Posts Tagged ‘ mortgage industry ’

Appraisal Foundation Boards Seek Your Comments on Draft Revisions by December 5

I: The Appraiser Qualifications Board (AQB) has issued the following Exposure Draft: Fifth Exposure Draft of Proposed Revisions to the Real Property Appraiser Qualification Criteria Link: https://appraisalfoundation.sharefile.com/d/s37bad6cf5694643b Written comments requested by December 5, 2011 Send Comments to AQBComments@appraisalfoundation.org II: The Appraisal Practices Board (APB) has issued the following Exposure Draft: First Exposure Draft: Residential Appraising in a Declining Market Link: https://appraisalfoundation.sharefile.com/d/sbdb218d49bc48c6a Written comments requested by December 5, 2011 Send Comments to APBcomments@appraisalfoundation.org

This article (click here to download PDF) discusses the ongoing debate about the CFPB. The general objectives are reasonable but so is adequate congressional oversight and public transparency. It would be better to remove the CFPB from the Federal Reserve Board and place it within HUD or the FTC. The future of the MLDS/GFE rests upon the outcome of the pending regulations by the CFPB, as will the ultimate interpretations that likely affect broker compensation, QRMs, the 5% retention rule, etc. The truth of the matter is regulators were in place prior to the CFPB to prevent the crises in the mortgage industry and in the housing...

Q: I am a broker and I just received my NMLS. Do I have to accrue the education credits before the end of 2011? A: Yes. It is our understanding that you will need eight (8) units to apply for the renewal of your NMLS registration effective January 1, 2012. The prerequisites required to obtain the initial NMLS registration expire at the end of the first year. Q: On the report for NMLS, do non-NMLS loans count? A: Yes. The annual report that is required to be filed with the DRE covers everything the mortgage broker does. The report may be consolidated with the threshold report required pursuant...

New federal law requires the registration of any person acting in the capacity of an MLO broker when arranging a loan for personal, family, or household purposes secured by a one-to-four-unit residential dwelling; and also severely restricts the payments of compensation, including commissions. In a simple explanation, the law allows compensation to be paid to only one MLO in any federally related residential mortgage loan transaction. Example: In the old world, before NMLS and additional recent amendments to applicable federal law, if a real estate broker got a phone call from a fellow broker to refer a loan transaction the brokers could agree to divide the commission;...

This article by N. Mitchell Feinstein, posted in Investor Uprising, discusses the upsides and downfalls to investing in the current real estate market. Click through to read the post–and then click around to view more. We recommend Investor Uprising as a good source of news on a variety of markets. The past has little to do with the future, and those who rely on historical data to predict market movements are often wrong. Take real estate, one of the fundamental drivers of the economy. When the real estate market collapsed, it put the whole economy in freefall. And even though real estate has historically been a catalyst...

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...

NMLS News Feed

NMLS is Being Outfitted for Non-Mortgage Industries

The Conference of State Bank Supervisors (CSBS) and its affiliate – the State Regulatory Registry LLC (SRR) – have announced plans to enhance the use of the NMLS to accommodate state use of the System for non-mortgage, non-depository financial services industries. This will give states the ability to use NMLS to license or register entities […] […]

Featured Speakers at NMLS Conference

The fourth NMLS Annual Conference & Training is bringing together over 99 state regulators from 50 state agencies as well as federal regulators from the CFPB, FDIC, and NCUA. Featured Speakers: CFPB and the Supervision of the Mortgage Industry for Depositories and Non-depositories Peggy Twohig Assistant Director for Non-depository Supervision, Consumer F […]

2012 Renewal

The 2012 NMLS Streamlined Renewal Process is underway. This year, over 16,000 companies and 115,000 state-licensed mortgage loan originators, holding licenses from one or more of the 58 state agencies using NMLS, are eligible to renew their licenses for 2012. Additionally, over 10,000 institutions and about 250,000 federally registered mortgage loan originat […]

NMLS Annual Conference

The fourth NMLS Annual Conference & Training will be held in Scottsdale, Arizona on February 6-9, 2012. With over 400 attendees last year, the NMLS Annual Conference has become a must attend event for banks and nonbank companies that employ mortgage loan originators and are interested in state and federal mortgage supervision. The 2012 Conference […] […]

Continuing Education for 2011 (STATE)

The SAFE Act requires state-licensed MLOs to complete 8 hours of annual continuing education. Some states have additional requirements (see the State-Specific Education Requirements Chart). So far in 2011, MLOs have completed 270,471 hours of continuing education (CE). Roughly 40% of the estimated 85,000 MLOs who are required to complete CE are now compliant […]

Mortgage Daily News Feed

Continued Deterioration in Origination Quality

As home lenders and investors have recently been a little more relaxed about credit qualifications compared to just after the crisis, mortgage quality has weakened. Still, quality is better than before the crisis.During the past three years, the quality of residential loans originated has weakened, though credit quality remains far stronger than the early 20 […]

Best Mortgage Lenders By Category

A report based on a recent survey of consumers who were shopping for a residential loan has identified the best home lenders in a variety of categories -- including government programs, jumbo loans and online services.The 10-question survey of prospective mortgage borrowers found that before they applied for a home loan, 40 percent checked their credit repor […]

Business Falls to 6-Month Low at Freddie

New business at the Federal Home Loan Mortgage Corp. retreated to its lowest level in six months. Delinquency, meanwhile, remained at its lowest level in a decade.When September was over, Freddie Mac's total mortgage portfolio stood at $2.1513 trillion -- including a $0.2278 trillion in mortgage investments and $1.9235 trillion in outstanding mortgage-r […]

Large Agency MSR Offering Hits Market

Bids are being sought for servicing rights on a large portfolio of agency mortgages. The offering has a moderate concentration of Golden State and Sunshine State loans.Mortgage servicing rights on 20,168 residential loans that had a collective unpaid principal balance of $5.232 billion as of Sept. 30 are being sold through the auction process.Included in the […]

Mortgage Rates Up 92 BPS From Year Ago

Over the past year, weekly fixed interest rates on single-family loans have soared 92 basis points. But little change was reported from last week, and more of the same is expected.On conventional loans utilized to finance a home purchase with amounts up to the conforming mortgage limit of $453,100, thirty-year fixed rates averaged 4.77 percent during Septemb […]

Posts Tagged ‘ mortgage industry ’

Appraisal Foundation Boards Seek Your Comments on Draft Revisions by December 5

“New Consumer Protection Agency Faces Opposition,” NPR, July 21, 2011

Q & A: New NMLS Registration Rules

ANALYSIS & ADVICE: How the New Federal Law Severly Restricting Payments of Referring Brokers Affects YOU

Investors Move in on Real Estate Opportunities

DRE Accredited Workshop to Protect Your Business: June 11

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