This four hour class has been updated for 2008.  We’ll review the following:

Loan originator licensing including proposed federal legislation for all loan originators to move onto the Nationwide Mortgage Licensing System

The current and future impacts of the mortgage industry meltdown

What the ratings agencies found when they re-underwrote loans inside pools of residential mortgage backed securities

The future of mortgage loan securitization given the continual rise in defaults on pools of subprime and Alt-A loans from vintage 2006 and 2007.

Foreclosure help: FHA Secure, Hope Now and pending federal legislation

DFI Update

The July 14th Federal Reserve final rules amending the Truth-in-Lending Act

And, an update on all the new Washington State Laws governing mortgage lending:

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 mortgage products and subprime lending, and makes mortgage fraud a class B felony.
SHB 2770 PDF
SHB 2770 Summary
SHB 2270 Final Bill Report

SB 6471
This legislation amends the CLA and MBPA. All lenders, except those making loans under chapter 63.14 RCW, must have a license under the Consumer Loan Act. Lending is no longer allowed under the MBPA. Read the FINAL BILL REPORT link below. There is a lot of concern and confusion over this change.  More info is forthcoming at the next Mortgage Broker Commission meeting on May 13, 2008.

SB 6471 PDF
SB 6471 Summary
SB 6471 Final Bill Report

SB 6381
Establishes a fiduciary duty relationship between a mortgage broker and his or her client.

SB 6381 PDF
SB 6381 Summary
SB 6381 Final Bill Report

HB 2791
Concerning distressed home conveyances.
Equity skimming laws have been expanded to cover distressed home conveyances and distressed home consultants.

HB 2791 PDF
HB 2791 Summary
HB 2791 Final Bill Report

This course is also approved for Realtor clock hours for Washington State and Idaho through NAMF’s parent company, CE Forward, Inc.

Visit our Schedule page to find a class near you.

This class is available in an online format.  Click here for details and registration.

End-of-course evaluations

“Jillayne did an excellent job of providing education on mortgage broker issues in a fun and interesting way. The material was right on the mark.”

“The class was extremely enlightening and enjoyable. I know we will be making some improvements to the way we conduct our business based on what we learned. I have heard Gordon speak several times so it was particularly fun to have Jillayne as a teacher. Thanks!”

“I enjoyed the class….we all benefited by all of us interacting and discussing the issues, topics, and case studies. Thanks for bringing this class to our office.”

“I came here expecting to do my hours and leave. I was very surprised at the amount of useful knowledge I obtained and for that, I am very thankful. Class was very interactive and the time flew by. Thank you for the experience, see you again next year!”

“Great dialogue among other LOs and brokers in the room.”

“Today’s class was helpful because it’s nice to have an open format where we got the chance to hear what other people in our same position have to say about current issues in lending.”

“The class was informative with updated information, the presentation was friendly with excellent classroom participation. The instructor is knowledgeable and well versed on our industry.”

“I have learned the importance of being fully compliant with DFI as well as keeping abreast of changes in laws and new standards for mortgage brokers.”

Visit our Schedule page to find a class near you.