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!


All New SAFE LO CE Course Now Available for 2012!

NAMF’s LO CE course for 2012 has received approval from the NMLS.

8 Hr SAFE Comprehensive NMLS Approved Course Number C-2904

1 Hr WA State Law CE NMLS Approved Course Number C-2901
Note: If you took the CE course from me last year, this is an all new course.  There is no rule against using the same course provider every year. Instead, LOs may not take the same course year after year. The 2012 course is all new with a new course number!
All course providers are required to develop courses that meet the following criteria under the SAFE Mortgage Licensing Act:

3 Hours Federal Law
2 Hours Ethics, Consumer Protection, Fraud, Fair Housing
2 Hours Non-Traditional Lending
1 Hour Undefined: CFPB Proposed Rules on LO Compensation
also included at no extra cost:
1 Hour WA State Law

For 2012 we will cover the following topics:

CFPB whistleblower hotline, unfair-deceptive-abusive acts, QRMs, proposed new Good Faith Estimate/TILA disclosure, risks in originating non-traditional loans, CFPB criteria for advertising and counseling borrowers who select non-traditional loans such as ARMs. During the Ethics section we will learn how LOs are at legal risk of violating consumer protection laws by when providing an inferior standard of care, we will tackle the dilemma of purchasing leads from companies that advertise unethically, we will also learn about recent Fair Housing case studies, mortgage fraud trends and the new SARS reporting requirements for non-bank lenders.

But wait! There’s more! We will ALSO cover the new proposed new CFPB rules on loan originator compensation methods including:

Proposed rules on creditor paid compensation v. broker paid
Compensation in relation to steering
Pricing concession loopholes
Three proposed permissible point bank rules
Compensation based on proxy
Higher standards for depository bank LOs to become “qualified” under Dodd-Frank.

For a schedule of upcoming classes visit this page.

If you’d like to arrange for small or large group CE classes at your office or in your city, call Jillayne at 206-931-2241 or email: Jillayne at

To the Students from the October 4, 2011 SAFE LO CE Class at First American Title, Lynnwood

Here are links to some of the things we’ll talk about in class today.

Here’s the WA State Foreclosure Fairness Act and here’s the new WA State Foreclosure Resource Guide This is a VERY GOOD PDF for distressed homeowners.

Here’s our new federal regulator: The Consumer Finance Protection Bureau.,.,..and their request for help and feedback on designing a new TIL and GFE.….and here’s the CFPB Consumer Access website

Here’s Rhonda Porter’s twitter account, which provides a great example of how to follow the new WA State DFI advertising rules.

Here’s the story about the indictment of Shawn Portmann…and the Seattle PI story Tom referenced.

Here’s an article I wrote asking the question: “Are those Cash Call radio ads deceptive?”

and another recent article asking the question: Should All Short Sale Negotiators be Banned?

Here’s more reading material on short sale fraud…Here’s the 2011 Core Logic report.

Here’s a link to the  delinquency graphs I showed at the beginning of class.  Follow the menu at the top of the web site and tab over to ‘delinquencies.’

Here’s Jon Stewart interviewing Elizabeth Warren.

Here’s the Ben Bernanke comments from today’s Econ Outlook.

Here’s Bill Black’s article on Bank of America.

And thanks to Donna Blaylock from Firstam Title and Escrow!

Here’s the firstam demo website.