8 Hour SAFE LO Continuing Education

To the Student from the July 20, 2012 LO CE Class at Absolute Mortgage

Hi Everyone,

Here’s the follow up from class today.

Here’s the Seattle Weekly story on the local Shawn Portmann mortgage fraud case.

Here’s the CFPB enforcement action against Capital One.

There are always two bottoms to a housing market. Here’s a great article that explains the first (new construction home starts) and the second bottom (home values.

Here’s the 60 Minutes episode on the Countrywide Whistleblower. It will only take you about 10 min to watch it. It’s a good segment.

Here’s a link to where I get all my cool graphs and charts.  Many thanks to Bill McBride who runs Calculated Risk.

Here’s the NYTimes story on the local maternity leave Fair Housing case. though the new mom was on paid maternity leave, HUD makes it clear that even if the maternity leave is unpaid….”The Fair Housing Act protects borrowers from being discriminated against based on maternity leave if the borrower can demonstrate that she intends to return to work and can otherwise continue to meet the income requirements to qualify for a loan.”

And here’s the latest mortgage fraud report from the FBI.

Thanks for a fun class today!

To the Students from the July 17, 2012 SAFE LO CE Class at Rockwell Bellevue

Hi Everyone,

Here’s the follow up from class today.

Here’s the HUD link to the Neighborhood Watch website where you can see the FHA delinquency rate of WA State lenders. Click on “early warnings” upper left hand side of the site to get started.

Here’s a link to the NMLS Consumer Access website.

Here’s the 60 Minutes episode on the Countrywide Whistleblower. It will only take you about 10 min to watch it. It’s a good segment.

Here’s the news story that talks about how women end up paying more for their mortgage loan because we tend to not shop (What? Not shop????LOL.)  Instead we’re more trusting.

There was a question about the licensing requirements for real estate brokers in WA state. Here’s that page from DOL.  It doesn’t talk about felony convictions but in other sections the license requires fingerprinting and a background check.

Here’s a link to where I get all my cool graphs and charts.  Many thanks to Bill McBride who runs Calculated Risk.

Here’s the NYTimes story on the local maternity leave Fair Housing case. though the new mom was on paid maternity leave, HUD makes it clear that even if the maternity leave is unpaid….”The Fair Housing Act protects borrowers from being discriminated against based on maternity leave if the borrower can demonstrate that she intends to return to work and can otherwise continue to meet the income requirements to qualify for a loan.”

And here’s the latest mortgage fraud report from the FBI.

Thanks for a fun class today!

To the Students from the June 26, 2012 LO CE Class

Hi Everyone,

Here’s the follow up from class today.

I promised more details on the Community Reinvestment Act. “The Community Reinvestment Act of 1977 was irrelevant to the subprime boom, which was overwhelmingly driven by loan originators not subject to the Act….”  More here.

There was a request for information on local HUD-Approved Housing Counseling Agencies.  Here’s a good Wa State link to start with: Homeownership.WA.gov  Scroll down to the bottom where it says “What to do if you’re late with your payments.”  And see the HUD link.

Here’s the 60 Minutes episode on the Countrywide Whistleblower. It will only take you about 10 min to watch it. It’s a good segment.

Here’s a link to where I get all my cool graphs and charts.  Many thanks to Bill McBride who runs Calculated Risk.

Wow, you guys are so smart!

Here’s the NYTimes story on the local maternity leave Fair Housing case. though the new mom was on paid maternity leave, HUD makes it clear that even if the maternity leave is unpaid….”The Fair Housing Act protects borrowers from being discriminated against based on maternity leave if the borrower can demonstrate that she intends to return to work and can otherwise continue to meet the income requirements to qualify for a loan.”

And here’s the latest mortgage fraud report from the FBI.

 

 

 

 

 

SAFE LO CE Classes Booking for Summer and Fall, 2012

Hi Everyone,

The summer and fall schedules are posted here.

I’d like to bring the SAFE LO CE Continuing Ed class to more cities this summer and fall. I will always offer the class in Snohomish and King County every month but I’d also like to come to Kitsap, Thurston, Skagit, Spokane, Yakima, Clark, and any other county that wants to host a class. If you have a training room at your office or you know of a great training room in your city, give me a call –> 206-931-2241.

I’ve taught the brand new 2012 LO CE class a few times now and the new end-of-course evaluations are posted at the bottom of this page.  I’m looking forward to seeing all of you again this year!

Remember, it’s okay to use the same course provider every year. The COURSE must be new every year and my course will meet your annual education requirement for LOs licensed in WA State.

Thank you for choosing my company for your CE classes year after year! I know you have a choice and I’m very grateful to have the opportunity to do what I do every day.

To the Students from the June 14, 2012 LO CE Class

Hi Everyone,

Here’s the follow up from class:

Here’s the Supreme Court Case info on Freeman v. Quicken Loans.

There was a request for links to the graphs and charts we looked at today. Here you go. The menu is on the right hand side.

There was a question about the home ownership rate falling to below 65% and did that include non-owner occupied homes or just owner occupied? The data is from the U.S. Census Bureau and it’s for owner occupied homes.  Here’s the graph and the article that came with it.

The CFPB is continuing to take comments on the proposed changes to LO Compensation. Here’s the press release. And here’s the formal proposed rule.

 

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 gmail.com

2012 LO Continuing Ed Classes Coming Soon!

Hi Everyone!

Loan Originator continuing ed classes to be taken during calendar year 2012 are on the way! The WA State Law CE course has been submitted and I’m working on your brand new 8 hour course this weekend.  Just like last year, former students are able to receive an early student discount when you take your class during June, July, and August but once September rolls around, prices will go back up.  When the courses have received official approval, I will begin scheduling classes to take place across the greater Seattle/Puget Sound Region. If you want me to teach a class at your office or in your city, give me call –> 206-931-2241 or send an email to jillayne at ceforward dot com and we’ll talk.  The most popular training days of the week are T, W, and Th and the dates at the beginning of the month are very popular and get booked up fast.  Looking forward to seeing you all again this year! ~ Jillayne

To the Students from the Dec 14, 2011 LO CE Class at Rockwell Bellevue

Here’s a link to the graphs and charts I used at the beginning of class with all the delinquency numbers.

Here’s a great article on the Eurozone crisis….and be sure to read Calculated Risk daily for Eurozone updates.

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.

More on Short Sale Fraud from Fannie Mae.

…and info on how to contact Jim Siwek from the HUD OIG office.

More reading material on QRMs

There was a great 60 Minutes episode this past Sunday that featured interviews with EVPs of Countrywide who were whistleblowers.

and it was recommended by a student that we check out the documentary film House of Cards.

Here is mandatory reading material for those who still are clinging to the myth that the Community Reinvestment Act and Fannie/Freddie are responsible for the meltdown.

Here’s that article I mentioned about women paying more for a mortgage v. men because women tend to be more trusting.

Shawn Portmann article here.

More film recommendations:

Inside Job
—-
Margin Call

—–

Roger shared a Seattle Times link that provides access to graphs and charts on our local economy.

Here’s more info on how homeowners can apply for free legal aid from the WA State Bar Assoc.

Info on homeowners underwater can be found here.

 

To the Students from the Dec 8, 2011 LO CE Class at Sterling

 

We talked about a great 60 Minutes episode this past Sunday that featured interviews with EVPs of Countrywide whistleblowers.

Todd mentioned a book called The Creature from Jekyll Island...

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

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

There was a request for information on early payment default within the Alt-A market

AND we also wanted to check on the default rate of USDA loans…looks like it’s under 2 percent!

There was a question about bank fraud and shouldn’t we hold the bankers accountable for the mess? YES indeed, there are folks out there who agree with that.  Read what Bill Black has to say about this topic here.

Here’s a great article on the Eurozone crisis….and be sure to read Calculated Risk daily for Eurozone updates.

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.

More on Short Sale Fraud from Fannie Mae.

…and info on how to contact Jim Siwek from the HUD OIG office.

More reading material on QRMs

Here’s an interesting study I read last night about investors and their contribution to the housing bust.

 

To the Students from the Dec 6, 2011 LO CE Class at Rockwell Bellevue

Here’s CR’s Graph Gallery. This is where I retrieve those great slides showing the delinquency numbers.

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

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 bank fraud and shouldn’t we hold the bankers accountable for the mess? YES indeed, there are folks out there who agree with that.  Read what Bill Black has to say about this topic here.

Here’s a great article on the Eurozone crisis….and be sure to read Calculated Risk daily for Eurozone updates.

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.

It’s beyond time to stop blaming Fannie,Freddie, and the CRA for the meltdown. From the NY Times:

“1. The Community Reinvestment Act of 1977 was irrelevant to the subprime boom, which was overwhelmingly driven by loan originators not subject to the Act.

2. The housing bubble reached its point of maximum inflation in the middle years of the naughties.

3. During those same years, Fannie and Freddie were sidelined by Congressional pressure, and saw a sharp drop in their share of securitization.”

Read more here.

 

Here’s the news story about women paying more for a mortgage loan because they tend to trust their loan originator.

Read more from Seattle Bubble about local Puget Sound foreclosure statistics and how the WA State Foreclosure Fairness Act is slowing down foreclosures.

Q: Is there Errors and Omission Insurance available for loan originators?

A: I did a simple google search and found that some states are requiring this, and it’s codified inside their state law.  So it does exist, state by state.

We talked about a great 60 Minutes episode this past Sunday that featured interviews with EVPs of Countrywide whistleblowers.

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

More on Short Sale Fraud from Fannie Mae.

Westsound Bank Story…

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 16, 2011 LO CE class at Firstam Lynnwood

Here’s the follow up from class today.

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

Here’s the site that lets the user see which lenders have the highest FHA default rates in a particular state.Go to “early warnings.”  By the way, the banks want this site/tool removed.

I promised a link on a local loan originator who is accused of running drugs.

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.

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

 

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.

 

 

To the Students from the Nov 9, 2011 LO CE class at ORT Lynnwood

Here’s CR’s Graph Gallery. This is where I retrieve those great slides showing the delinquency numbers.

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

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

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.

And I just read this news story about delinquencies and foreclosure numbers.

There was a question about the percentage of homes in the U.S. that are owned free and clear. Here’s the answer from Economist Tom Lawler.

I promised a link to a website that has lots of youtube videos from an econ professor explaining ideas on how to fix things….such as the economy.

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.

Here’s the Core Logic Short Sale Fraud report along w/case studies.

There was a question about bank fraud and shouldn’t we hold the bankers accountable for the mess? YES indeed, there are folks out there who agree with that.  Read what Bill Black has to say about this topic here.

FHA loan volume post bubble info can be here.

Learn more about the problems in Europe here.

 

To the Students from the October 26, 2011 LO CE Class at First American Title, Everett

Here’s CR’s Graph Gallery. The menu runs left to right across the top of the page, just under CR’s logo.

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

Here’s more info on that WSJ Story about a possible new refi program coming for underwater homeowners.

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

Here‘s the article Steve mentioned about Elizabeth Warren taking credit for the Occupy Wall St movement. It’s a great article. Thanks for bringing this up, Steve! Excerpt:

“Elizabeth was making the point that she has been protesting Wall Street’s practices and policies for years – and working to change them,” said a spokesman for the Warren campaign in a statement intended to clarify.   ”Wall Street’s tricks brought our economy to the edge of collapse, and there hasn’t been any real accountability. She understands why people are so angry and why they are taking their fight to the street. She has said repeatedly everyone has to abide by the law. Elizabeth is working for change in a different way, to take this fight to the United States Senate.”

Here’s a reference to the question about how much of the TARP funds AIG paid back.

Here’s the SEC press release regarding the fine levied against Goldman Sachs…the highest fine levied in SEC history.

Here’s the Core Logic Short Sale Fraud report along w/case studies.

To the Students from the Oct 19, 2011 LO SAFE CE Class at Network, Lynnwood

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

Here’s more info on that WSJ Story about a possible new refi program coming for underwater homeowners.

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

The CFPB has released their new examination manual for how they’ll be regulating non-depository lenders and brokers.

Here’s the Rob Wolverton indictment.

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

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

To the Students from the Oct 18, 2011 LO CE Class at ORT Lynnwood

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

There was a news story showing up on the screen at the beginning of the class about the possibility of a new refi program. Here’s that story.

Here’s CR’s Graph Gallery. The menu runs left to right across the top of the page, just under CR’s logo.

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 the Final Rules from the FRB on LO Comp

Here’s the follow answer on compensation:

•Loan originators can be paid at different commission levels.
?Loan Originator 1 can receive 1%
?Loan Originator 2 can receive 1.5%
?Loan Originator 3 can receive 1.75%
•The Federal Reserve Rule does not mandate that all loan originators must be paid the same compensation.
And here’s the reference doc.

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

The CFPB has released their new examination manual for how they’ll be regulating non-depository lenders and brokers.

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

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.

There was a question about taking rent and not making a mortgage payment and is this a problem? Yes, it meets the definition of equity skimming. Read more here.

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

Here’s the FTC ruling on MARS (mortgage assistance relief service provider rules)…these would be the loan mod guys that Bozena was talking about.

Here’s the DFI “naughty” list.

Here are two articles about MILA that we talked about.

There was a question as to whether people who are required to take a class on homeownership have a lower default rate (especially with those first time homebuyer programs.) I have emailed Lisa DeBrock with the WSHFC and will post the answer in the comments.

 

 

 

To the Students from the October 17, 2011 8 Hr SAFE CE Class in Yakima

Hi Everyone,

There was a question as to whether the Community Reinvestment Act forced Fannie, Freddie and banks to make loans that eventually lead to the meltdown.  Here is some research for you by Nobel Laureate Economist Paul Krugman disputing this claim…and an excerpt from an interview:

Watertown, Conn.: Do you agree that the Community Reinvestment Act (CRA) is the cornerstone of subprime lending, the root cause of financial meltdown?

Paul Krugman: No, and I’m glad someone brought that up. CRA has been in existence since 1977; plus, it only applies to depository institutions (regular banks). Meanwhile, we had a subprime bubble that mostly took place after 2002, with most of the loans made by institutions that weren’t subject to the CRA.

That’s why everyone who’s looked at this honestly says that the Community Reinvestment Act had nothing to do with the crisis.

The attempt to blame it all on the CRA is just an attempt at blame-shifting — an attempt to make liberals and nonwhite people the villains of a story that is actually about runaway financial institutions and the free-market ideologues who refused to regulate them.

Next, it looks like the CFPB has released their new examination manual for how they’ll be regulating non-depository lenders and brokers.

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

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

Here’s the deceptive “Lower My Bills” website.

Here’s a link to Paramount Equity’s disclosure page showing the really low LTV required to get the rate advertised.

Here’s the story that posted today in the Puget Sound Buz Journal about Wa State’s troubled banks.

 

To the Students from the October 13, 2011 SAFE LO CE Class at Rockwell Bellevue

Hi Everyone,

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

Here’s CR’s Graph Gallery. The menu runs left to right across the top of the page, just under CR’s logo.

Home ownership rate has fallen to 66.1% according to the US Census Bureau.

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.

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

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

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 the FTC ruling on MARS (mortgage assistance relief service provider rules)…these would be the loan mod guys.

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

Out of the 5661 licensed LOs in WA State, only 2967 are located here.  The rest are out of state.

Here’s a story about builder “ghost towns” where builders used the downpayment assistance programs at the very end of the bubble to get rid of inventory using straw buyers….lots of foreclosures.

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

 

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.

 

To the Students from the Sept 15, 2011 SAFE LO CE Class at Sterling Savings, Seattle

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

Thanks so much to Wayne North from the Seattle HUD OIG office for talking w/us about mortgage fraud. Wayne mentioned a case in Bakersfield Calif. Here’s an article about the Crisp mortgage fraud case.

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 that was mentioned by Wayne North from HUD.

Free, HUD-Approved Non-Profit Agencies can be found here for WA State homeowners.

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

I sent an email to Deb Bortner at DFI asking about the Paramount Equity Consent Order:  Q: What is the money used for that DFI collected as a fine from PE?

There was a request for more reading material on short sale fraud…Here’s the 2011 Core Logic report.

there was a request for the delinquency graphs I showed after the Faye v. Santos case.  Follow the menu at the top of the web site and tab over to ‘delinquencies.’

 

 

To the very fun group of students from the September 14th SAFE LO CE class at Old Republic Title, Lynnwood

Hi Everyone,

Here are the follow up stories/links from today’s class.

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.

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

Here’s the story about the indictment of Shawn Portmann.

I briefly mentioned the “doubling up” of people in the housing sector during a recession.

We talked about the surge of Bank of America foreclosures headed our way…

there was a request for the delinquency graphs I showed after the Faye v. Santos case.  Follow the menu at the top of the web site and tab over to ‘delinquencies.’

I promised Bill Black’s excellent article about taking Bank of America into receivership.

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

Professor/Doctor Robert Shiller wrote a book in 2008 that contained an idea about a mortgage that would automatically adjust to the borrower’s income.  The name of that book is “The Subprime Solution.”

Thanks for a fun class today everyone!
You made my day enjoyable 🙂
Jillayne

Q: Can I take my CE class from you if I took a class from you last year?

A: YES.

Nat’l Assoc of Mortgage Fiduciaries writes a brand new course every year for CE. The SAFE Mortgage Licensing Act prohibits LOs from taking the same class over and over again. However, you CAN choose to take your CE course from the same course provider year after year, as long as the course is a different course from the one taken the previous year.

In 2010 many LOs took the pre-licensing/exam prep course.  NAMF’s CE course is all new, completely different material.  In 2010 some LOs who were previously licensed only had to pass the new, national LO exam and took no CE class in 2010.  So 2011 will be the first time you’re taking CE since the passage of The SAFE Mortgage Licensing Act.

More about our CE course
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Schedule of upcoming classes

To the Students from the July 14, 2011 SAFE LO CE Class in Bellevue

Hi Everyone,

Thanks for an enjoyable class today. Here’s the follow up from class:

Here’s a summary of the Dodd Frank Wall St Reform Act.

There was a request for information regarding CEO compensation limits under Dodd Frank.

For those who need to brush up on their Shawn Portmann background before he goes down, here’s the salacious Seattle Weekly expose.

Q: How does the WA State Foreclosure Fairness Act apply if the homeowner has a second mortgage?

A: I don’t find any clear language in the statute so I emailed local attorney Christopher Benson, who wrote a nice summary of the FFA.

Oh boy! Here are the new proposed GFE/TIL forms from the CFPB.

Maybe I’ll use this consent order for next year’s WA State Law case study on “how not to run a mortgage company.”

The acronym APOR stands for “Average Prime Offer Rate”

We just had two interesting RESPA cases break this week. One was Fidelity, the other was Prospect Mortgage, both firms are doing business in WA.

and I found that Core Logic report on Short Sale Fraud.

To the Students from the June 23, 32011 LO CE Class at Sterling Savings in Seattle

Hi Everyone,

Here are some links that we discussed in class today.

We talked about the brand new WA State Foreclosure Fairness Act….and here’s a great blog post from Jess and Julie Lyda on this topic.

Here are some recent statistics from Seattle Bubble on Notice of Trustee Sales, Trustee Deeds, and Warranty Deeds for the Tri-County area. By the way, Tim Ellis offers these stats in report format here.

Here is the NMLS consumer access website.

Here’s the press release on the Golden Empire Mortgage settlement.

Here’s a link to the DFI naughty list.

At the beginning of class someone mentioned the movie “Too Big to Fail.”