What is mortgage broker compliance?


Mortgage broker compliance refers to the level of expertise a broker possesses. Borrowers often talk to mortgage brokers about financial and mortgage issues. However, for the mortgage broker to be legal to provide professional counseling, they need to be registered with the FSA - Financial Services Authority.

An FSA compliant mortgage broker is accountable to the FSA and has to abide by their rules, hence borrowers entertain certain protection level. An FSA compliant mortgage broker cannot advise you to take an expensive and potentially dangerous mortgage because they want more commission. Rather, compliance with FSA guarantees that borrowers are entitled to receive the best possible loan information plus information of the commission the broker receives.

Mortgage broker lack of compliance with FSA rules may lead to suspension, and even legal prosecution.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
Was this Mortgage QnA helpful?
Not at all
  • Currently 2.9/5 Stars
  • 1
  • 2
  • 3
  • 4
  • 5
Add to this Answer

Mortgage QnA is not a common forum. We have special rules:

  • Post no questions here. To ask a question, click the Ask a Question link
  • We will not publish answers that include any form of advertising
  • Add your answer only if it will contrubute to the quality of this Mortgage QnA and help future readers
If you have trouble reading the code, click on the code itself to generate a new random code. Verification Code Above:
Bookmark and share this QnA: