The Mortgage Bankers Association issued a statement today calling for stronger regulation of mortgage brokers and better dislcosures of yield spread premiums. "We agree that borrower disclosures, including a better disclosure of mortgage broker compensation, are critical," the group's chairman stated. But mortgage brokers disagree with mortgage bankers. "Without any requirement for mortgage lenders and bank loan officers to disclose their financial interests in a mortgage transaction, mortgage brokers will be driven out of the market completely," the president-elect of the National Association of Mortgage Brokers said in testimony to the Small Business Administration.
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