Posts Tagged ‘ Mortgage loan transaction ’

New CMA Webinar Aids Brokers in Safely Navigating SB 978 Regulations

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California Mortgage Association presents: New DRE Investor Questionnaire,
 Revised LPDS, and other SB 978 Issues: A Webinar for Mortgage Brokers DATE: December 18, 2012 TIME: 10:00 a.m. to 11:30 a.m. DETAILS: This webinar will provide an overview of the new DRE Investor Questionnaire, LPDS, and other aspects of SB 978 which are effective as of January 1, 2013; including: Changes needed to your operations Completing the new Investor Questionnaire safe harbor investment disclosure form Changes to Article 5 & 6 Changes to the Lender/Purchaser Disclosure Statement (LPDS) Other SB 978 issues PRESENTERS: Mitch Feinstein, Law Offices of N. Mitchell Feinstein & Glenn Goldan, President, ReProp Financial FEE: *THIS...

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Agency Relationships Are Material Facts

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By S. Guy Puccio The agency relationships intended among principals and real estate and mortgage brokers are material facts. Regardless of whether it is a dual agency, a bifurcated agency, or an agency relationship with one party leaving the other unrepresented, it is a material fact to be disclosed at the outset or when the relationship becomes more than casual. See, Business and Professions Code Sections 10176(a) and (d), Civil Code Sections 2079.13 et seq., 2295 et seq., and 2923.1 and Huijers v. DeMarrais (1992) 11 Cal.App.4th 676. The obligation to disclose agency relationships in commercial transactions exists notwithstanding the typical interpretation that Civil Code Section 2079.13...

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Next Make More Money Now Workshop plus Q & A: October 22

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Make More Money Now – Extended Workshop Featuring 3 Wise Men Q&A San Francisco/Oakland Bay Area October 22, 2011 In today’s difficult legislative and economic environment, wouldn’t you like to acquire new and creative ways to do business that will increase your bottom line? How about a personalized Q&A session with three of the most experienced and knowledgeable veterans of the mortgage lending industry whose goal is to help you not only understand and comply with new laws but also increase your income as a result of this understanding? Our next Make More Money Now workshop offers two information-packed sessions full of tools and advice to help...

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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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