Diane Cipa

• RESPA reform

Well, MC, we'll have to agree to disagree on that one. BTW - the YSP is a credit on page two of the proposed GFE.

Thanks, Dave.

If you dig deeply into the YSP debate and look for what is really bugging consumers and their advocates, I think you'll find fiduciary duty at the core. Consumers have long believed that mortgage brokers are acting on behalf of the consumer. Most mortgage brokers perpetuate this belief by touting their various funding sources and their product knowledge and ability to help the consumer find the right mortgage, etc. If the mortgage brokerage community accepted a fiduciary relationship with the consumer, the YSP issue would be moot. There would be an absolute duty to find the best deal for the consumer. Until such time as mortgage brokers either clear the air and truthfully tell consumers it's a buyer beware type of transaction, expect legislators, consumer advocates, and regulators to be highly suspect of YSP and to continue to propose its demise. There is nothing inherently wrong in the YSP model but there IS incongruity in the relationship between the mortgage broker and the consumer. Fix that and you've probably won the fight to keep YSP in the tool box.