State Law

Mortgage Lead Generation Firms Continue to Violate Federal and State Laws

So here we go again.  Now that mortgage rates are headed up, the deceptive lead generation ads are crawling back onto the web.  Here’s a great example from a Google ad:
FHA Refinance 4.0% Fixed
$160,000 FHA mortgage for $633/mo. No SSN req. Calculate payments now!
MortgageRefinance.LendGo.com
When clicking through, the lendgo.com lead generation site asks some simple questions like [...]

15Apr2010 | mf | 12 comments | Continued

To the Students from the March 29-31 Prelicensing Class in Bellevue, WA

Hi Everyone,
Here are the Q&As from Day 1.
There was a question about Errors and Omission Insurance available for loan originators. In doing research, I see that carrying this type of insurance is a requirement already in some states and in those states, insurance carriers have stepped up to offer the product. I can forsee a [...]

30Mar2010 | mf | 0 comments | Continued

Distressed Property Law

Mortgage Brokers and Loan Originators are exempt from becoming a “Distressed Home Consultant” when helping Distressed Homeowners refinance, unlike real estate agents who are subject to increased liability under the new Distressed Property Law.  My question is, SHOULD mortgage brokers and loan originators be exempt?  Please read this blog post and share your opinion.  I [...]

18Jun2008 | mf | 60 comments | Continued

Reverse Mortgage Loan Originations Caught up in New State Law Changes

This memo was sent to me by a member of the National Reverse Mortgage Lenders Association:
Member Alert: NRMLA Trying to Resolve Licensing Issues in Washington State
June 2, 2008
Washington state recently passed legislation (SB 6471) that may impact non-depository lenders, as well as the correspondents, subsidiaries and affiliates of depository lenders who make reverse mortgage loans [...]

17Jun2008 | mf | 7 comments | Continued

Live from the WA Mortgage Broker Commission Meeting

I’m here at the Washington State Mortgage Broker Commission Meeting in Bellevue.
Licensing update: back in February of 2008 we had 1900 brokers in WA state with about 1700 branch offices. Now as of May 2, 2008 we are at 1500 licensed broker main offices with 1700 branch offices.
In February 2008 we had 13,000 licensed loan originators.  Now, as [...]

13May2008 | mf | 12 comments | Continued

Update on the May 7 Mortgage Broker Commission Meeting and SB 6471

At the beginning of every law, there’s a preamble and then a set of definitions. Many of you know this: A mortgage broker is not a lender.
A lender is defined by federal law, RESPA, as an entity that makes loans.  This means the entity has the money to fund the loans.
Brokers, by definition do not [...]

8May2008 | mf | 63 comments | Continued

Washington State Mortgage Broker Commission Meeting May 7, 2008

There’s a Washington State Mortgage Broker Commission meeting tomorrow, May 7th at the Renton Community Center to discuss the impact of State Senate Bill 6471.  This legislation ammends the Consumer Loan Act and Mortgage Broker Practices Act requiring all lenders to become licensed under the Consumer Loan Act (except those licensed under RCW 63.14)

 
This change [...]

7May2008 | mf | 1 comment | Continued

WA State Legislative Changes: SHB 2770, SB 6471, SB 6381

The Washington State Legislature has passed three new laws that will go into effect June 12, 2008. 
SHB 2770
Governor Gregoire’s legislation implementing the recommendations of the Homeownership Task Force. This legislation impacts Banks, Credit Unions, the Consumer Loan Act (CLA), and the MBPA. The bill addresses prepayment penalties, negative amortization loans, the federal guidance on nontraditional [...]

1May2008 | mf | 67 comments | Continued