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Mortgage Broker Regulations that Matter: Analyzing Earnings, Employment, and Outcomes for Consumers

Mortgage Broker Regulations that Matter: Analyzing Earnings, Employment, and Outcomes for Consumers

Chapter:
(p.183) 6 Mortgage Broker Regulations that Matter: Analyzing Earnings, Employment, and Outcomes for Consumers
Source:
Studies of Labor Market Intermediation
Author(s):
Morris M. KleinerRichard M. Todd
Publisher:
University of Chicago Press
DOI:10.7208/chicago/9780226032900.003.0007

Mortgage brokers are intermediaries who both match potential mortgage borrowers and lenders and assist them in completing the loan origination process. Mortgage brokers are an emerging regulated occupation in the United States. With deregulation of financial services and technology improvements that allowed easy development and dissemination of credit scores, this picture began to change, and in 2004 as much as two-thirds of all housing finance was initiated through a mortgage broker. State regulators have tightened regulations on mortgage contracts, mortgage origination, and mortgage broker licensing as well, and the Housing and Economic Recovery Act of 2008 brings federal oversight to mortgage broker licensing. It is anticipated that further analysis of the issue, may help policymakers assess the quality impacts and monopoly implications of state regulations and whether federal regulation would provide a better solution for consumers and the emerging occupation of mortgage brokers.

Keywords:   mortgage brokers, lenders, borrowers, deregulation, mortgage contracts, policymakers

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