Category: Uncategorized
To My Very Fun Students from the Nov 10, 2009 8 Hour LO Comprehensive Class
Hi Guys, Here’s the follow up from today. 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. Q: Where [...]
View PostTo 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 [...]
View PostTo the Students from the Oct 5 WAMP 8 Hour LO Comprehensive Class
Hi Everyone, Here’s the follow up from class. Q: Do we have to resubmit our fingerprints? A: Yes all LOs will be submitting a new set of fingerprints to the NMLS. Q: Does a designated broker have to retake the LO exam? A: Yes. The name of the Northwest Multiple Listing Service Form that George [...]
View PostTo 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 [...]
View PostNAMF: an Approved NMLS Course Provider
This month, the federal SAFE Mortgage Licensing Act goes into effect and all course providers will eventually be required to become approved by the folks who run the National Mortgage Licensing System (NMLS.) I am pleased to announce that the National Assoc of Mortgage Fiduciaries is one of the first course providers to become approved [...]
View PostVoting 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 [...]
View PostSummer Continuing Ed for LOs
I’m getting lots of requests now for broker/loan originator continuing ed classes during the summer months. I’m working on opening up two August classes for registration soon. One will be in Bellevue and the other in Renton. With the passage of the SAFE Mortgage Licensing Act at the federal level, for license renewal this year, [...]
View PostIncliment 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 [...]
View PostFrom 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 [...]
View PostLoan Modification Fees: Is it Justifiable for a Fiduciary to Charge for a Free Service?
Mortgage brokers and loan originators have become curious in learning about loan modifications. When I ask why, they say that they’re hearing there’s good money to be made doing loan mods. What? Wait a second. I thought loan modifications were done by the lender for free. More and more spam is popping up in my spam bin targeted at LOs [...]
View PostFHA 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 [...]
View PostS.A.F.E. Mortgage Licensing Act
Today I’m following the passage of bill HR 3221, the Foreclosure Prevention Act of 2008. I believe from this point, it will go back to the House for their approval of the Senate’s revisions. There are a lot of provisions inside the bill, but this one caught my eye: Inside is a provision for the [...]
View PostIndymac 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.
View PostAre Mortgage Loan Originators Professionals?
When I ask the question “Are loan originators professionals?” to a group of loan originator students in ethics classes, almost everyone says “yes.” Anyone can do their job in a professional manner (adjective,) but not everyone is a Professional (noun.) Is your barista at Starbucks or the person who bags your groceries a professional? If [...]
View PostInteresting 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. Most [...]
View PostConsumers now have access to wholesale mortgage pricing
Inman news is doing a three part series on a group of websites devoted to providing consumers with wholesale mortgage rate pricing. Part 1 reviews LendingArt. Part 2 reviews RateWindow and Mortgage Marvel which are widgets that run on other websites. Part 3 will review MortgageGrader.
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