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#48671 - 12/13/02 03:01 PM mortgage brokers

Are mortgage brokers subject to supervision by any federal agencies? Are they subject to Flood Ins requirements?

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#48672 - 12/13/02 03:08 PM Re: mortgage brokers
rlcarey Offline
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Joined: Jul 2001
Posts: 77,568
Galveston, TX
It depends on what part of the business you are referring too? They are not directly covered by Flood Ins. regs as they are not regulated lending institutions, but since they usually sell there loans to one, the purchasing institution would make sure that they followed the appropriate guidelines. HUD has jusidiction over them for RESPA violations and normally they are somewhat regulated by the state in which they are doing business. There is no federal agency with direct responsibility.
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#48673 - 12/13/02 04:40 PM Re: mortgage brokers
Pale Rider Offline
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Pale Rider
Joined: Aug 2002
Posts: 34,318
under the Lone Star
Mortgage brokers in Texas are regulated and licensed by the Texas Savings and Loan Department. I agree there is no federal regulator with direct supervision.
Societies that do not find work in and of itself "pleasing to God and requisite to Man," tend to be highly corrupt.

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#48674 - 12/13/02 11:06 PM Re: mortgage brokers
Lucy Griffin Offline

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Lucy Griffin
Joined: Nov 2000
Posts: 1,544
Ditto to both answers above. The key player is most likely to be the state. In theory, the Federal Trade Commission could have jurisdiction if it pursued an unfair or deceptive trade practice. But historically, the FTC has stayed as far away from RESPA as possible. And of course, FTC has nothing to do with Flood.

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