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Mortgage Broker News | 26 Sep 2011, 09:00 AM Agree 0
The industry saw a spate of broker suspensions and cease and desist orders this summer, with regulators showing renewed willingness to enforce both the letter and the spirit of the law.
  • Mark Piers | 27 Sep 2011, 04:10 AM Agree 0
    This is all good and fine and needs to be done, however we represent only 25% - 30% of origination. Who is monitoring the other 70%+ of bank employees, call centers and mobile mortgage reps? They are saying and doing things that we would never get away with.

  • Angela Wong-Liao, Invis Inc | 27 Sep 2011, 04:58 AM Agree 0
    I agree with Mark Piers, FSCO should also have the authority to regulate the bank road reps. In my opinion, all bank road reps should have to register and obtain their license via FSCO, as they should be regulated as strict as the mortgage broker channel. I notice some bank road reps are so loosely regulated by their employer, the banks, and they are able to get deals approved that should not be on the books of the banks.
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