Who governs real estate lenders?

[Lucy Ahl]

Who do they have to answer to or do they just get to run amok and do whatever they want, no matter how unreasonable? 

[Jay Hinrichs]

Owner occuppied loans regualted in every state .. must have state license and NMLS registration.

NON owner occ loans on 1 to 4 units are regulated same way in about 15 states
in the other states they are unregulated.
Keep in mind though investor loans do not follow the same rules as owner occ and rates can change charges can change closing dates can be blown through etc