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!

 

To the Students from the LO CE class at TPCAR/Guild on June 14, 2013

Hi Everyone,

Here’s the follow up from today’s class.

Here’s the news story about predatory lender Emeil Kandi, from the Tacoma area.

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.

This is as close as I could get to a news story on the electric company scam. 

Here  is a link to the website from our non-traditional lending case study: Net Life Financial.

 

LATE CE Classes are now available for 2012-2013 license renewal

3247Late CE Classes are now available for loan originators who did not renew their license at the end of 2012 and need to take the required CE class in order to renew.

NAMF Approved Course Provider 1400068

LATE CE 8 Hr SAFE LO CE #3247
LATE CE 1 Hr Wa Law CE #3246

This is a live, instructor lead class. There is no end-of-course test required in order to earn your continuing education certificate.  Attending the class and participating is the only requirement.  Read more about the course content here

2013 schedule

Jan 7
Jan 17
Jan 24
Feb 1
Feb 13
Feb 26

To register click through from the schedule page
OR
call Jillayne 206-931-2241
OR
email Jillayne:
jillayne at ceforward dot com