To the Students from the July 18, 2013 Cornerstone LO CE Class in Bellevue, WA

Hi Everyone,

Here’s the follow up from the LO CE class you attended last week:

Here is a link to the CFPB Consumer Compliant database. There’s a menu running across the page, not at the top but near the top. It’s inside a gray table.  It says “Data By Product.”  For the dbase we played around with, click on “mortgages”

For branch managers, here’s the link to the proposed Social Media Guidelines. See the link at the bottom of the press release.

If anyone is interested in using these upcoming 2014 changes to be a trusted advisor w/your Realtors, here’s the new 2014 combined GFE/ TILA and also the new HUD 1. I think it would be helpful to Realtors to know about this change.

Here’s a link to the CFPB website with more info on all the Dodd-Frank rules and when they will go into effect.

Q: How is the Total Interest Percentage on page 3 of the new GFE calculated?
A: The Total Interest Percentage disclosure is mandated under Section 1419 of the Dodd Frank Act so the CFPB does not have the option to exclude it.

First figure out the total interest paid over the life of the loan as follows:
Principal and Interest x the loan term
761.78 x 360 = $274,241.

Now take the total interest paid over the life of the loan and subtract out the principal amount of the loan:
$274,241. – 162,000 = $112,241.

$112, 241 represents the total interest paid over the life of the loan.
Now take the total interest paid over the life of the loan and divide by the principal loan amount:

112,241 / 162,000 = 69.28%

This doesn’t quite match the GFE example given to us by the CFPB. So what’s missing? Prepaid interest. Add that in as part of the interest and your math should match.

There was a request for information on how the UST will be scored. Here is a link to the main UST page within the NMLS Resource center. And here’s the direct link to the scoring method.

And here’s a link to the Macklemore/Ryan Lewis website. Bret says we should watch The Town video. I just watched the whole thing. He’s right. Amazing. A real Seattle home grown success story. One of the reasons I like this hip/hop group is because of his back-story.

Thanks for coming to class today! You all were awesome!

 

4 Hour Washington State Law Pre-Licensing Class Is Now Approved

Hi Everyone,

Just wanted to let everyone know that I have received approval from the NMLS for my new 4 Hour WA State Law Pre-Licensing class which means when April 1, 2013 rolls around, I am ready to help all loan originator candidates who need the 20 Hour Loan Originator Pre-Licensing Class along with the new, updated requirement to also take 4 hours of education on Washington State Law.  YES this class will help loan originator candidates prepare for the new Uniform State Test.

Call or email me with questions!
Jillayne Schlicke
206-931-2241
jillayne@ceforward.com

NMLS Approved Course Provider 1400068

20Hr SAFE LO Pre-Licensing Course Number: C-1167

4 Hr Wa Law Pre-Licensing Course Number: C-3430