Here’s the follow up Q&A from our time together:
Q: Why does HMDA (Home Mortgage Disclosure Act) require a breakdown as to ethnicity–specifically hispanic/non-hispanic?
A: From this article, HMDA has separate categories for race and ethnicity. Do a keyword search on the word “Hispanic.” There are seven matches and then jus scroll to each match. Hispanic and non-Hispanic fall into the ethnicity category. Some ppl identify as caucasian for their race but might have a Hispanic ethnicity. Here is a brief article about the difference between race and ethnicity.
Q: Is buying leads (the business of lead generation) a violation of Section 8 of RESPA?
A: From this Bar Assoc article:
“… a mortgage originator can buy leads if the person selling the leads does not mention the name of, or do anything to influence the consumer to contact, the broker, lender or other settlement service provider. No endorsements, no hints, no nothing. The broker or lender does all the soliciting of the lead. There are several important caveats to buying leads, such as the requirement that financial institutions must maintain the confidentiality and security of non-public consumer information…”
There was a question on the Gramm Leach Bliley Privacy Act regarding when/how to deliver the privacy disclosure. GLB Act says “in person or by mail.”
I promised the scathing expose from 60 Minutes segment on the Fair Credit Reporting Act. Makes me not so proud of the Credit Reporting Industry.
There was a request for a link to see what the 2014 Combined TIL/GFE disclosure form will look like next January
There was a question on the Do-Not-Call registry—how late at night can you call a consumer? Here is a great resource page to review from the FCC….with the answer that contains a morning and also an evening time limit!
During our mortgage fraud review I mentioned a great article on Shawn Portmann.
Slide decks for FHA loans and also the full 2-day class can be found on Slideshare.
We were all so tired and ready to jet at the end that I failed to mention I had three handouts on the counter by the door that I wanted you to pick up to use for extra study material so here are links to all three:
And for those seeking additional reading material for studying, here’s a hint. The NMLS publishes a list of all the content that is covered in the exam along with links to the content. It is heavy reading but here you go. Scroll to the very end of this document for all the links.
Thanks for coming to class! I enjoyed meeting all of you! Keep Studying!