Posts Tagged ‘ homeowner ’

Dodd-Frank: Your Questions Answered

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Q: Is an escrow fee a prohibited payment to loan originators (MLB/MLO) in connection with a consumer credit transaction secured by a dwelling? A: It is our opinion, the phrase “…consumer credit transaction secured by a dwelling …” means a federally related residential mortgage loan transaction, i.e., a loan secured by 1 to 4 residential units, whether the principal residence of the borrower; whether for the purpose of purchasing, refinancing, or further encumbering the security property; and when the proceeds of the loan are used for personal, family, or household purposes, therefore the limitations of Dodd-Frank apply. Q: What if the MLB/MLO requires the use of a...

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DRE Accredited Workshop to Protect Your Business: June 11

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The 3 Wisemen presents: 3 HOURS OF DRE CREDITS AND INFORMATION THAT WILL PROTECT YOUR BUSINESS AND HELP YOU IN THIS TOUGH ECONOMY. Did you know that new appraisal rules have been issued by the Federal Government that applies to ALL properties, even if the loans are for business purposes? How do you tell if a loan really is for business purposes? What rules apply to loans secured by a residence if the loan is for business purposes? What happens if you guess wrong? Has the Federal government made it impossible to do an owner occupied loan? Are there any ways to help a homeowner sell his...

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