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)
“What a large volume of adventures may be grasped within this little span of life by him who interests his heart in every thing, and who, having eyes to see, what time and chance are perpetually holding out to him as he journeyeth on his way, misses nothing he can fairly lay his hands on.”
—Laurence Sterne (1713–1768)