I don’t think many people know that there was no fiduciary duty required from your mortgage broker. If I am not working in real estate/mortgage field, I might not pay attention to that neither. Fortunately, WA legislation finally legally required mortgage brokers owe a fiduciary duty to borrowers that is governed by MBPA (Mortgage Broker Practices Act). Fiduciary duty includes acting in borrower’s best interest, good faith, disclosing all other interests to the borrower, refusing to accept undisclosed compensation for an expense paid by the borrower. If you find out your mortgage broker breach of a fiduciary duty, you have sufficient ground to cancel the contract.
For further info on Senate Bill 6381, check that out at: http://apps.leg.wa.gov/billinfo/summary.aspx?bill=6381&year=2008
Filed under: Seattle, Washington, loan, mortgage, real estate, real estate tips | Leave a Comment
Tags: 6381, breach of contract, broker, consumers, disclose, fiduciary duty, loan, MBPA, mortgage, real estate, Seattle, senate bill, WA, Washington
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