Posts Tagged ‘ protect your business ’

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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Action by Governor Brown Threatens Extinction of Mortgage Brokers

In his most recent Budget Proposal, Governor Brown has included plans to consolidate all businesses in the financial industry under one head. He proposes the elimination of the Department of Real Estate and the Office of Real Estate Appraisers and placing jurisdiction of these licensees under the Department of Consumer Affairs. At the same time the Department of Corporations and the Department of Financial Institutions will be merged into one new entity called the Department of Business Oversight. It seems that the Governor wants the consumer groups to limit the operations of the mortgage brokers, and the regulators of the big banks to regulate all the lenders...

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Contents of CD that Will Be Distributed At Our Upcoming Workshop

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I. Code Citations a. Business and Professions Code Citations – 10166.01 – 10166.17 (Implementation of the SAFE Act under the Real Estate Law) b. Civil Code Citations – 1090.5 (Requirements for Hiring/Using/Terminating Real Estate Appraisers) c. Financial Code Citations – 4970 et seq. and 4995 et seq. (California Requirements for “High Cost” and “Higher Cost” or “Higher Priced” Residential Mortgage Loans) II. “Dodd-Frank” Act a. HR 2509 (Federal Legislation Sponsored by NAMP/CAMP to Amend Dodd-Frank Regarding LO Compensation) b. Summary, prepared by S. Guy Puccio and Herman Thordsen, Esquire (A Summary of Significant Issues of This Act that Affect Residential Mortgage Loans and Mortgage Brokers) III. Federal...

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Volume Discount Available for “Make More Money Now” Workshop on October 22nd

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For detailed information about the upcoming Make More Money Now workshop with 3 Wise Men Q & A, click here. Bring your business partner(s) to our next workshop and receive a volume discount! Full Day attendance fee for one participant: $295 Full Day, second participant from the same firm or company: $195 Full Day, third, fourth, fifth (etc.) additional participants from the same firm or company: $140 each To register, select the appropriate fee (and box lunch selection) in the drop down menu on the Paypal button in the sidebar. If you have any questions about registration or payment, or if you need an alternate form of...

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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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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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GET THIS FORM: New Appraisal Rules Cover ALL Property Types

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At the most recent seminar presented by The 3 Wise Men, held at the offices of Applied Business Software in Long Beach, Guy Puccio presented a much needed explanation of the new rules implemented by Federal Interagency Appraisal and Evaluation Guidelines Promulgated December 10, 2010. Guy explained in detail the effect of these new guidelines and the new requirements that these rules place on brokers making and arranging loans secured by ANY real property.  He pointed out that failure to follow these new rules could open the broker to liability from both the borrower or the lender should any problem with the loan develop in the future....

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Mortgage Brokers: Make More Money Now

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Are you feeling stuck competing for the same commercial loans everybody else is trying to find? Do the new State and Federal Laws affecting all mortgages (even non-owner-occupied business-purposed and commercial mortgages) have you hamstrung? Does the combination of stressors have you considering shutting down your business? Sign up now to attend our next workshop! The 3 Wisemen presents MAKE MORE MONEY NOW How to protect your business and earn more money in this tough economy Access new creative ways to do business AND key  information that will help you ensure you don’t run afoul of all the new laws. Get the answers, advice, approaches and procedures...

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