Written By: Brent Green, Staff Writer, MortgageCurrentcy.com.
Want to know who regulates what rule? The volume of interrelated regulatory laws and governmental agencies makes mortgage banking one of the most highly regulated industries in history.
And, why would you care? If you’ve ever tried to find a rule or reg (especially on search engines), you’ll get various versions of who is responsible for regulating them! If you’re ever audited, you can double check for yourself. If your clients or real estate agents need some answers—you can direct them to the PRIMARY government agency!
Okay – We’ve put together a fairly complete list of Regs affecting mortgage lending for you! Included is a handy chart called: RULES, REGULATIONS & WHO ENFORCES THEM.
The loving, yet mysterious regulators that are responsible for enforcement just like to join-in and enforce regs they have absolutely no responsibility for. In short, every regulator feels the need to enforce the other regulator's regs -- One big happy family.
The more you understand about the mortgage industry and how the business really works, the more successful you will be.
Our Main Players and some Respective Regulations (the short version) are:
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