Federal Law

National Loan Originator Licensing coming….For ALL LOs

Tucked inside the Foreclosure Rescue Bill signed by the President yesterday is a provision calling for all loan originators to be licensed.  Bankers, brokers, consumer loan lenders, and credit unions; it doesn’t matter where you work.  If you’re an LO you must pass a competency test that will be developed by the National Conference of […]

31Jul2008 | mf | 11 comments | Continued

National Loan Originator Licensing

The “Federal Housing Finance and Regulatory Reform Act of 2008? is here.  Read the PDF if you’re feeling ambitious or here is the summary of the Dodd amendment. There’s a section inside Senator Dodd’s amendment that will give us national loan originator licensing. On page 34, the definition of a loan originator is as follows:
LOAN ORIGINATOR
A) IN GENERAL
The term […]

18Jun2008 | mf | 5 comments | Continued

Interesting insight on defaults of downpayment assistance program loans from the recent FHA training

I attended an FHA training this week sponsored by the Washington Mortgage Lenders Association. There were about 100 people in the training. A large percentage of the audience was not from the greater Seattle area. People had come from as far away as eastern Washington, Idaho, Montana, Oregon, California, New Mexico, and even Guam. […]

7Jun2008 | mf | 2 comments | Continued

Federal Housing Finance Regulatory Reform Act of 2008

The new bill from Senator Dodd is out.  Here’s the PDF and here is the Dodd amendment.  The original bill is 387 pages long and contains provisions for national loan originator licensing, puts a limit on golden parachutes, establishes a “federal housing finance agency,” and a big bucketfull of other changes including helping out the affordable housing […]

20May2008 | mf | 0 comments | Continued