Court Foils NAMB’s Bid to Stop Implementation of RESPA Rule
August 3, 2009
The mortgage broker industry was dealt a serious legal blow last week after a federal court upheld a controversial final rule amending disclosure of broker-fee compensation under the Real Estate Settlement Procedures Act. With the loss, mortgage brokers must comply with the new good faith estimate requirements under the new RESPA final rule, which establishes new GFE and HUD-1 settlement...