As of Monday a couple of new rules have been added to the process.
Lenders must now disclose how much compensation a mortgage broker is receiving if one is being used in the process.
In addition, at the same time, a borrower is to receive a ‘Good Faith Estimate’ disclosing all possible costs involved with a mortgage. These include lender fees, mortgage broker fees, title company fees, and any other third part fees that may be involved.