WHICH FEDERAL AGENCY REGULATES MORTGAGE BROKERS/LENDERS.

-- RICH BLAKE (RBLAKE@CAPITALACCESS.ORG), February 01, 2001

Answers

No Federal agency regulates mortgage brokers. That is left up to the individual states (typically the state Banking Department.

As far as lenders are concerned, there are various agencies that regulate lenders, and that is dependent upon the type of lending institution. For example, a credit union that does real estate loans will probably be regulated by the NCUA, whereas finance companies are usually regulated by the FTC.

Of course, any time an issue of discrimination exists, the applicable federal agencies (i.e. FHA, DOJ, etc.) become involved.

I hope this answers your question.

-- Doug Shagam (doug_shagam@bcgroup.com), June 23, 2001.