Critics say that the broad language of the bill exposes lenders, title agents and others to legal liability for many commonplace practices.
“The way the bill is written, it’s going to hurt so many people with the unintended consequences,” said Mike Anderson, president of Louisiana-based Essential Mortgage. “It’s totally unnecessary. There is already a prohibition against required use under RESPA, and the Consumer Financial Procedure Bureau (CFPB) is cracking down on RESPA violators.”
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