Posts Tagged ‘ risks for lenders ’

New CMA Webinar Aids Brokers in Safely Navigating SB 978 Regulations


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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Update, Reaction, and Analysis Regarding Suitability and SB 978

N. Mitchell Feinstein, Esq.

By N. Mitchell Feinstein, Esq. In a previous post, I had discussed the probable passage of legislation in California to require real estate brokers to determine that trust deed investments offered to the public were appropriate for an investor.  The bill, SB 978, is still wending its way through the labyrinth known as the legislative process. The reaction from members of  the industry with whom I have discussed the prospect of obtaining and reviewing prospective investor information has ranged from unabashed pleasure (“I have been doing this for years, and getting this information has saved me in expensive litigation several times!”) to concern that there is no...

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


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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Short-Sale Law Clarification


The 3 Wise Men recommend this succinct article by Neil J. Rubenstein of Buchalter Nemer about the new short-sale law and its effect on delinquency judgments and guarantors. (Click the link to download the full article PDF.) Please note: Under the act as written the lender approving the short sale must not receive a fee for approving the short sale.

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