To the Students from the May 14, 2013 LO CE Class at Rockwell

Hi Everyone,

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

Here’s the article I wrote about NACA as published on Seattle Bubble. NACA is the org that’s bringing their zero down loan to town soon.

Here’s the link to the proposed Social Media Guidelines. See the link at the bottom of the press release.

Here’s the new 2014 combined GFE/ TILA and also the new HUD 1

I have asked the powers that be about the dedicated mortgage fraud prosecution account and where that money went….when I hear back I will post the answer.

Q: Who pays for the cost of the counseling on a HPML?
A: Consumer must receive initial GFE or open-end plan disclosure before counseling…

• Counselor must not be affiliated with creditor

• Certification must state that (1) consumer counseled on loan advisability based on terms in GFE, and (2) counselor verified consumer’s receipt of required HOEPA 3-day “cooling off” notice or RESPA disclosures

Creditor may not “steer” consumers to a particular counselor

• Creditor may pay for counseling, but may not condition payment on extension of credit

• Creditor may finance (bona fide 3rd party) counselor fee paid by consumer