Who Regulates Mortgage Companies?

Who regulates mortgage companies?

1 Answer

Many people in the industry don't know this, but the Federal Trade Commission regulates mortgage brokers. Mortgage brokers are also regulated by the states. Until recently, Alaska and Colorado did not license or register mortgage brokers. Many loan officers working for mortgage brokers call themselves mortgage brokers, but they shouldn't. The states regulate mortgage brokers. You can find out which agency regulates mortgage brokers in your state by going to www.AARMR.org or www.CSBS.org

The industry also has trade associations, such as the National Association of Black Mortgage Brokers www.nabmb.org, the National Association of Responsible Loan Officers www.narlo.com and the National Association of Mortgage Brokers www.namb.org

Hope this helps.