Given the financial incentives ... | Clean Up Real Estate.org

Posted May 16th, 2008 by cure_admin

... to push specific products, mortgage product advertisers, mortgage brokers and loan officers alike often use their considerable knowledge about consumer behavior to enhance their own business and gain additional commissions. Poor price awareness makes consumers vulnerable to these efforts, especially in situations where it is difficult for a consumer to determine which mortgage price represents the best deal.

— Harvard University, Joint Center for Housing Studies

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Controlling licensing ...

and educating brokers is important, but is only part of the solution. Monitoring individual loans, educating consumers and regulating broker commissions represent a holistic approach to this complex problem. SAFE licensing means occasional oversight; CURE individual loan monitoring is constant oversight. Education for Brokers means they will know when they are meeting vague ethical standards; consumer education and loan monitoring means that consumers know that their Broker is meeting concrete ethical standards. CURE regulates Broker commissions stops Brokers from acting against the interest of the borrowers they serve and is a powerful consumer protection.

— Genene Miller

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