Equal Home Finance Bureau ALERTS!

Mortgage Brokers May Be Forced to Disclose their Commissions to the Borrower

October 17, 2001

New rules that are being proposed by HUD, the department of Housing and Urban Development, may require lenders to report on the settlement statement how much the broker is making in commission - called the "yield-spread premium."

Right now, it is difficult to figure out exactly how much the mortgage broker is making from your loan. If these regulations are enacted, consumers will definitely want to focus on this amount when comparing potential loan sources. All other things remaining equal, the lower the broker's commission, the less the consumer will have to pay.

There is a lot of debate over whether this will be enacted. Stay tuned to the Equal Home Finance Bureau to see if there are new items to look for in the mortgage process to ensure you save as much money as possible.

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