Mortgage industry officials urged Congress Friday to temporarily bar class actions arising from lender-paid broker fees.

Janice C. Hix, president of the National Association of Mortgage Brokers, told the House Banking subcommittee on housing opportunity and community development that a proliferation of so-called yield-spread premium suits would put brokers out of business and reduce the supply of low-cost loans.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.