California SB1380 clarifies the fiduciary duties of mortgage brokers in California.

California SB1380 amends Section 2923.1 of the Civil Code to clarify that mortgage brokers providing mortgage brokerage services to borrowers are considered the borrower's fiduciary. This means the broker must prioritize the borrower's economic interests over their own. The bill defines "mortgage broker" and "mortgage brokerage services" and specifies that these fiduciary duties apply regardless of whether the broker acts as an agent for other parties in the transaction.

California SB1380 clarifies the fiduciary duties of mortgage brokers in California.

California SB1380 amends Section 2923.1 of the Civil Code to clarify that mortgage brokers providing mortgage brokerage services to borrowers are considered the borrower's fiduciary. This means the broker must prioritize the borrower's economic interests over their own. The bill defines "mortgage broker" and "mortgage brokerage services" and specifies that these fiduciary duties apply regardless of whether the broker acts as an agent for other parties in the transaction.