To 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 to the definitions [...]

Case 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, [...]

To 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 is the “average prime [...]

To the Students from the Oct 20, 2009 LO Comprehensive Course at Metro MGI Everett

Hi Everyone,
Thanks for coming to class. Here’s the follow up:
There’s a “general business day” definition which we use when sending out our EARLY disclosures and there’s a “precise business day” definition which we will use when counting the days after we’ve had to re-disclose prior to signing. See page 8 of this MBAA PDF.   Wells [...]

To the Students from the Sept 9, 2009 8 Hour LO Comprehensive Class

Hi Everyone,
Here’s the follow up from Wednesday’s class:
There was a question regarding restrictions on prepayment penaltiesin Washington State. Here’s an article that summarizes the key points of SHB 2770, passed in 2008.
Here’s an article I wrote about Paramount Equity and their recent consent order.
Here’s information about the required WA State Disclosure Summary form. Sterling was [...]

Voting Results: All Day Classes Winning by a Landslide

The calls and emails are coming in at a rapid pace today.  I asked: How would you like to take your continuing ed classes, three 3-hour classes, a 3-hour and a 5-hour class, or all 8 hours at once?
Here are the results so far:
85%  vote: 8 hours all at once
10%  vote: 3-hour plus a 5 [...]

Incliment Weather

With snow forecast for this week, please check our schedule page for updates to our continuing ed class schedule.  We may decide to move our City University classes to another location if City U closes or opens late.  Students who are prepaid will receive an email update the day before. Check this website the day [...]

From CR: Fraud in the 2008 Vintage

From Calculated Risk:

If you haven’t yet had a chance to read this article by John Gittelsohn in the Orange County Register about a real estate sale that was financed by Wells Fargo in January of this year, please do so now. And if you were, like most people, working on the assumption that lenders and [...]

FHA Training Resources

I’ve been fielding many calls this summer asking for ideas on how to train staff on originating FHA loans.  Here’s my advice:
If you’re newly approved by FHA, your very best option is to take the class taught by HUD called “FHA Lender Training.” These classes are typically three full days: Day 1 Processing, Day 2 [...]

Indymac Wholesale

ML Implode is reporting that there’s an announcement forthcoming tomorrow morning about the fate of Indymac Wholesale and it doesn’t sound good.
Surely no one reading this blog will be surprised but it does eliminate a player in the wholesale lending game.

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. [...]

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