License to deal: Industry regulations pertaining to mortgage brokers
Mortgage brokers have been the primary points of interaction between customers and the mortgage industry during the last 25 years. There have been allegations against certain brokers of fraud, forging loan documentation, and misrepresenting the interests of their customers. The efficiency of the existing industry regulation is called into question by the claims. Although licensing might be a means of addressing these quality-related problems, this type of regulation can unintentionally raise costs or limit market access, especially for groups who are already at a disadvantage. This article looks at the benefits and drawbacks of licensing, outlines other regulatory strategies, and offers cautious suggestions as it waits for more research.
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