Posts Tagged ‘ TILA-RESPA ’

Must Mortgage Brokers Complete and Deliver Mortgage Loan Disclosure Statements in Residential Mortgage Loan Transactions?

Guy Puccio

By Guy Puccio Business and Professions Code Section 10240(c) purportedly extends an exemption to mortgage brokers when arranging “federally regulated residential mortgage loans.” However, this exemption is inapplicable to most loan transactions conducted by mortgage brokers registered with the NMLS as an LO (MLB/MLO) and even when arranging transactions where the loan proceeds are used for personal, family, or household purposes. The phrase “federally regulated” is substantially narrower than “federally related.” Under current law, “federally regulated” loan transactions are loans made by nationally chartered or licensed banks, savings and loans, savings banks, thrifts, and credit unions; or if state chartered or licensed, those financial institutions that have...

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Contents of CD that Will Be Distributed At Our Upcoming Workshop

legislative

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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Regulatory Overload Requires Knowledgeable Consultants Now More than Ever

legislative

By Guy Puccio The greatest recession ever experienced has facilitated an overwhelming amount of new statues and regulations. These new rules are promoted by those who believe expanding federal government control is the solution to prevent a future economic crisis. Much of this regulatory overload affects the financial services industry. For example, the “Dodd-Frank Act” is approximately 2000 pages of legislation—including trailer bills—with an additional 6000 pages expected in implementing rules and regulations. If you run a small-to-moderate size business, do you have the tools or the time to absorb and apply this sea change without the assistance of knowledgeable consultants? Consider the following: The Board of...

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Give Your Feedback: Dodd-Frank Combined RESPA-TILA Disclosure

mortapp

This week, the Consumer Financial Protection Bureau (CFPB) released the first prototypes of a combined RESPA-TILA disclosure. Consumers and industry members are offered two different feedback paths for providing your input. Click this link to provide your comments–select the “switch to the industry tool” option at the bottom of the page: http://www.consumerfinance.gov/knowbeforeyouowe/ Thank you to our colleagues at Franzén & Salzano for the notification regarding this call-to-action.

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