary duties of mortgage brokers. This means that consumers, in states other than California, may be charged excessive rates and fees and are encouraged to do some shopping around prior to any agreement.
Read more about this topic: Mortgage Broker
Famous quotes containing the words client and/or interests:
“A client is to me a mere unit, a factor in a problem.”
—Sir Arthur Conan Doyle (1859–1930)
“The industrial world would be a more peaceful place if workers were called in as collaborators in the process of establishing standards and defining shop practices, matters which surely affect their interests and well-being fully as much as they affect those of employers and consumers.”
—Mary Barnett Gilson (1877–?)