Right now, mortgage regulations are a disparate hodge-podge of requirements from independent agencies and state governments. With President Barack Obama’s proposed overhaul of financial regulation, though, that could all change. Part of his suggestions for regulatory reform include standards that would be uniform across the entire mortgage industry. These uniform requirements could possible include the following:

* Mortgage brokers would have to offer the best possible home mortgage loans to borrowers.

* Borrowers would have to choose to opt-out of traditional mortgages (30-year fixed).

* Possible ban on prepayment fees and yield spread premiums.

* Greater transparency in mortgage terms.

Of course, the proposed regulations are just that — proposed. The creation of a consumer protection agency will have to be approved, and some of Obama’s other proposed regulations will have to make it through Congress before taking effect.