To the Students from the Dec 3-4-5, 2013 LO Pre-Licensing Class at Rainier Title Bellevue

There was a question on Day 1: Is an Army Reservist able to obtain a VA loan?
Answer is “it depends.” Go to this document and do a keyword search on the word “loan” and it will take you right to the page.

During our mortgage fraud review we mentioned the sentencing of a local mortgage fraud ring lead by Shawn Portmann. <That  link leads to a scathing article on what it was like to work at that company under Shawn.

Slide deck for the full 3-day class can be found on Slideshare. The most recent version of the slides will be dated December, 2013.

For those seeking additional reading material for studying, here’s a hint. The NMLS publishes a list of all the content that is covered in the exam along with links to the content.  It is heavy reading but here you go. Scroll to the very end of this document for all the links.

If you’d like to see a list of and links to all the federal laws governing mortgage lending go here and scroll down to the bottom of the page:

Here’s one of many HUD memos on Maternity Leave from our Fair Housing discussion during Day 2.

There was a question about how late you can call a person at home under the Do Not Call rules:  9PM. Read more here.

Thanks for coming to class! I enjoyed meeting all of you! Keep Studying!

And when it’s time for a study break, please enjoy this public service message from Chris Farley, Motivational Speaker. I can’t find “motivational santa.” I think Saturday Night Live takes them down sometimes. They own all the copyrights on Chris’ SNL skits.

 

 

To the Students from the Mortgage LO Pre-Licensing class on Aug 5-6, 2013 at Sterling Savings Seattle

During our mortgage fraud review I mentioned a great article on Shawn Portmann.

Slide decks for FHA loans and also the full 2-day class can be found on Slideshare.

For those seeking additional reading material for studying, here’s a hint. The NMLS publishes a list of all the content that is covered in the exam along with links to the content.  It is heavy reading but here you go. Scroll to the very end of this document for all the links.

If you’d like to see a list of and links to all the federal laws governing mortgage lending go here and scroll down to the bottom of the page:

Here’s one of many HUD memos on Maternity Leave

Thanks for coming to class! I enjoyed meeting all of you! Keep Studying!

To the Students from the SAFE Mortgage LO Pre-Licensing Class on July 1-2, 2013

There was a request for a link to see what the 2014 Combined TIL/GFE disclosure form will look like next January

Here’s the official FTC Memo on the MARS Rules

During our mortgage fraud review I mentioned a great article on Shawn Portmann.

Slide decks for FHA loans and also the full 2-day class can be found on Slideshare.

For those seeking additional reading material for studying, here’s a hint. The NMLS publishes a list of all the content that is covered in the exam along with links to the content.  It is heavy reading but here you go. Scroll to the very end of this document for all the links.

If you’d like to see a list of and links to all the federal laws governing mortgage lending go here and scroll down to the bottom of the page:

Here’s one of many HUD memos on Maternity Leave

Thanks for coming to class! I enjoyed meeting all of you! Keep Studying!

To the Students from the June 3-4, 2013 Loan Originator Pre-Licensing Class at Rockwell/Bellevue

There was a request for a link to see what the 2014 Combined TIL/GFE disclosure form will look like next January

Here’s the official FTC Memo on the MARS Rules

During our mortgage fraud review I mentioned a great article on Shawn Portmann.

Slide decks for FHA loans and also the full 2-day class can be found on Slideshare.

Question: MDIA re-disclosure. How many days must be between the day the borrower receives the re-disclosures and signing?  Here is the TILA/MDIA. Do a document search on the term MDIA and the second one goes through the disclosure/re-disclosure rules step by step that we covered in class.

Question: Why is doc prep fee excluded from APR calc?
A: BC it is paid to a third party. If the documentation preparation is done by the lender then it would be considered a lender fee and would be included in the APR calculation

MDIA If signing on the 12th when must the borrower receive their revised disclosures?

And for those seeking additional reading material for studying, here’s a hint. The NMLS publishes a list of all the content that is covered in the exam along with links to the content.  It is heavy reading but here you go. Scroll to the very end of this document for all the links.

Thanks for coming to class! I enjoyed meeting all of you! Keep Studying!

To the Students from the April 1-2, 2013 Loan Originator Pre-Licensing Class

Hi Everyone,

Here’s the follow up Q&A from our time together:

Q: Why does HMDA (Home Mortgage Disclosure Act) require a breakdown as to ethnicity–specifically hispanic/non-hispanic?

A: From this article, HMDA has separate categories for race and ethnicity.  Do a keyword search on the word “Hispanic.” There are seven matches and then jus scroll to each match.  Hispanic and non-Hispanic fall into the ethnicity category. Some ppl identify as caucasian for their race but might have a Hispanic ethnicity. Here is a brief article about the difference between race and ethnicity.

Q: Is buying leads (the business of lead generation) a violation of Section 8 of RESPA?
A: From this Bar Assoc article:

“… a mortgage originator can buy leads if the person selling the leads does not mention the name of, or do anything to influence the consumer to contact, the broker, lender or other settlement service provider. No endorsements, no hints, no nothing.  The broker or lender does all the soliciting of the lead. There are several important caveats to buying leads, such as the requirement that financial institutions must maintain the confidentiality and security of non-public consumer information…”

There was a question on the Gramm Leach Bliley Privacy Act regarding when/how to deliver the privacy disclosure. GLB Act says “in person or by mail.”

I promised the scathing expose from 60 Minutes segment on the Fair Credit Reporting Act.  Makes me not so proud of the Credit Reporting Industry.

There was a request for a link to see what the 2014 Combined TIL/GFE disclosure form will look like next January

There was a question on the Do-Not-Call registry—how late at night can you call a consumer? Here is a great resource page to review from the FCC….with the answer that contains a morning and also an evening time limit!

During our mortgage fraud review I mentioned a great article on Shawn Portmann.

Slide decks for FHA loans and also the full 2-day class can be found on Slideshare.

We were all so tired and ready to jet at the end that I failed to mention I had three handouts on the counter by the door that I wanted you to pick up to use for extra study material so here are links to all three:

RESPA FAQs

Red Flag Rules

SAFE Act

And for those seeking additional reading material for studying, here’s a hint. The NMLS publishes a list of all the content that is covered in the exam along with links to the content.  It is heavy reading but here you go. Scroll to the very end of this document for all the links.

Thanks for coming to class! I enjoyed meeting all of you! Keep Studying!

4 Hour Washington State Law Pre-Licensing Class Is Now Approved

Hi Everyone,

Just wanted to let everyone know that I have received approval from the NMLS for my new 4 Hour WA State Law Pre-Licensing class which means when April 1, 2013 rolls around, I am ready to help all loan originator candidates who need the 20 Hour Loan Originator Pre-Licensing Class along with the new, updated requirement to also take 4 hours of education on Washington State Law.  YES this class will help loan originator candidates prepare for the new Uniform State Test.

Call or email me with questions!
Jillayne Schlicke
206-931-2241
jillayne@ceforward.com

NMLS Approved Course Provider 1400068

20Hr SAFE LO Pre-Licensing Course Number: C-1167

4 Hr Wa Law Pre-Licensing Course Number: C-3430

 

To the Students from the March 11-12 Pre-Licensing class at Rockwell Bellevue

Hi Everyone,

Here’s the follow up Q&A from our time together:

There was a request for more definitions and acronyms.  I like this page for definitions. And this link for basic mortgage acronyms.

I promised the scathing expose from 60 Minutes segment on the Fair Credit Reporting Act.  Makes me not so proud of the Credit Reporting Industry.

There was a request for a link to see what the 2014 Combined TIL/GFE disclosure form will look like next January

There are a lot of websites that refer to the Good Faith Estimate’s “Shopping Chart” as the “Shopping CART.” However HUD is still referring to it as the Shopping Chart.  Hopefully your test question won’t have both of those as possible answers. If so, I’d go with what HUD is calling it: a CHART.

Here is our federal regulator warning mortgage companies that are currently advertising in a deceptive way. I’m sure Double Secret Probation is next.

There was a request for more information on the FTC’s ruling on predatory loan mod scammers, which was the MARS rule. Here you go.

Slide decks for FHA loans and also the full 2-day class can be found on Slideshare.

Thanks for coming to class! What a fun group we had!! Keep studying 🙂

 

 

New SAFE MLO Test with Uniform State Component Plus More LO Pre-Education to Start April 1

Washington State has adopted the new uniform SAFE loan originator licensing exam and our state will begin delivering this new exam April 1, 2013.  Read more here.

This means loan originator candidates will take just one exam instead of a federal exam and then another Wa State specific exam.

In moving to the Uniform State Exam, Washington State Dept of Financial Institution has adopted new rules to increase the number of pre-licensing hours of education for new loan originators.

The way it is today:
20 Hours of Pre-Licensing Education (to prepare you for the National Exam)
2 of which are Wa State Law (to prepare you for the Wa State Exam)
OR
some course providers offer the 20 hour class plus a separate 2 hour class on Wa Law.

The way it will be April 1, 2013 for Wa State LO candidates:
22 hours of Pre-Licensing Education (to prepare you for the National, Uniform State Exam)
4 of those hours on Wa State Law
OR
some course providers will offer the 20 hour class plus a separate 4 hour class on Wa Law.

How I will do it:
I have a stand alone 20 Hour Pre-Licensing class which is approved for all 50 states.
I have a stand alone 2 Hour Pre-Licensing Wa Law class.
I will write a separate 4 hour course on Wa State Law for new LO students who will be able to take this course as of April 1st to meet the new requirement.

The national exam will be tougher than it is today and we should always expect standards for licensing, pre-education, continuing education, and exams to continue to rise.

I sent detailed feedback to Wa DFI with my recommendations for even more classroom time needed for people who are brand new to the industry, and I also recommend less classroom time for people who currently work for a depository bank and just need to take the class and pass the test to make a switch to a non-bank lender or mortgage broker.  But I don’t get to make the rules.

At the present time I teach a 2 day class. In 2010 I taught the pre-licensing class as a 3-day class and had many, many requests to squeeze it all into 2 days.  Two, 10-hour days and soon, Two, 11-hour days is just plain nuts for a brand new person yet most new people do not want to take 3 days off from their existing job/life to take the course.  Arguably expenses for a trainer are higher with a 3 day course. Think room rental fees and lost opportunities to make money elsewhere on that third day.  So I will keep the class as a 2-day class for now but it is definitely a LOT of info to cover in 2 days.

Recommended reading:

SAFE 20-Hour Pre-Licensing and Exam Prep

Why some loan originators are not passing the national exam

FAQ about the pre-licensing class

 

 

 

To the Students from the Sept 4 and 5, 2012 Pre-Licensing class

Hi Everyone,

Here are some links to things we talked about over the last two days.

Here is a link to the Exam Candidate Handbook. (Look for link that says MLO Testing Handbook.)

The following question came up regarding the new Good Faith Estimate and RESPA: Can the adjusted origination charge be a positive or negative number?
In the RESPA Roundup handout, see pages 3 and 5.

Here is more reading material on the three normative moral theories.

Here is a link to our new federal mortgage regulator the Consumer Financial Protection Bureau.

Thanks for coming to class and good luck with your exam!

 

To the Students from the August 1-2, 2011 Prelicensing Class

Hi Guys,

Here are links to some of the things we talked about in class…

During the segment on mortgage fraud, we mentioned two local cases. Read more about Shawn Portmann here and here’s a link to the news story on West Sound Bank.

Here’s a recent blog post on those awful Cash Call radio ads

We talked a bit about the CSBS and the AAMR. Here’s the announcement regarding their published guidelines on non-traditional loans.

Here’s a fantastic interview between Jon Stewart and Elizabeth Warren, who came up with the idea for the new Consumer Financial Protection Bureau. The CFPB is now the main regulator that oversees the federal laws we covered in class today.

…and here I am being interviewed by the NYTimes regarding the CFPB.

Here’s HUD’s FAQ booklet on RESPA. If I were a test writer, this would be a fantastic source for possible test questions.

There was a request to take a look at the new proposed GFE/TIL forms from the CFPB.

 

To the Students from the July 11-12 Mortgage Pre-licensing Class

Hi Everyone,

Here’s the follow up from some of the questions and discussions from class today.

Here’s a recent blog post on those Cash Call radio ad
Interesting that Cash Call is in trouble with the AG’s office in California. Read more here.

I mentioned these movies during the course of both days:

There Will Be Blood

Charlie Wilson’s War

The Kite Runner

An Education

Red Dragon

DAY 2

Here’s a fantastic interview between Jon Stewart and Elizabeth Warren, the head of the new CFPB.

We talked a bit about the CSBS and the AAMR. Here’s the announcement regarding their published guidelines on non-traditional loans.

Here’s HUD’s FAQ booklet on RESPA. If I were a test writer, this would be a fantastic source for possible test questions.

And then we have the story about Fidelity Title paying a 4.5 million dollar RESPA fine to HUD yesterday.

Here’s the story about the ECOA violations at Cornerstone Home Lending….this story mentions the mortgage insurance cmpany involved.  Here’s the HUD Memo on the Fair Housing violation.