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!


For those who like to live on the edge….Five 8 Hour SAFE LO CE classes (+WA Law) to choose from in December

Yes, there’s still time to take your LO CE Class and renew on time. Remember, WA State DFI requires renewal by December 15th….15 days earlier than last year. Here’s the lineup of choices and yes, if you’re licensed in WA State this course covers all content areas needed for license renewal.

Dec 6: Bellevue
Dec 8: Seattle
Dec 14: Bellevue
Dec 20: Bellevue
Dec 28: Bellevue

Parking is free or validated at all locations. Lunch may be provided by a vendor. Details will follow via email after registration.

Full schedule and info on how to register here.

Read about the class here.

“Because the participants were far more experienced than me, I learned a great deal.”

“Very informative about the upcoming law changes. Loved the ethics case studies.”
“Kept my interest for the whole 8 hours. Good case studies, which I enjoyed the most because they tie the federal law changes together with the reasons WHY we have the new laws.”
“Case studies are an added benefit.”
“Fantastic, interactive class. Loved learning more about the FRB and Dodd Frank Act.  The coming changes are crazy and our industry has to get our head wrapped around them ASAP. Glad I came to class.”
“Excellent discussion/lecture mix with group time and case studies showing us real court cases that resulted in our new laws.”
“Jillayne is excellent in explaining the issues and keeping participants on track/on topic.”

Did you find this course to be of value as you work to achieve your continuing ed goals?
YES: (100% of students answered yes to this question)

Would you recommend this course to a friend?
YES: 100%
All things considered, were you satisfied with the course and course provider?
YES: 100%
Did you find the instructor to be knowledgeable?
YES: 100%
Did you find the course materials informative and useful?
YES: 100%

To the Students from the Nov 15, 2011 LO CE Class at Rockwell, Bellevue

Hi Everyone,

Here’s the follow up from class today.

Here’s more info on the solvency question regarding the FHA Mortgage Insurance Fund.

Here’s a great article on the Eurozone crisis that’s very easy to understand.

Here’s a link to the WA State Bar Association where financially struggling homeowners can apply for free legal aid.

There was a question about how Freddie Mac is determining appraised values. I found an interesting article on that topic.

Here’s the statistics on Trustee and other deeds showing that foreclosures are slowing down in WA State due to the new law…but will likely ramp up again next year.

Here is the consumer access page of the NMLS

Do you want to give the CFPB input on the new GFE/TIL? Here’s your chance.

Jim Siwek mentioned a link to the HUD OIG website. The Report to Congress shows up on the right hand side of the page.

I have asked DFI if they will still accept anon whistleblower complaints from us and will post the answer here when they respond to my email.
Update 1: DFI just responded that YES they WILL accept anon complaints. Here’s the form.

Here’s the final Consent Order against Paramount Equity….and the press release regarding the company’s owners.