Since our company started presenting MLO classes, there is one word I have heard constantly: Compliance. As in “Before I do that, I will have to check with my compliance officer.” These people wield tremendous power. Whenever I want a basic definition of a word, I go to Webster’s out of habit. What does Webster’s […]
New changes were passed by the State Senate and Assembly in 2018. The foreclosure volume has almost disappeared, but it is never too late to study foreclosure regulations to “protect your clients.” For more information, I recommend this article from Nolo.com. They are known for protecting tenants and as a Property Manage (CPM) for decades […]
The optional usage of this new form was to be July 1, 2019. That happens to be the day that I am writing this note, and it is not happening. All the GSE’s got together and postponed that date. They are going to complete more reviews and improve sections. English Translation: Lobbyists win again and […]
When you take a class LIVE there will be more cost than an online course, which is understandable. Speakers must be paid and meeting rooms must be rented. BUT, there are many logical advantages: 1. You do not have to be on a boring computer for long periods of time. One day LIVE and you […]
The DRE provides many outstanding publications for consumers, licensee, and sub-dividers. There is one very important one for MLO’s. It is #RE7, and was just revised in May 2019. The sub-title is “Assists the real estate broker who engages in mortgage loan activities with assessing compliance with DRE requirements.” English translation: Save a license, it […]
Did you know that your regulator published a monthly review? Articles include topics that they think are important to you. Know what you should know: dbo.ca.gov/monthly-bulletins/
Some experts think the Federal Reserve Bank of New York Secured Overnight Finance Rate has the best chance of being the replacement. Why replace it? The London Banks lied. It is scandal-plagued. Something must be done by the end of 2021. LIBOR is to be phased out by then. It will be interesting to see […]
I said then and I will say it now, “This is not going to happen.” Director Mulvaney did not understand the situation. Kathy Kraninger ditched the idea the day she came in. Estimates of the costs for the government to change their site and for lending companies to change their files would be millions and […]
The Government had the opinion that certain lenders were “refinancing” VA loans too often, and the loans were not always in the “Best interest of the Veterans.” They wrote some new regulations. Now, when you make VA loans, you have to be familiar with the terms “Net Tangible Benefit, Loan Fees, LTV Ration Loan Seasoning, Disclosures, […]
Someone the other day asked me “How do I explain these loans to a client?” There is an excellent article a few days old that asks an outstanding question. “Who needs a proprietary reverse mortgage not the usual HECM.” Answer: A homeowner of an expensive home who wants more money out with no payments. Here is […]
