The Department of Housing and Urban Development issued a long-awaited proposal Wednesday that would clarify the rules on mortgage broker compensation.

Under the proposal, homebuyers would get an "honest lending contract" when they first meet with a broker. The one-page document would detail the broker's fees and legal obligations to the borrower.

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.