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)
“It’s not greed and ambition that makes wars—it’s goodness. Wars are always fought for the best of reasons, for liberation or manifest destiny, always against tyranny and always in the best interests of humanity. So far this war, we’ve managed to butcher some 10,000,000 people in the interest of humanity. The next war, it seems we’ll have to destroy all of man in order to preserve his damn dignity.”
—Paddy Chayefsky (1923–1981)