Posts Tagged ‘ mortgage industry ’

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

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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...

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Q & A: New NMLS Registration Rules

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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...

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

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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;...

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Investors Move in on Real Estate Opportunities

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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...

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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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