Category: Uncategorized
LATE CE Courses for LOs Now Available
NOW AVAILABLE: LATE CE for LOs who missed the Dec 2011 renewal deadline. Call 206-931-2241 for more info or check our schedule page for live classes. This is the required course needed during 2012 to renew an expired LO License LATE CE 8 Hr SAFE Comprehensive NMLS Approved Course Number 2716 (approved in all 50 [...]
View PostTo 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 [...]
View PostAre the Cash Call radio ads advertising a “no fee” loan deceptive?
I listen to 97.3FM and am a longtime listener of Dave, Luke, Dori (accidentally listening since 1995), Ron, Don, John, @thenewschick and @joshkerns38. I am so sick and tired of hearing the Cash Call radio ads that everytime one of the ads run, I feel the need to switch the dial over to satellite radio and I’ve been meaning [...]
View Post8 Hour SAFE Comprehensive Continuing Ed Course Plus 1 Hour WA State Law CE
8 Hr SAFE Comprehensive NMLS Approved Course Number 2146 1 Hr WA State Law CE NMLS Approved Course Number 2089 Course Description: 4 Hours Federal Law 2 Hours Ethics, Consumer Protection, Fraud, Fair Housing 2 Hours Non-Traditional Lending 1 Hour WA State Law In this course we will review the Federal Reserve Board’s rules on [...]
View PostTo the Students from the April 4, 2011 Prelicensing Class
Hi Everyone, Here are links to some of the topics we covered today. Here’s that great NPR radio segment called “The Giant Pool of Money.” More on Pay Option ARMs. Barry was right; Kant did live in the 1700s. Here’s the story about the Russian orphan who was sent back to the orphanage. Here’s more [...]
View PostTo the Students from the Jan 24/25th Exam Prep class
Hi Everyone, There were many different requests for reading material so here it goes: There was a request to read about the history of Fannie Mae. Someone asked for more reading material on the Red Flags Rules. The best source on that topic is the Federal Trade Commission’s website. Here’s some reading material on the [...]
View PostLoan Originator Says “I’m Entitled to Overage! How Will I Survive 2011?”
This is a good representation of the emails and blog comments I receive daily on the topic of loan originator compensation: Dear Jillayne, I read your article because I am trying to determine when the loan originator compensation limits will go into effect and what I’m going to do if this acutally happens. As an LO [...]
View PostTo the Students from the Dec 21, 2010 Exam Prep Class
Hi Everyone, Here’s the follow up from today’s exam prep class. There was a question about penalties under Section 8 of RESPA: “Violations of Section 8′s anti-kickback, referral fees and unearned fees provisions of RESPA are subject to criminal and civil penalties. In a criminal case a person who violates Section 8 may be fined [...]
View PostTo the Students from the Dec 13, 2010 Exam Prep Class
Hi Everyone, Here’s the follow up from today’s class: There was a request for more reading info on “subprime lending.” Here’s the Interagency Memo on Subprime that will help w/those subprime-type test questions. I promised more information on appraisal independence rules that will take the place of HVCC. There was a question about how long [...]
View PostTo the Students from the Dec 6-7 SAFE Prelicensing and Exam Prep Class
Hi Everyone, Here are the links and articles we mentioned in class: Here’s that interview with Elizabeth Warren, the new head of the Consumer Financial Protection Bureau….watch the one where Jon wants to make out with her. There was some brief discussion about loan modifications. Here’s the new FTC rule on loan mods and short [...]
View PostTo the Students from the Nov 16, 2010 Exam Prep Class
Hi Everyone, Here’s the follow up from today’s class. There was a request for more information on the Home Owner Equity Protection Act (HOEPA.) There was a request for a link to the RESPA website. There was a question about the RESPA required servicing transfer statement. There was a request for more information on RESPA’s [...]
View PostTo the Students from the October 7, 2010 LO Exam Prep Class
Hi Everyone, Thanks for a fun class today. Here are the follow up Q&As: Here’s more information to read on FHA basics …and VA basics for those that do not originate FHA/VA loans on a regular basis. Here’s a link to the three normative moral theories to help you get your ethics test questions correct. (What [...]
View PostTo the Exam Prep Students from the Sept 14, 2010 class at UoPhx Bellevue
Hi Loan Originator Exam Prep Students, Here’s the follow up from today’s class. There was a request for more information on HOEPA/Section 32 loans. For a brief overview of the loan features that would trigger HOEPA, see page 43 of the main course packet. You can also visit the FTC website and read to your [...]
View Post905 Lenders Failed To Meet Requirements for Annual Recertification of HUD/FHA Approval
Today HUD released it’s Administrative Actions from the Mortgagee Review Board. Read the Federal Register PDF here. There were 905 lenders that failed to met requirements for HUD’s annual recertification for FHA approval. The Mortgagee Review Board voted to immediately withdraw FHA approval for a period of one year for each of the 905 lenders. “The Board took this action [...]
View PostTo the Students from the July 13-15, 2010 Prelicensing Class in Tacoma
Hi Everyone! Here’s the follow up from questions that were asked in class and more. There was a request to take a look at a sample Adverse Action form. Here’s one from the FDIC. There was a question regarding if a consumer loan company does not hold a mortgage broker license, does that company have to [...]
View PostTo the Students from the June 7, 8, 9 2010 SAFE Prelicensing Class
Hi Everyone, Here’s the follow up from today’s class. Here’s the link to the Neighborhood Watch website where you too can check the FHA deliquency rate of your own firm. Here’s that great blog post by Seth Godin about deadlines. Here’s more about the excellent book Outliers by Malcome Gladwell. Here’s a link to the [...]
View PostMerkley-Klobuchar Amendment Creates Level Playing Field
The Senate has passed an amendment to the Wall Street Reform bill that would ban loan originators from accepting compensation based on placing a consumer in a higher interest rate loan or a loan with less favorable terms. The amendment also requires lenders to underwrite loans to assure a homeowner’s ability to repay the loan. [...]
View PostTo the Students from the 20 Hr SAFE Course in Oklahoma City
Hi Everyone, Here are the follow up Q&As from Day 1: There was a question about if LOs in Oklahoma are required to take a course on Oklahoma State law. On the right hand side of this link, click on “state specific edu” to view the PDF. No other courses are needed for OK LOs [...]
View PostTo the Students from the April 6-8, 2010 20 Hr Prelicensing and Exam Prep class
Hi Everyone, Here’s the follow up from Day 2 of our 3 day class. Some folks asked for information regarding how a short sale, foreclosure, or bankruptcy affects a person’s credit score. Here’s Ken Harney’s article on credit scores. And here’s Ardell’s blog post as a follow up. She has a nice visual graph for those [...]
View PostTo the Students from the 20 Hr Prelicensing Class at Firstam Yakima March 2010
Hi Everyone, Here’s the follow up Q&As from today Here is the updated Credit Suisse chart. There was a question as to whether or not a church can gift the funds for closing on an FHA loan. Here is a link to the HUD manual…. “An outright gift of the cash investment is acceptable if the [...]
View PostTo the Students from the Feb 16-18 SAFE Pre-Licensing Class at UoPhx Bellevue
Hi Students; Day 1 follow up: Here’s the link to the Neighborhood Watch website where you can check on the status of a company’s FHA delinquencies. Follow the link that says “Early Warnings.” There was a question about the use of the word “firm” in the WA State law Escrow Registration Act. Here’s the link [...]
View PostTo the Students from the Jan 19-21, 2010 Pre-Licensing Class
Hi Everyone, Here’s the follow up from Day 1: Ken Harney’s column regarding LOs using worksheets to provide a pre-GFE in order to attempt to escape quoting fixed costs on the new GFE. Link to the Neighborhood Watch website where we can check on the FHA default rate of various companies. And a related story [...]
View PostCase Study: NAACP v. Novastar
Novastar and its mortgage broker Bell South Mortgage (Bell) conspired to maintain a policy of denying all loans secured by row houses in Baltimore and discouraged the referral of such business. Over a period of time, HUD sent shoppers to Bell/Novastar who were repeatedly treated differently based on protected characteristics of race, color, racial composition, [...]
View PostTo The Students From the Nov 12, 2009 Comprehensive Class
Hi Everyone, Here’s the follow up Q&As from our class last week: Here’s the Neighborhood Watch website where you can see the WA State (well, actually all 50 states) list of the lenders and brokers with the highest default rates on FHA loans. More concerning news on FHA’s capitalization problems. We should all be prepared [...]
View PostTo the Wa Financial Group Students
Hi Everyone, Thanks for a thoroughly enjoyable class today and all your kind words in the evals. Here’s the follow up: Q: Where can I find out what interest rate the Fed will use so I can figure out if I have a high cost loan? Here’s some insight from a great article by Blank Rome: “…the measuring stick [...]
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