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 chief element in the art of statesmanship under modern conditions is the ability to elucidate the confused and clamorous interests which converge upon the seat of government. It is an ability to penetrate from the naïve self-interest of each group to its permanent and real interest.... Statesmanship ... consists in giving the people not what they want but what they will learn to want.”
—Walter Lippmann (1889–1974)