AccessMyLibrary provides FREE access to over 30 million articles from top publications available through your library.
Create a link to this page
Copy and paste this link tag into your Web page or blog:
Free Reports Cause Logjam.(National Association of Mortgage Brokers implements new laws, regulations and rules)(Brief Article)
Implementation of the new Fair Credit Reporting Act rules, set to start on a regional basis beginning Dec. 1, could have some unintended consequences, a former officer of the National Association of Mortgage Brokers warned here.
Under the revised law, which will be put into effect nationally over a nine-month period, consumers are allowed to request one free credit report annually so they can make sure their files do not contain erroneous information.
While the requirement is a laudable one, Virginia "Ginny" Ferguson, a past vice president of NAMB's board of directors and a previous chair of the group's credit scoring committee, is fearful it "could overload the system."
Considering the fact that 160 million Americans have documented credit information, three million credit reports are pulled each year, and half of all reports result in disputes, Ms. Ferguson said overloading the system with free reports could slow the lending process to a crawl.
The 23-year ...
- Free Reports Cause Logjam.
- News wire article from: Mortgage Line September 15, 2004 700+ words
...National Association of Mortgage Brokers warned here. Under the...overloading the system with free reports could slow the lending...California Association of Mortgage Brokers that she's worried because the free reports will contain a credit...
- Mortgage brokers' move to planning rankles advisers; Feel it could taint their...
- Magazine article from: Investment News January 22, 2007 700+ words
Byline: Jeff Benjamin DETROIT - Mortgage brokers, known largely for earning commissions...Ann Arbor, Mich., which trains mortgage brokers to act and think more like financial...members a month. "In many cases, mortgage brokers have access to more financial data...
- Mortgage brokers--what fiduciary duties exist? The debate has been long brewing...
- Magazine article from: Mortgage Banking Negroni, Andrea Lee Raha, Joya K. October 1, 2007 700+ words
...the mortgage industry about whether mortgage brokers who arrange loan transactions act...The compensation structure by which mortgage brokers are paid fees by both borrowers...guidance to answer the question "Whom do mortgage brokers work for?" There is some case law...
- Mortgage brokers offer borrowers alternatives.
- Newspaper article from: Blade (Toledo, OH) August 21, 2005 700+ words
...the charlatans. Ohio had just 236 mortgage brokers - "middle men" who originate loans...that the state has 2,761 registered mortgage brokers, more than double its total of five...Westchester Mortgage Services Inc., said mortgage brokers do many of the same things banks do...
- RESI chief attack mortgage brokers as `agents for banks'. (News).(Peter James...
- Magazine article from: Australian Banking & Finance June 17, 2002 700+ words
MOST MORTGAGE BROKERS ARE little more than de facto agents...managing director Peter James said mortgage brokers are trying to develop a false image...and are thinking of turning to mortgage brokers for their home loans need to be...
- A spartan existence. (increased demand for mortgage brokers' services) (Cover...
- Magazine article from: Mortgage Banking Schneider, Howard December 1, 1991 700+ words
...Existence Lean survival methods have kept mortgage brokers going in a time of spiralling costs...offices during the past few years, mortgage brokers have grown to dominate the market...In 1984, "there were not five mortgage brokers in the state of New York," says...
- Passing of New Mortgage Brokers Practices Act Protects Consumers.
- Press release article from: PR Newswire February 28, 2006 700+ words
New Act Positions Mortgage Brokers as the Only State-certified...The Washington Association of Mortgage Brokers (WAMB), the voice for Mortgage...because with the Bills passing mortgage brokers become the only State-certified...
- Borrowers Increasingly Turn to Mortgage Brokers
- Newspaper article from: The Journal Record Nick Ravo April 22, 1994 700+ words
...and more Americans have been using mortgage brokers _ intermediaries who find loans for...according to the National Association of Mortgage Brokers, a 15-year-old trade organization...Like in a lot of other areas, with mortgage brokers we have seen the development of a...
Source: HighBeam Research, Free Reports Cause Logjam.(National Association of Mortgage Brokers...