Prior and subsequent to the enactment of Business & Professions Code § 10233.2 in July of 1992, I served as the Chair of the Real Estate Finance Advisory Committee (“REFAC”) established by the DRE as a joint regulator and industry committee to advise the Commissioner and the Executive Staff of the DRE regarding matters affecting the mortgage brokerage and lending industries. The language for Business and Professions Code § 10233.2 was developed by REFAC under my direction. Two industry counsel were assigned to draft the proposed language to be submitted to REFAC. These legal counsel were Bruce Newman, representing the California Independent Mortgage Brokers Association (“CIMBA”) and...
2 of 3 Wise Men Visit CMA
Last week, two of the 3 Wise Men, Guy and Mitch, visited the CMA conference held in Sacramento. Many old friends were greeted and new relationships formed. The Wise Men were happy to receive so much positive feedback regarding our website and e-newsletters that bring news and new ideas to the mortgage lending industry. The CMA conference covered several important subjects, none more important than the Legislative Update detailing the package of bills proposed by the California Attorney General that seeks to impose stricter limits on foreclosure and lending than those agreed to in the national settlement with major lenders. While the battle is far from over,...
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