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Article: Viewpoint: Embrace Fiduciary Duty.
- Article from:
- Mortgage Line
- Article date:
- May 9, 2008
- Author:
CopyrightCOPYRIGHT 2008 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Mr. Cruise, senior national mortgage trainer at the Silver Spring, Md.-based Innovations Mortgage Training Center, has written an opinion piece on why he believes originators now should consider it to be in their best interest to officially have a fiduciary duty to the borrowers they work with. His thoughts on the topic, edited to fit available space, are presented as this month's Viewpoint.
It is long past time for the mortgage industry to bow to the desires of borrowers, regulators, and legislators and embrace fiduciary duty - before it is imposed on the industry by Congress or the states.
I truly wonder why the industry is so concerned about fiduciary ...